A team from Sri Lanka Insurance Corp.s technical partner ING Financial Institution, has started an eight-week task to look at the insurance firms key operations.
At the end of the first phase next month, the taskforce will recommend changes to SLICs board on issues ranging from overall strategic direction, commercial management and distribution of its insurance products, operations, IT, financial management, management information systems, internal audit, actuarial functions and investment management. rn
rnldblquote There is a massive challenge ahead of us and we see two key problems at hand. One, the insurance company was state owned and the other is that it has an antiquated IT system,
dblquote ING IGA Asias, Hanco Halbertsma told Lanka Business Online.rn
rnHe said its up to SLICs board to select the route at the best interest of key stakeholders and the insurance firms future. Depending on the route map selected, ING IGA will second a team to help drive the restructuring plan. rn