August 28, 2023: Sri Lanka’s second-largest life insurer Softlogic Life has been nominated as a finalist for the esteemed ‘InsurTech of the Year’ award at the 27th Asia Insurance Industry Awards. The nomination underscores Softlogic Life’s unwavering dedication in pushing the boundaries of innovation within Sri Lanka’s insurance landscape. This recognition not only shines a light on Softlogic Life’s accomplishments but also highlights the ever-increasing role of technology and innovation in shaping the future of the insurance sector across Asia.
The finalists for this year’s awards have been unveiled, featuring a distinguished list of 50 top insurers, reinsurers, brokers, risk managers, and service providers from the region. Renowned for its rigorous standards and transparent selection process, the Asia Insurance Industry Awards are overseen by a panel of expert judges drawn from various domains of the insurance industry. The initial round of remote selection involved meticulously evaluating over 200 entries spanning 17 categories. Softlogic Life emerged as a standout nominee through this evaluation process, demonstrating remarkable strides in the InsurTech landscape.
Commenting on this latest nomination, Softlogic Life Managing Director Iftikar Ahamed said, “Over the past few years, innovation has been the driving force behind Softlogic Life’s transformative journey. We have consistently pushed the boundaries of what is possible in the insurance landscape, harnessing technology to create unprecedented value for our customers. Our nomination for the ‘InsurTech of the Year’ award is a testament to the tireless efforts of our team and the profound impact of our innovative solutions. We firmly believe that embracing innovation isn’t just an option; it’s imperative in today’s rapidly evolving world. Softlogic Life remains committed to pioneering new horizons in the insurance industry, empowering our clients and setting new standards of excellence.”
The nomination is a testament to Softlogic Life’s continuous focus on introducing many industry-first and world-first innovations for its policyholders. State-of-the-art solutions such as one-day automated claims settlement, Instaclaim app, 1-minute hospitalisation claim settlement, a 100% digitalised sales platform, automatic policy issuance, and mobile-based micro products have paved the path for the company to deliver superior customer service while enhancing its competitive position. Furthermore, these innovations have enabled Softlogic Life to protect over 1.5 million Sri Lankan lives while significantly contributing to growing the country’s insurance penetration.
In its 27th year, the Asia Insurance Industry Awards has become a much sought-after mark of excellence and peer group endorsement for insurance players and professionals. The Awards have been hosted annually since 1997 by Asia Insurance Review— the voice of the insurance industry of Asia for the past three decades.
About Softlogic Life
Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognised as one of Sri Lanka’s most diversified conglomerates with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company include global investors Leapfrog Investments.