Janashakthi Life: Best Insurance Services Sri Lanka 2022
Ravi Liyanage, CEO of Janashakthi Insurance PLC receiving the award from Capital Finance International’s Chairman Lord Waverley
Janashakthi Life is reaping the benefits of a growth strategy implemented in 2020 by incoming CEO Ravi Liyanage, a former senior manager at the company. Liyanage set out to remodel the organisation with a customer-centric focus — and ignited an impressive turnaround for the Sri Lankan insurer. Janashakthi is among the top 10 fastest growing brands in Sri Lanka. Its Regular First Year Premium (New business) was up by 115 percent within twelve months of the turnaround. Janashakthi also jumped 33 points in the corporate ranking from 2020 to 2021 in the Most Respected Entities of Sri Lanka, conducted by leading business ranking magazine LMD (Lanka Monthly Digest). It’s a historic achievement that an organisation has moved 33 ranking points within a year. The company’s sales force, nicknamed the Janashakthi Lion Force for their strength and heart, increased more than threefold in channel distribution structure within a year of the turnaround. Continuous training and professional development ensured that the team operated at a high global level thereby reaching a status of international repute and producing 108 sales personnel to join the prestigious Million Dollar Round Table (MDRT), USA. Janashakthi met the challenges of the pandemic head-on and was the first to develop an insurance product for Covid-19 coverage. The CFI.co judging panel believes that Janashakthi Life will come to be regarded as a leader — for the innovation, quality and success of innovative, and timely developed product portfolio — among the top insurers of the world. Some other highlights from its transformation include enhanced customer onboarding, initiating KYC diligence via video chat, a fully digital self-service app and a global health passport reflecting the need to be international in nature to best serve consumers’ health insurance requirements. The jury presents Janashakthi Life with the 2022 award for Best Insurance Services (Sri Lanka).
