SoftLogic Life Insurance PLC, one of Sri Lanka’s fastest growing life insurers, is leading the way in providing Sri Lankans with essential individual life and health, group life, and other policies. The company is a trailblazer in the market with its customer-centric product innovation. Its tailor-made products include a cashless hospital settlement product integrating more than 60 local hospitals, doorstep doctor visits, and medical testing. It was also first-to-market in Sri Lanka in offering life insurance via mobile through a partnership with Dialog Axiata. The company employs a 2400-person agent force, as well as distributing protection products via banks and direct means.
Softlogic Life was recently selected as one of the Top 3 Insurers in the region by Asian Insurance Review and has won a multitude of awards. Its strong brand and customer-centric agent force combined with tailor-made products are enabling strong growth.
Sri Lanka’s population of 21 million is currently underserved with life and health insurance products. But growing awareness of the benefits of insurance combined with the introduction of new and innovative products to service the market is changing that. Between 2012 and 2017, the insurance industry grew at a CAGR of 12% and that’s set to continue to rise.
“Sri Lanka presents a compelling investment opportunity, with an underpenetrated, yet high growth insurance market,” said Fernanda Lima, Director, LeapFrog Investments. “By taking advantage of a diversified distribution strategy, and in-particular delivering insurance in partnership with mobile companies and financial institutions, we will be able to increase the reach of relevant products into the country’s emerging consumer segment, who have traditionally been excluded from easy, and affordable access to insurance.”
LeapFrog’s investment will enable SoftLogic’s ability to continue to accelerate its market-growth strategy.
“LeapFrog has a reputation for partnering to achieve channel expansion, as well as to help solidify strategic relationships that underscore growth – two continued areas of focus for the Softlogic Life business. We hope that this is the first of many investments in Sri Lanka and with the Softlogic Group.”
Ashok Pathirage, Chairman Softlogic Group