Sanasa Insurance wins ACCA Sustainability Reporting Award

Sanasa Insurance Company Ltd (SICL), a leading micro insurance provider with an aim to improve and uplift peoples’ lives all across the country, emerged as the winner in the SME category at the recent ACCA Sustainability Reporting Awards.

Held at Cinnamon Grand on February 28th, the Association of Chartered Certified Accountants (ACCA) Sri Lanka rewarded the country’s most transparent, accountable and responsible entities at its annual flagship event, which is a competition with a view to recognizing business entities striving to comply with GRI (Global Reporting Initiative) standards and have demonstrated excellence in sustainable development.

Indika Kiriwandeniya, General Manager of SICL, said ‘We are delighted to have been recognized as one of the most responsible business entities in Sri Lanka. This goes on to exhibit our commitment in going beyond the expectation in improving quality of lives and also posses the highest level of sustainability compliance in the industry.’

The company seeks to uplift peoples’ lives by focusing on them at a grass root level as most have no access to financial assistance from banks due to a lack of assets. Its micro insurance policies are geared to improve the current living standards for those seeking assistance. ‘SICL is a unique company in the industry as it goes hand in hand with the Sanasa movement and does not belong to one individual owner but to the community at large. 95pct of the benefits are flown to every member through the Sanasa societies in villages,’ Kiriwandeniya added.

Sanasa maintains relationships with 8400 societies throughout the villages in Sri Lanka, with a membership of over 3 million Sri Lankans. The micro insurance schemes offered by the company are available to every member through these societies.

Unlike the traditional structure of a corporate where documentation plays a vital role, here a villager who seeks to receive a loan must get the approval of the board of members in his or her Sanasa society. As the community at large in a rural village are familiar with each others’ history and can vouch for a person, the society can make an accurate decision regarding whether an individual can be trusted.

The event recognized companies under the categories Conglomerates and Diversified, Banking, Financial Services and Insurance, SME (turnover less than Rs. 1 bn), Retail and Trading, Leisure and Connected Services and General Services and Utilities.

Sanasa Insurance Company Ltd is a leading micro insurance provider focused on uplifting and empowering the people at the grass root level. The company has conducted numerous programs in villages to maintain and develop sustainability. While the micro insurance schemes aid them in developing their living conditions and entrepreneurial endeavors, the company also focuses on better educating the children of the communities, encouraging their talents to shine through various programs, amongst others. SICL continues to work with the Sanasa Movement to improve the society.