In an industry built fundamentally on trust, leadership is defined not only by growth, but by the ability to anticipate risk, strengthen resilience and deliver on promises when customers need support most.
Under the Chairmanship of Mr. Kithsiri Gunawardena, LOLC General Insurance has sought to combine strategic agility, technological advancement and human judgement to build a differentiated market position. Its evolution reflects a leadership philosophy centred on customer value, organisational capability, disciplined execution and continuous innovation.
In this interview, Gunawardena shares how the company is preparing for emerging risks while strengthening trust, relevance and resilience in a rapidly changing insurance landscape.
Mr. Gunawardena brings over 35 years of experience spanning the legal, public sector and corporate sectors and has been with the LOLC Group since 2004. He serves as Chairman/Principal Officer of LOLC General Insurance PLC and Director of LOLC Life Assurance Ltd., alongside board positions across several LOLC Group subsidiaries locally and internationally.
1. Protection That Goes Beyond the Policy
LOLC General Insurance has grown into one of Sri Lanka’s leading general insurers within a relatively short period. What do you believe truly differentiates LOLC General Insurance in the market, and how have you transformed insurance from simply providing financial protection into delivering meaningful value to customers?
We recognise that customer needs are evolving, and so is the role of a general insurer. Insurance should not simply provide financial compensation when something goes wrong; it should also help individuals and businesses understand their risks, prepare for uncertainty and build greater resilience. This is the thinking behind our philosophy of Going Beyond Insurance, which guides how we create value for our customers.
Throughout our 15-year journey, what has mattered most is what we have built along the way. Becoming the third largest general insurance provider in Sri Lanka within a relatively short period reflects the trust of our customers, the commitment of our people and our determination to challenge conventional thinking and redefine the role of insurance.
Our people have been a key strength behind this progress, combining deep industry expertise, diverse capabilities and, importantly, a strong spirit of collaboration. This combination has enabled us to understand evolving customer needs, respond with agility and develop solutions that extend beyond traditional insurance.
We make this philosophy tangible by ensuring that the value of insurance extends beyond the policy or claim, so that customers continue to experience meaningful value from choosing us, even when they do not experience a loss.
This is brought to life through our flagship V Help initiative, which provides 24/7 roadside and technical assistance when vehicle-related issues arise. Honours, our lifestyle motor insurance proposition, offers policyholders everyday rewards and benefits through an extensive partner network, even when they do not make a claim, while V Claim uses virtual assessments to make eligible motor claims faster, simpler and more convenient.
Ultimately, our differentiation lies not only in what we offer, but in the experience and meaningful value we create beyond traditional insurance.
2. Technology with a Human Purpose
LOLC General Insurance has embraced digitalisation, data analytics, AI and customer platforms to reshape the insurance experience. How are these technologies helping you assess risk more intelligently, simplify insurance and deliver faster, more personalised service without losing the human connection that builds trust?
At LOLC General Insurance, we believe technology should ultimately make insurance better for the customer. As technology advances and customer expectations evolve, we have been investing in AI, digital capabilities, data analytics and customer platforms to make the insurance journey simpler, more convenient and more personalised, while creating greater value for our customers.
These investments are helping us strengthen how we assess risk, identify emerging patterns and understand changing customer needs. By using data and analytics more effectively, we can make better-informed decisions and develop solutions that are increasingly relevant to the way people live, work and manage risk today.
Across the customer journey, digital capabilities are helping us simplify processes, from policy servicing and payments to claims assessment and settlement, while improving speed, accessibility and convenience. Our objective is to provide a more seamless experience and consistent service excellence across every customer touchpoint.
At the same time, we recognise that technology cannot replace the human connection that builds trust. Customers continue to value professional judgement, reassurance, empathy and personal interaction, particularly when they face uncertainty. We therefore see AI and digitalisation as tools that strengthen human capability, enabling our people to serve customers more effectively while retaining the personal connection that is fundamental to insurance.
Ultimately, it is about finding the right balance: using technology to make insurance simpler, faster and more relevant, while keeping human understanding at the heart of the experience.
3. The Strength Behind the Brand
Being part of the diversified and globally established LOLC Group gives LOLC General Insurance access to a much wider financial, technological and business ecosystem. How does this strength translate into tangible advantages for policyholders, and how does it help you innovate differently from a conventional insurer?
Being part of the LOLC Group gives us an important strategic advantage, not simply through its scale, but through the depth of expertise, leadership, technology and business capabilities across the group.
At LOLC General Insurance, we have developed strong specialist insurance capabilities while leveraging the wider Group ecosystem to strengthen our systems, processes and operational effectiveness. Access to shared expertise enables us to accelerate technology adoption, benefit from economies of scale, make informed decisions and strengthen our ability to serve customers.
