Softlogic Life innovates and transforms to empower policy holders during evolving COVID-19 crisis
With the pandemic evolving aggressively each day with grave social and economic repercussions in Sri Lanka, the country’s fastest growing life insurer Softlogic Life continues to pour their undivided attention and resources into ensuring the wellbeing and safety of their policy holders and families.
Right from the beginning of the first island-wide lockdown last March, the company has strived hard to innovate and enhance their portfolio to better support their clients with a number of powerful, island-first initiatives; from online premium payments to generous premium payment relief solutions for policy holders.
“SoftlogicLife has always been powered by the innate strength of the Sri Lankan spirit, and have always strived hard to protect and empower this spirit. The unprecedented global climate of today has taken a heavy toll on life in the country. At no point in time, did we anticipate that a single health pandemic would so significantly shift our focus as a society and leave us assessing where we all fit in this “New Normal”. Starting from the first lockdown, our policy holders were looking to us for reliability, support, empathy and real value. Therefore, we paid close consideration to customer needs that overnight had changed drastically, and invested in solutions that brought great support and ease to their lives,” opined Softlogic Life Chief Operating Officer, Indu Attygala.
Affirming their long-standing commitment to enhancing the quality of life of all Sri Lankans, Softlogic Life went above and beyond to roll out a series of initiatives to bring ease and comfort their customers. Among these financial relief measures, policy holders were offered incomparable premium payment relief options according to their individual income and earning capacity, a unique, company-specific solution. Policy holders were also allowed to continue their policies without lapse even with unpaid premiums, allowing customers to enjoy the safety of their policy at such a critical juncture.
Additionally, the 90 day waiting period applicable in policy re-instatements was also waived off, enabling customers to process non-accidental claims immediately after completing their pending premium payments, an initiative that has brought immense respite during the tense global situation that required the support of personal life insurance. The leading life insurer has continued to proactive in ensuring operational resilience and fluidity to meet the rapidly progressing needs of customers and stakeholders.
“As a truly Sri Lankan and progressive brand, we will continue to add finesse and convenience to our customer experience as we push through these tough times together with deep empathy for one another,” Attygala continued to state.
Disrupting the insurance landscape in Sri Lanka, Softlogic introduced the Instaclaim app; a claims management system for corporate clients that enabled employees to file, process and settle claims by themselves within just three days. This eliminated extra intervention by human resources departments, when company work models had to shift entirely to a work from home setting.
Additionally, premium payments were payable by Softlogic Life’s LifeUp app and the company’s official web platform. By partnering with the largest supermarket chain in the country Cargills Food City, premium payment facilities were also made possible at supermarket counters at these outlets.
The dedicated and highly committed team of Softlogic Life’s PCU officers were also deployed during this time to journey to the doorsteps of customers to collect premium payments, eliminating their need to step outside of their homes during such a critical time. All customers were issued a receipt as proof of payment, inspiring confidence and comfort in this system. In parallel, PCU app access was given to the entire advisor base of Softlogic Life, in a double effort to enable premium payments when certain PCU officers weren’t allowed to move through regions due to lockdown.
With the rapid global shift into a new normal which accelerated the move towards a seamlessly connected, digitally-mediated world of work, education and social interaction, Softlogic Life was among the first organisations to introduce a frictionless service experience across the board through apps, integrations and digital ecosystems which required less paperwork, product pushing and physical interaction. The company’s strategically developed advisor platform is completely secure and allows all customer interactions to take place in a completely digital environment.
Further, using a multi-channel approach, Softlogic Life has innovated various powerful platforms to reach clients across the consumer pyramid, in particular the bottom through numerous affordable insurance options, which proved to be invaluable contributions during the COVID economic crunch deeply impacting their income sources.
Softlogic Life is well known locally and internationally to have led many industry first initiatives in Sri Lanka such as the one day claim payment process, the revolutionary postal and mobile insurance solutions, and more to traverse beyond the norms of the life insurance industry to ensure world-class service standards that secure the safety and wellbeing of their customers.
About Softlogic Life
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 include global investor Leapfrog Investments.
