The award was announced just weeks after Ceylinco Life was named Sri Lanka’s ‘Brand of the Year’ by the Sri Lanka Institute of Marketing (SLIM) for a second successive year, making 2023 a year of international and local accolades for the country’s life insurance market leader.
Ceylinco Life is the only life insurance company in Sri Lanka to consistently win this award.
The World Finance award places Ceylinco Life in the exalted company of global giants like MassMutual (USA), Aviva (UK), Canada Life (Canada), TAL (Australia), Swiss Life (Switzerland), CNP Assurances (France), China Life Insurance Group (China) and Max Life Insurance (India), that were named the best life insurance companies in their respective countries by the magazine at its 2023 awards.
Commenting on its Insurance Awards, World Finance observed that while the insurance industry cannot undo inflation, it can smooth out the impact over time, acting as a kind of buffer, and that technology holds the promise for making the changes needed, with AI opening unimagined possibilities in data analytics, revolutionising the entire value chain from underwriting to claims handling.
“World Finance celebrates those insurers focusing on providing a holistic service to go above and beyond for their customers,” the magazine said.
The World Finance award recognises Ceylinco Life as an organisation that is committed to continuously improving its overall processes, efficiency and relationships to serve customers better.
Winners are chosen after a stringent assessment of multiple aspects of operational performance including underwriting processes and process efficiency; policy maintenance – the process of reviewing clients’ policies, appropriateness of coverage and cost per policy; exposure to risk; customer retention rate; time taken to settle claims; new customer acquisition rate and financial stability – Premium Income, Market share, Life Fund and company profits.
The World Finance Awards judging panel represents the expertise of over 230 years of financial and business journalism, supported by a research team that works round the clock to ensure the award winners are the most deserving in their sector.
Additionally, reader insight and experience are relied upon to provide nominations.
The judging panel is required to avoid bias towards criteria such as depth of practice and size of the company, in order to get an insight into different geographies and niche areas.
World Finance is a print and online magazine providing comprehensive coverage and analysis of the financial industry, international business and the global economy.
The magazine targets an audience of finance professionals and corporate and private investors, but its lucid voice makes it intelligible and essential reading for anybody who wants to understand the machinations of finance in the 21st century.
Established in 2007, World Finance’s awards programmes are tailored to provide a comprehensive analysis of the very best in each market.
Besides being adjudged Sri Lanka’s Brand of the Year for the second successive year in 2023, Ceylinco Life was also crowned the country’s ‘Service Brand of the Year’ for the third consecutive year, as well ‘Local Brand of the Year’ and ‘Agile Brand of the Year’ at the 2023 SLIM awards, and won the overall Silver award for ‘CSR Brand of the Year.’
The Company was also conferred the title of ‘Peoples Life Insurance Service Provider of the Year’ at the 2023 SLIM Kantar Peoples Awards for the 17th consecutive year, and was named one of the 10 Most Admired Companies in Sri Lanka in 2023 by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA).
In the same year, Ceylinco Life was ranked the ‘Most Valuable Insurance Brand in Sri Lanka’ across both life and general insurance categories by Brand Finance.
Ceylinco Life has been the country’s leading life insurer for more than half of the 35 years it has been in existence and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.