Pushing the boundaries of innovation much further, Sri Lanka’s most innovative life insurer, Softlogic Life, recently unveiled their 2017 integrated annual report in video format, making it Sri Lanka’s first video annual report.
Available now on YouTube and Softlogic Life’s official website, the video showcases a number of key details of this year’s annual report using exceptional infographics —from gross written premium (GWP) achieved to business process of the company, financial capital to human capital, insurance industry overview and attractiveness to statutory and regulatory environment of Sri Lanka and risks to opportunities.
The latest innovation by Softlogic Life encourages key stakeholders of the company to familiarize with the content of their comprehensive integrated annual report, which combines information on Softlogic Life’s financial performance and non-financial information (environmental value and social and governance components). The new medium of information now allows the company to communicate their data with policyholders, employees, investors and other external stakeholders in a visually fitting and digital way.
Expressing his comments about Sri Lanka’s first video annual report, Nuwan Pushpakumara, Head of Finance at Softlogic Life said, “The annual report is one of the most important communication tools for the company. The financial and non-financial data of the report translates how well our overall business strategies have elevated Softlogic Life during a certain financial year, to become a top player in the life insurance sector with a sustainable growth. The common perception among many of our stakeholders however is that reading an annual report is a complicated experience and we figured that many of our policyholders find it harder to decipher the meaning of important data when going through the physical report.”
“In such context, Softlogic Life’s 2017 annual report in video format—the first of its kind in Sri Lanka by a business corporate—is a landmark innovation for the company as well as the whole industry. The positive feedback we are receiving from our stakeholders for the video shows that presenting content through a well-crafted video is the best way to reach stakeholders. The video comprises of captivating infographics, designed to encourage anyone to glance through our annual report and understand about its structure and presentation of data,” said Pushpakumara further.
Prepared under the theme ‘Spirited’, the 2017 annual integrated report aims to present a balanced and succinct analysis and an overview of Softlogic Life and its external environment, strategy and resource allocation, business model, performance, governance and prospects of the company. The report has closely followed guiding principles and fundamental concepts contained in the International Framework to best serve the information needs of stakeholders.
Softlogic Life has combined financial, corporate citizenship and environmental reporting into a single comprehensive report, which adheres to the Global Reporting Initiative (GRI), an internationally recognised framework for sustainability reporting. The 2016 report, which was compiled under the Global Reporting Initiative (G4) guidelines, received a number of awards last year from CA Sri Lanka, League of American Communications Professionals LLC (LACP), and South Asian Federation of Accountants (SAFA). The report was also ranked among the top 10 companies in Sri Lanka Excellence in Integrated Reporting Awards organised by the Chartered Management Accountants of Sri Lanka for the third consecutive year.
“Each year consistently, we have been raising the bar with regard to the quality of our reports. Many awards were granted to us last year due to our unwavering commitment to present a relevant, reliable and balanced 2016 report,” said Iftikar Ahamed, Managing Director of Softlogic Life. “This year, we have transformed our annual report into a video where we have been able to present key details of the report concisely using visuals and infographics. With this innovation, we are able to reach a wider audience and create significant interest about our topmost communication tool—especially among the millennial demographic.”
Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognized as one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company also include FMO and DEG, who are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany, respectively.