Asian Alliance Insurance plc welcomes 2015 in full compliance with regulatory requirement for segregation of life and general insurance business
Sri Lanka’s fastest-growing insurance company, Asian Alliance Insurance PLC, is proud to announce that it has successfully achieved the segregation of its Life and General Insurance operation as of 1st January 2015, as per the Regulation of Insurance Industry (Amendment) Act No 3 of 2011, brought about by the Regulator. Asian Alliance Insurance made a head start in the insurance industry to obtain all the necessary regulatory and court approvals, and has commenced its segregated operations from 1st January 2015. Complying with the legal requirement, the company, has obtained all the required regulatory and court approvals to transfer its general business to a wholly-owned subsidiary named, Asian Alliance General Insurance Limited effective from 1st January 2015.
Mr. Ramal Jasinghe, Director/Chief Executive Officer, Asian Alliance Insurance, commented: “Asian Alliance Insurance has been proactive in adopting and spreading awareness about the segregation of the Industry through a seminar held for the Industry’s stakeholders way back in May 2013, along with its shareholders Messrs. DEG and FMO, themed “ The Future Of Insurance In Sri Lanka- A comprehensive seminar on the challenges relating to the segregation of Insurance companies into Life and General operations”. As a company that held an industry wide seminar with foreign and local experts on the future of insurance, Asian Alliance Insurance is proud to announce that its Life and General businesses are now legally separate entities in compliance with all regulations of the Regulation of the Insurance Industry (Amended) Act. It is our belief that we are in a better position to offer focused and enhanced customer care to our customers. We assure our stakeholders of our uninterrupted dedicated service that they have come to expect from us. We are proud to have ensured zero inconvenience to our customers during the process of splitting. At Asian Alliance Insurance, we believe that we will be able to provide improved customer service through more dedicated strategies suited to both classes of business.”
The new amendment required insurance companies engaged in both life insurance business and general business to segregate operations into two separate entities before 7th February 2015. Although the process of splitting was complex, Asian Alliance Insurance kept the best interests of the policyholders in this segregation exercise to ensure that policyholders received uninterrupted service. Keeping in line with its principles of transparency and accountability, Asian Alliance Insurance has kept its customers informed about the new regulation and took strong measures to safeguard the policyholders’ interests at all times.
Asian Alliance Life business that is currently ranked 5th in the market provides its customers with a level of service and attention that is unmatched in the industry where the focus remains undivided and is always aimed at providing the best protection plans that are perfectly customized to meet specific requirements of a diverse clientele. The General Insurance Business is coming back strongly with novel concepts and innovation that is completely oriented towards customer convenience, with the new DRIVE THRU concept and 365 DAY INSURANCE that will primarily target Motor Customers. The Health business of the Company has also improved tremendously and is currently ranked No;4 in the industry.
Asian Alliance Insurance PLC shareholders include DEG and FMO that are internationally reputed AAA Rated DFI institutions. The Company operates through a network of 53 locations that are positioned in all provinces of the country and is part of the fast growing Softlogic Group that has interests in Healthcare, Retail, Financial Services, ICT, Leisure, Automobiles and Restaurants.
