In an era characterised by rapid technological advancements, evolving customer expectations and a growing focus on sustainability, the insurance sector stands at a transformative crossroads. Leading Sri Lanka Insurance Life through this dynamic landscape is Chandana L. Aluthgama, Group Chief Executive Officer, whose forward-thinking approach continues to drive innovation and resilience across the organisation.
With his leadership, SLIC Life has embraced cutting-edge technologies, reimagined customer engagement strategies, and embedded Environmental, Social, and Governance (ESG) principles at the heart of its operations. His commitment to fostering a customer-first mindset and leveraging digital transformation has not only strengthened operational efficiency but also positioned SLIC Life as a benchmark for excellence in the industry.
In this exclusive interview with Global CEO Magazine, Mr Aluthgama shares insights into the strategic initiatives shaping SLIC Life’s future—from navigating market challenges and advancing sustainability, to integrating AI, data analytics, and emerging technologies in to the company’s DNA.
Join us as we explore the journey of Sri Lanka Insurance Life with Chandana L. Aluthgama’s leadership—a story of purpose-driven transformation, adaptability, and a bold commitment to redefining the future of insurance in Sri Lanka.
Evolving Customer Expectations
How is your organisation adapting to rapidly shifting customer demands, particularly in delivering personalised solutions and fostering digital engagement?
At Sri Lanka Insurance Life, we recognise that today’s discerning customers expect more than just insurance; they seek convenience, personalisation, and crucially, a trusted insurance partner deeply attuned to their evolving needs. Our ongoing transformation journey is strategically centred around this fundamental insight, placing the customer at the core of every decision we make.
We have strategically leveraged the power of data and advanced analytics to significantly enhance our underwriting precision. This improvement translates directly into faster policy issuance, more accurate and competitive pricing, and a demonstrably smoother onboarding experience for our valued customers.
The comprehensive digitisation of our internal workflows, encompassing process automation, streamlined sales tracking, and the implementation of real time dashboards, has dramatically enhanced operational efficiency across the organisation. This increased efficiency directly results in faster and more intuitive customer interactions at every touchpoint.
A significant milestone in our digital evolution has been the successful migration of numerous key products, including ‘Wealth Plus’, ‘Minimuthu’, and ‘Freedom Plan’, to our cutting edge Digital Sales Force platform. This strategic move has demonstrably improved our responsiveness and overall service delivery, further bolstering customer satisfaction levels.
Acknowledging the escalating demand for self service options and remote access capabilities, we have proactively expanded our digital platforms. This expansion now empowers customers to seamlessly purchase policies, efficiently manage their accounts, and securely make payments online or via intuitive mobile applications. Furthermore, our integrated WhatsApp- based chat service has significantly enhanced real time engagement, making our comprehensive insurance services more accessible than ever before.
Looking to the future, we are strategically implementing AI-driven service tools, such as intelligent chatbots, to provide round- the- clock support and automate routine inquiries. These forward thinking initiatives underscore our proactive commitment to personalisation, accessibility, and digital empowerment, ensuring that we remain closely aligned with evolving customer expectations, both now and in the years to come.
Navigating Challenges
What are the most significant challenges confronting your organisation, and how are these being addressed to ensure sustained growth and resilience in a dynamic industry landscape?
Navigating an evolving and often unpredictable landscape, Sri Lanka Insurance Life is proactively addressing key challenges shaped by dynamic economic shifts, changing customer behaviours, and the rapid pace of technological advancement. While Sri Lanka demonstrates encouraging signs of recovery, evidenced by rising credit ratings, reduced inflation, and a projected 5% GDP growth, the enduring impact of recent economic disruptions necessitates both resilience and strategic adaptability.
To effectively address these realities, we have adopted a multi dimensional strategy centred on fortifying our fundamental strengths while simultaneously embracing innovation. We have strategically broadened our distribution reach through enhanced bancassurance partnerships, a well established branch network, and the continued expansion of our digital channels, ensuring optimal accessibility and scalable growth.
Internally, we have made significant investments in cutting edge digital tools, process automation, and advanced data analytics to drive enhanced operational agility. These strategic improvements have demonstrably boosted efficiency and elevated the overall customer experience across all service touchpoints.
Furthermore, we are actively contributing to national development through focused initiatives encompassing SME support, financial inclusion, and the promotion of digital literacy. We are also developing customised insurance solutions specifically designed to address emerging risks and previously untapped market segments, thereby reinforcing our relevance and expanding our reach within the community.
Talent development remains a pivotal element of our overarching strategy. We are committed to fostering a performance driven, future ready workforce equipped with the skills and knowledge necessary to lead and navigate change effectively.
Despite the prevailing challenges, we maintain a strong sense of optimism for the future. Rising disposable incomes, a growing societal awareness of the importance of financial protection, and a progressively favourable investment climate provide a robust foundation for sustained growth. With deep roots in national service and a forward-looking vision, we are steadfast in our commitment to delivering inclusive, value driven insurance solutions that not only ensure the long-term sustainability of our business but also generate a broader positive impact on society.
Sustainability and ESG Integration
In light of increasing emphasis on climate risk and sustainability, how is your organisation embedding Environmental, Social, and Governance (ESG) principles into its core strategies and operations?
ESG is not simply a matter of compliance for Sri Lanka Insurance Life; it is a fundamental strategic imperative that shapes our operational framework and drives our sustainable growth. Our unwavering commitment to environmental stewardship, social responsibility, and robust governance is deeply ingrained in our core purpose: to build a resilient, inclusive, and sustainable future for all stakeholders.
