Sri Lanka’s fastest growing and most innovative life insurance company Softlogic Life PLC was crowned recently as the undisputed claims service leader in Sri Lanka, after it won the prestigious ‘Excellence in Claims Service’ award at the Sri Lanka Insurance Industry Awards 2017 by Fintelekt.
Softlogic Life shared the stage with all the top Indian Insurance companies who were awarded at the gala Fintelekt event that combined India and Sri Lanka awards held on July 2, in Mumbai, India. The high profile awards ceremony recognized and honoured the achievements of insurance companies in India and Sri Lanka that have met measurable and tangible business objectives.
The Excellence in Claims Service Award honoured Softlogic Life’s unwavering efforts which demonstrated company’s overall leadership and commitment to effective and speedy claims settlement in Sri Lanka.The parameters for evaluation included volume and value of claims settled, average turnaround time for claims payment, repudiation rates and speed in claims settlement.
During 2016, Softlogic Life had superiorly lead the way in claims settlement metrics such as rate of settlement, speed of settlement and low repudiation. This strong performance, which is above par in the local life insurance industry, was greatly supported by the company’s focus on the use of technology for improvement in customer service through better empowerment and convenience during the claims settlement process.
Commenting about this significant industry recognition, Softlogic Life Managing Director, Iftikar Ahamed stated, “As the leader in the insurance healthcare sector, the company has significantly improved its health claim settlement ratio from 20% in 2015 to 60% in 2016 in terms of on-the-spot settlement. 80% of health claims were settled within a day and overall 98% of the total claims settled within three working days. This is a significant improvement in the service level of the company and it achieved with the technological modification to the existing operation.”
Softlogic Life’s extensive expertise in IT-enabled multi-channels has increased their ability to leverage on greater efficiencies, helping the company to deliver greater convenience to customers as well to become the best in claims settlement in the industry. Policyholders of Softlogic Life are empowered via their ‘LifeUp’ smartphone application where it enables customers to access their policy details and make necessary amendments, pay premiums, intimation of claims, upload claim documents, view payment history and so on. For an instance, customers can intimate claims and download claim with a single click of a button, without physically visiting the branch. By uploading the photos of claim-related documents to the app, customers have been able to receive settlement within a short period time, giving them the breathing space to send original documents at the later stage.
Taking advantage of disruptive technologies further, Softlogic Life also launched a real time claim meter on their website, which enhanced greater transparency on claim settlements of customers. Introducing ‘Cashless Hospitalization’, a facility that is available in 60 hospitals island-wide, Softlogic Life eliminated the need for patients to settle their hospital bill as the company pays it directly to the hospital, leaving the patient stress-free. Softlogic Life is the only insurance provider in Sri Lanka with international cashless facility, which is available in Apollo Hospitals India and Parkway Hospitals Singapore.
The company went the extra mile to introduce the super branch concept to its customers, where a modern branch fully equipped with technology provides superior customer experience as a one-stop shop; there, customers can personalize policy features and could purchase Softlogic Group products as well. Softlogic Life is also the first to empower policyholders to customize their own policies without a one-size-fits-all approach.
“These significant improvements in claim servicing have created a benchmark for other industry players to follow Softlogic Life. We believe every claim is an opportunity to serve a customer and paying a claim is the guaranteed way to build customer confidence towards life insurance, which will ultimately have a positive impact to improve penetration level of life insurance in the country,” said Ahmed further.
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 also include FMO and DEG, who are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany, respectively.
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