The Group’s diverse and global footprint gives us access to broader perspectives, expertise and market insights, helping us anticipate emerging risks, identify new opportunities and develop relevant solutions while retaining the agility of a specialist insurer.
Ultimately, the value of the LOLC ecosystem is measured by what it enables us to deliver. During Cyclone Ditwah, for example, our collaboration with Browns EV enabled us to facilitate the replacement of a customer’s total-loss electric vehicle with a brand-new vehicle, creating an outcome beyond a conventional insurance settlement.
The Group has provided an important foundation for our growth, while our people, specialist expertise and innovation have enabled us to build a strong and distinctive market position. Our recognition as the third most valuable general insurance brand in Sri Lanka, alongside being recognised among the country’s most loved brands, reflects the trust, relevance and brand equity we have built over the years.
4. Protecting What Matters Next
Sri Lanka is entering an era of changing risks, from climate-related events and cyber threats to evolving lifestyles and business vulnerabilities. Looking ahead, where do you see the greatest protection gaps in Sri Lanka, and how is LOLC General Insurance preparing today to protect what will matter most tomorrow?
I believe one of Sri Lanka’s significant protection gaps is the disconnect between the risks people and businesses face and their level of awareness, protection and preparedness. While increasing insurance penetration remains important, we must also make protection more accessible, relevant and responsive to evolving needs.
The risk landscape is evolving rapidly, driven by climate change, cyber threats, technological advances and changing lifestyles and business models. At LOLC General Insurance, we are continuously strengthening our expertise and capabilities to anticipate these emerging risks and ensure our protection solutions remain relevant and responsive.
Customer expectations are also changing, particularly among younger, digitally connected generations. We are investing in digitalisation, data and AI to make insurance simpler, more convenient and personalised, while strengthening our ability to understand customer needs and improve risk awareness.
We also see the future of insurance as closely linked to resilience and sustainability. Beyond protecting assets and livelihoods, we have a role to play in supporting stronger communities, sustainable development and greater resilience for future generations.
Ultimately, our ambition is to become an insurer that anticipates risk rather than simply responds to it. By combining technology and innovation with human expertise, we aim to strengthen resilience, build trust and create value beyond the policy, helping our customers face tomorrow with greater confidence and certainty.
Udaya Kumara
Chief Operating Officer of LOLC General Insurance PLC
5. When the Promise Is Tested
The real value of insurance is often understood only when a customer faces a loss and makes a claim. How has LOLC General Insurance built speed, fairness and empathy into its claims philosophy, and what do you believe customers should be able to expect from their insurer at the moment they need it most?
A claim is the moment when the trust a customer has placed in an insurer is truly tested. At LOLC General Insurance, our philosophy is straightforward: where a claim is genuine and covered under the policy, it should be settled at the earliest possible time, fairly, transparently and with empathy.
Delivering on that promise requires more than an efficient claims process. It requires financial strength, technical expertise, robust systems and, above all, an understanding of what customers are going through. We have built the capabilities to respond with speed and certainty while providing the support customers need to regain stability and move forward.
We see technology as an enabler of better claims experiences, rather than a replacement for human interaction. The introduction of V Claim, for example, enables eligible motor claims to be assessed virtually, making the process faster and more convenient for customers. However, when customers face an unexpected loss, technology alone cannot replace the human touch. The empathy, understanding and reassurance provided by our people remain central to how we support them.
Our ability to respond at scale was demonstrated following Cyclone Ditwah, when we admitted claims amounting to approximately Rs. 5 billion, representing one of the highest claim exposures handled in the market during the event. More importantly, our response extended beyond settling claims to helping customers regain stability and confidence during a deeply challenging period.
Ultimately, our measure of success is not simply closing a claim. It is helping customers recover, regain confidence and move forward with greater certainty. That is the standard we strive to uphold.
Key Takeaways
1. Insurance must evolve beyond financial compensation
LOLC General Insurance is positioning insurance as a broader resilience platform, helping customers understand risk, prepare for uncertainty and derive value beyond the traditional policy and claims relationship.
2. Technology should strengthen, not replace, human judgement
AI, data analytics and digitalisation are being used to improve speed, convenience and decision-making, while professional judgement, empathy and personal interaction remain central to building customer trust.
3. Future leadership requires anticipating risk, not merely responding to it
The company is strengthening its capabilities around climate risks, cyber threats, changing lifestyles and emerging customer expectations, with resilience and sustainability becoming increasingly important strategic priorities.
