Ceylinco Insurance puts critics “On the Spot”
Ceylinco Insurance this week staunchly defended its “On the Spot” general insurance scheme, which had over the past week come under criticism from others in the insurance industry.
Jagath Alwis, Director Technical for the company, whose views were expressed in The Sunday Times FT story last week, in a statement issued by the company said the Insurance Board of Sri Lanka (IBSL) had acknowledged the validity of the process and procedural content used in assessing and settling of general insurance claims on the spot.
“The perception among certain players within the industry that one cannot settle general insurance claims on the spot arises as a result of ‘their weaknesses’, whereas the ability to operate a system such as ‘on the spot’ highlights one of the many strengths of Ceylinco Insurance,” said Alwis, commenting on the allegations levelled at Ceylinco regarding the practicability of the procedures adhered to in the settlement of general insurance claims on the spot.
Alwis is of the opinion that the increase in market share for Ceylinco Insurance, at a time where both of its major competitors showed decreased market percentages, portrays the customer confidence in the company.
According to statistics available in the annual report published by the IBSL, Ceylinco Insurance has during the past year increased its market share from 35.85 % up to 36.87.
While Ceylinco is fully geared and equipped to settle general insurance claims on the spot, the company also possesses the required skills and the expertise of staff to swiftly handle the claims around the clock.
According to Alwis many in the staff have been provided rapid-response training in Europe as well as in a variety of other countries such as Japan, Malaysia and Singapore. The IT system in operation at Ceylinco one the most advanced systems to be used by a company locally, is also credited as being a deciding factor facilitating the speedy delivery of service to its clientele.
He denied accusations of a refusal on the part of Ceylinco to furnish information regarding assessment procedures used in “on the spot” claim settlements, specifically those pertaining to general insurance.
He categorically stated that at no point had Ceylinco refused to divulge information or received a strongly worded letter from the IBSL. He said they held the regulatory body of the industry in the highest regard and that Ceylinco has always cooperated with their every request for information, providing details as per regulation.
He also noted that in addition to the information requested, they had also carried out a presentation under their own initiative in order to clarify certain areas for the benefit of the IBSL.
“We are not surprised that certain competitors are saying that claims can’t be settled on the spot, since not everyone possesses the sort of logistical background and processing infrastructure that we have.
Our clients, who have to decide if they should deal with a company that says it’s incapable or one that actually goes out there and does it, have given the best judgement. Our recent increase in market share is a testimony to the confidence the insuring general public has in us,” said Alwis in the statement.