AIA Insurance Lanka Limited: Best Life Insurance Company Sri Lanka 2021

AIA Insurance Lanka is part of AIA Group which has a history of over 100 years of helping people live healthier, longer, better lives, across 18 markets. In Sri Lanka the company has been delivering on this promise for over three decades and has established itself as one of the leading life insurers in the industry.

AIA are driven by the brand purpose of helping people live healthier, longer, better lives and were instrumental in changing the ‘you die- we pay’ model of life insurance, to partnering people to help them live life. This purpose has resulted in AIA Sri Lanka becoming a game changer in the insurance industry. With the introduction of their ‘health and wellness solutions’, the insurer no longer provides customers with just ‘products’ but also ‘propositions’; an entire eco-system of wellbeing solutions that helps them get and stay healthy.

For example, AIA was the first insurer to introduce telemedicine services to customers in Sri Lanka, even before the pandemic. They also offer free consultations with wellness specialists online, not to forget the virtual fitness platform offered to customers, free of charge. At the end of the day, customer’s health and wellbeing is at the core of the company’s focus.

AIA Sri Lanka is also revolutionizing digital transformation in the industry, which inevitably, positively impacts their customer service. Their objective is to make life easy for the customer and they are not afraid to utilize technology to enable that. As part of a multinational giant, AIA has a leading edge when it comes to leveraging on technologies and best practices. This has helped them launch many innovative industry firsts in Sri Lanka including Robotic Process Automation, the new and sophisticated, fully automated and integrated IVR (Interactive Voice Response) system to the Inbound Call Care Centre, and the all new MyPos that uses cutting edge technology to provide their Distribution function everything they need to make a sale, in a single app.

AIA Sri Lanka has always maintained a prudent approach to financial management of the Company, and this holds them in good stead during times of external shocks. They judiciously manage their investments, to generate attractive risk commensurate returns and continue to concentrate their portfolios in government securities and high-quality instruments issued by the top credit quality banks in the country.  These have resulted in the Company reporting a regulatory capital adequacy ratio of 488% as at end 2020, which is four times the required capital adequacy ratio stipulated by the regulator and is the highest in the industry. This means the company can always deliver on their promise to customers, even in the face of a global crisis. In fact, they have a track record of delivering above promised customer dividends for the past 30 years.

In 2021, AIA Sri Lanka was recognized as a Best Workplace in Sri Lanka for the ninth consecutive year and was also adjudged the Best Workplace for Women in Sri Lanka for the fourth straight year, by the Great Place to Work Institute®.  Not to forget for the first time AIA Sri Lanka was recognised as a Best Workplace in Asia list – Large Category and as a Best Workplace for Millennials in Sri Lanka. Most recently they were also recognised as one of the top 10 women friendly workplaces by Satynmag.com and CIMA Sri Lanka.

The CFI.co judging panel presents AIA Insurance Lanka Ltd with the 2021 award for Best Life Insurance Company (Sri Lanka).