Sri Lanka Insurance Corporation (SLIC) has recently launched its three-year Strategic Plan, aimed at consolidating its dominant market position and exploring emerging opportunities in risk protection and life investment optimization.
The strategic plan was developed in consultation with MTI Consulting, using its internationally applied MTI’s 8S Model® and with the active participation of the management team.
Since its establishment in 1962, SLIC is the largest state-owned insurance company in Sri Lanka. SLIC has been living up to its motto “Like a father, Like a mother” providing both General Insurance as well as Life Insurance. The company is also the first and only local insurer to secure Fitch Ratings AA+ (lka) rating for its long-term financial stability and strong capital position.
Commenting on the strategic plan, SLIC’s CEO Chandana L Aluthgama stated, “The insurance industry in both the global and local context has become challenging, making it tough for market leaders to maintain their position due to disruptions to the industry brought in from conventional as well as emerging players. We believe this plan will equip us with strategies to address above challenges via significant improvements and innovations in our products, channels, staff capabilities, processes and technologies”.
Chairman of SLIC, Dr K.A.S. Keeragala expressed that “A well-structured strategic plan of this nature will provide a clear direction for the future of our organization.
The successful implementation of this strategic plan will enable us to realize our vision and long-term goals, while positively contributing to the economy and people, as the nation’s insurer.”
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