In an era defined by digital renaissance, evolving lifestyles, and increasingly complex risks, the insurance sector in Sri Lanka is undergoing a remarkable transformation. At the forefront of this evolution stands Mr Udaya Kumara, Head of Business Development at LOLC General Insurance PLC—a dynamic and visionary leader whose strategic foresight has helped redefine the organisation’s growth trajectory.
In this exclusive dialogue with Global CEO Magazine, Mr Kumara reflects on how LOLC General Insurance is leveraging technology, embracing innovation, and maintaining customer-centric values to not only safeguard lives and assets, but to uplift communities and foster a more resilient nation.
01. Mr Kumara, given the rapid evolution in consumer behaviour and the growing reliance on digital platforms, how is LOLC General Insurance adapting to meet changing customer expectations and enhance digital engagement?
Udaya Kumara:
At its core, insurance is about risk management—a concept that must remain central even as the industry evolves. While service excellence is essential, we must not lose sight of the foundational purpose of our work: to anticipate, understand, and manage risk.
In this context, digital transformation has become an invaluable enabler. At LOLC General Insurance, we have embraced data-driven technologies to enhance our risk assessment capabilities. Underwriting, for instance, now heavily relies on big data analytics, machine learning, and artificial intelligence. These tools help us model, predict, and price risk with far greater precision.
By harnessing historical data alongside real-time inputs, we are able to build predictive frameworks that not only mitigate risk but also provide peace of mind to our policyholders. Our approach integrates actuarial science, digital infrastructure, and technological innovation to ensure customers are protected in an increasingly uncertain world.
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02. What major challenges are you currently facing, and how are you addressing them to ensure sustainable, long-term growth?
Udaya Kumara:
One of the most significant challenges we face is the dramatic shift in lifestyle post-COVID-19. The way people perceive risk, connect, purchase, and communicate has changed irrevocably. Social media now plays a central role in how we engage with consumers, not just to market our products, but to educate and raise awareness about the importance of insurance.
Beyond lifestyle changes, we’re also contending with emerging environmental and demographic challenges—pandemics, climate-related catastrophes, an ageing population, and the rise of cyber threats. These factors have made it imperative to innovate at both the product and operational levels.
We’ve responded by developing risk models that incorporate future scenarios, allowing us to anticipate and underwrite accordingly. For example, we’ve launched policies tailored to the elderly population and introduced cyber insurance to address rising digital vulnerabilities—an area that’s gaining momentum globally, even though it’s still emerging in Sri Lanka.
In essence, our approach is grounded in agility, innovation, and relevance—adapting quickly to environmental and societal shifts while staying true to our core values.
03. Beyond your core insurance offerings, how does LOLC General Insurance contribute to society and uplift underprivileged communities?
Udaya Kumara:
Insurance, in many ways, is a social good. It provides individuals with financial stability during times of crisis and restores dignity in the face of adversity. At LOLC General Insurance, we view our role not just as a business, but as a vital cog in the nation’s social protection framework.
Our CSR efforts reflect this belief. We actively support the Divisaviya programme led by the LOLC Group, which supports underprivileged schoolchildren through the distribution of books, school bags, and other essentials.
We have also extended free insurance coverage to community service initiatives—such as a recent initiative providing complimentary protection for a dedicated ambulance fleet that transports terminally ill cancer patients safely and freely between hospitals and their homes offering a vital service during their time of need. In celebration of International Women’s Day, we conducted targeted awareness programmes focused on women’s health and financial empowerment. Additionally, in alignment with globally recognised health days, we organised community health check-ups, educational sessions on life saving techniques and blood donation campaigns in support of cancer patients.
These are just some of the many initiatives we have undertaken. Complementing them are our continuous efforts to educate the public on the principles of risk management, further strengthening resilience at a grassroots level.
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04. With increasing disruption from non-traditional players, how does LOLC General Insurance remain competitive, agile, and relevant in today’s fast-changing insurance sector?
Udaya Kumara:
Relevance, in today’s climate, demands adaptability. We recognise that we are operating in the age of Generation Z—a customer segment that values convenience, speed, and digital-first interactions. As such, our systems, products, and processes must speak their language.
Our workforce is youthful, vibrant, and attuned to contemporary consumer needs. This diversity enables us to innovate quickly and engage meaningfully. Internally, we operate with agility and flexibility, supported by a robust IT backbone. We’ve built digital platforms, mobile applications, and web-based tools that make policy issuance, claims, and communication seamless.
At the same time, we recognise that user experience must transcend generational divides. Whether serving a digital native or a more traditional customer, we ensure convenience, simplicity, and service excellence are at the heart of every interaction.
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05. What value-added services does LOLC General Insurance offer policyholders beyond traditional claims and maturity benefits?
Udaya Kumara:
One of our most distinctive offerings is the Honours programme—a loyalty initiative that provides customers with everyday benefits across a network of over 100 affiliated partners, including supermarkets, shopping malls, hotels, and more.
Through this programme, motor insurance policyholders enjoy exclusive discounts and privileges simply by presenting their Honours card at participating outlets. It’s our way of rewarding customer loyalty, adding tangible value to their daily lives, and reimagining insurance not just as a safety net, but as a lifestyle benefit.
In essence, it allows customers to reclaim a portion of their premium through real-world savings—a concept we see as a step forward in humanising and enriching the insurance experience.
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06. As we conclude, could you share a final note on your recent achievements?
Udaya Kumara:
We are both humbled and honoured to have received three prestigious accolades at the 5th Emerging Asia Insurance Awards, recently held in Thailand and hosted by the Indian Chamber of Commerce.
We were recognised as the Best General Insurance Company in Sri Lanka, along with two additional distinguished awards.
• Best Risk Management Strategy
• Best Customer-Oriented General Insurance Company
These awards recognise our unwavering commitment to excellence in service delivery, innovation in risk strategy, and customer-first philosophy.
They serve as a testament to the dedication of our entire team and reinforce our resolve to remain a pioneering force in Sri Lanka’s insurance sector.
