Ceylinco Insurance Case Study
When Ceylinco Insurance joined the insurance industry, there were already several established companies operating in the country. As a new comer, how did you begin to establish your presence?
Since the inception of this company in the 30s, Ceylon Insurance Company was known as Ceylinco. The insurance was in the blood of the people, though we were not even born. So when we started in 1987, our premium was only Rs 40 Mn for the whole year. We thought that we must make a difference in the name of insurance, because insurance was predominantly served by the agents and brokers. And agents and brokers are not loyal company employees. So we decided to have a very loyal very committed, very authentic, customer focused sales staff so that they could be very friendly, very
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By doing this business has increased. Why do people have a stopwatch when you are running 100m? The stopwatch clicks at your speed, not at its speed. Expect for a few things, speed is very important. We follow the speed, we follow the norms, we go beyond that, we think out of the box and give people stability, give people hope, encouragement, put all that together into a box and see that you are well.
Ceylinco Insurance, as you said, is always prepared to meet any disaster. Does the company pay heed to the shifts in climate and weather patterns and other factors in order to stay prepared?
Yes, climatic conditions, environment and we even map out areas that are flood prone or droughts. We are prepared for it and we are roughly know which way the wind could turn. We’ll always be ready because that’s the line of business we are in. It’s a nice field, it keeps you on your feet. As an insurance company, we should always be prepared for aspects of disaster or otherwise.
What is the percentage that you occupy in the overall insurance industry?
Well, life and general insurance put together, we have about
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