Environmentally, we are taking decisive and measurable steps to minimise our operational footprint. Our comprehensive digitisation initiatives, ranging from paperless policy management to intuitive digital customer portals, significantly reduce resource consumption while simultaneously enhancing the efficiency and convenience of our service delivery. Furthermore, our ongoing transition towards energy efficient branch operations actively supports national climate goals and demonstrates our commitment to a greener future.
Social responsibility remains at the very heart of our corporate identity. We continue to invest strategically in transformative community programmes, exemplified by initiatives such as the Suba Pathum scholarship scheme, the provision of free life insurance for parents of children born on World Children’s Day (October 1st), and our impactful Pasal Piriyath programmes. By actively expanding our microinsurance offerings and developing tailored solutions for SMEs, we are effectively helping to bridge critical protection gaps and empower underserved communities, aligning closely with Sri Lanka’s national agenda for inclusive development.
Our robust governance framework places a strong emphasis on ethical conduct, unwavering transparency, and prudentrisk- based decision-making. We are committed to continuously strengthening our internal controls and leveraging data driven insights to guide responsible and equitable practices. These practices are designed to safeguard the interests of all our stakeholders and build enduring trust in our organisation.
By strategically aligning our ESG strategy with both local priorities and internationally recognised global standards, we are redefining the role of insurance as a powerful catalyst for positive change. From the very design of our products and services to the way we actively engage with our communities and diligently manage our resources, sustainability is intrinsically integrated into every layer of our business operations. This holistic approach ensures that we remain resilient, trusted, and increasingly relevant in a future where accountability and demonstrable impact are paramount to long term success.
Digital Transformation and Innovation
What role do emerging technologies such as AI, blockchain, and big data analytics play in your efforts to drive innovation and maintain competitiveness?
Technology is fundamentally reshaping every facet of the insurance industry, and at Sri Lanka Insurance Life, we are proactively embracing this transformative change to drive innovation, enhance customer value, and achieve greater operational agility. Emerging technologies, including Artificial Intelligence (AI), advanced data analytics, and intelligent process automation, form the cornerstone of our comprehensive digital transformation agenda.
Our strategic application of AI and sophisticated data analytics has significantly enhanced our capabilities in underwriting, customer segmentation, and risk profiling. This enables us to develop more personalised and relevant product offerings, improve pricing accuracy, and achieve higher policy conversion rates. These powerful tools also underpin our real time monitoring and business intelligence capabilities through enhanced Management Information Systems (MIS) platforms, facilitating agile and well informed decision-making across the organisation.
We have made substantial progress in digitising our internal workflows, with intelligent automation streamlining routine tasks and significantly reducing turnaround times. We are currently piloting Robotic Process Automation (RPA) in critical areas such as claims handling and policy servicing to further enhance accuracy and minimise operational friction, ultimately leading to a smoother experience for our customers.
Furthermore, we are actively developing smart chatbots to enhance customer engagement across our diverse digital touchpoints and provide seamless 24/7 service support. Our existing WhatsApp integration and user-friendly online service portals already empower customers to connect with us more conveniently and efficiently. While blockchain technology remains in its nascent stages within the local context, we are actively exploring its potential to enhance transparency, bolster security, and strengthen fraud prevention measures in both policy issuance and claims management processes.
These strategic digital initiatives represent more than mere upgrades; they are integral to our overarching vision of becoming a truly data driven, ‘customer first’ insurer. By proactively embracing innovation and aligning our efforts with the broader national goals of financial inclusion and digital empowerment, we are strategically positioning Sri Lanka Insurance Life as a ‘future ready’ leader within the insurance industry.
Global Trends and Industry Disruption
How is your organisation navigating convergence and competition from non-traditional players to remain agile and relevant in the ever-evolving insurance sector?
The insurance sector is undergoing a rapid transformation driven by global disruption, digital convergence, and the emergence of non-traditional players such as fintech companies, technology giants, and wellness platforms.
At Sri Lanka Insurance Life, we view these dynamic changes as significant opportunities to reimagine our core business model and deliver even greater value to our customers. We are strategically integrating insurance into adjacent digital ecosystems, establishing partnerships with digital payments and wellness platforms to provide more seamless and readily accessible everyday protection experiences. Our strategic focus centres on embedding insurance solutions into the digital journeys that customers already utilise, thereby making insurance more intuitive and readily accessible.
To maintain a high degree of agility in this evolving landscape, we have cultivated a culture of experimentation and rapid adaptation throughout our organisation. We are actively exploring innovative usage -based insurance models, micro insurance offerings tailored to specific needs, and parametric solutions designed to address emerging risks and previously underserved market segments. Collaborating strategically with insuretech companies and technology partners enables us to cocreate cutting edge solutions that reflect both global innovation and local relevance.
We are also closely monitoring key international trends, ranging from embedded insurance and platform -based distribution models to sustainability-linked underwriting practices, and selectively adapting those innovations that are best suited to the specific context of the Sri Lankan market.
However, we recognise that agility extends beyond mere technological adoption; it is fundamentally a cultural attribute. To this end, we are continuously investing in talent development, robust digital platforms, and strategic partnerships that enable faster and more effective responses to market shifts. We firmly believe that the alignment between individuals and the organisation, as well as the alignment between individuals and digital tools, will be significantly enhanced by improved digital literacy levels and digital self efficacy. Consequently, the human element and the cultivation of the right mindset to adapt and rearrange our processes remain even more critical than simply embracing technology for its own sake.
By strategically blending the inherent strengths of our established legacy with the transformative promise of innovation, Sri Lanka Insurance Life is redefining its role in the lives of our customers. We aspire to be more than just an insurer; we aim to be a lifelong trusted partner in protection, financial security, and overall wellbeing in an increasingly interconnected world.
