Ceylinco Insurance Gets Into The History Books with On The Spot claim settlement - 2007-01-20
09th January 2007, Colombo:Ceylinco Insurance – General Division booked a place in the history books today by becoming the first insurance company in the world to settle all claims on all policies on the spot! The decision to pay all claims on the spot is truly an historical event, and indeed a global first.
Addressing a large gathering at a media conference held today, which included members of the foreign media , the Chief Executive Director of Ceylinco Insurance – General Division, Mr Ajith Gunewardena, explained the reasons behind this momentous decision. He said: “it has always been our privilege to give of our best to our loyal customers, who have been staunch and true throughout the years. This is yet another instance, a world first, of providing a quality and innovative service for their benefit.” Responding to questions regarding the possible impact on the world arena, he added that numerous foreign insurance companies had queried with regard to their claim settlement model and expressed a willingness to work hand in hand with Ceylinco on the world stage. He went on to say that Ceylinco Insurance was more than willing to share their expertise with others, so that more and more people the world over could benefit from the security of insurance. Explaining the schematics of the On The Spot claim settlement method, Mr. Gunawardena indicated that all claims pertaining to insurance polices obtained through the General Division of Ceylinco Insurance would be covered under this scheme. He added that On The Spot settlements would be available 24 hours a day, 365 days a year. He went on to say that claims pertaining to a host of policies, covering VIP motor insurance, marine claims, Suwa Sampatha health insurance, homes, trade establishments,
fire Insurance , and all types of miscellaneous insurance, would be paid On The Spot from now on. Through the new claim settlement method, customers from all walks of life and spread across social strata, including individuals, traders, businessmen, families...etc., are set to reap immense benefits, minimizing hassle. Accordingly, the On The Spot claim settlement eliminates the need to wait for months on end, until inspections are carried out, documents are collected and a host of other painstaking procedures are seen through, which is what customers would have normally gone through. The most important feature about Ceylinco’s innovative new approach is that you can resume your normal activities, whether you are an individual, businessman or a family member, as soon as possible, minimizing the hassle and doing away with delays, as the principle of insurance is to restore normalcy as quickly as possible.
Mr.Gunawardena went on to add that the On The Spot concept had first been introduced to the world , with regard to paying motor insurance claims in 2003 and had subsequently won the coveted ‘Innovation Of The Year’ award at the Asia Insurance Industry Awards during that same year, indicating that the On The Spot principle had then successfully been applied to Ceylinco Suwa Sampatha Health Insurance in 2004 and then to Marine Insurance and Travel Insurance in 2006. He said further that the concept of On the Spot had served Ceylinco Insurance well over the last few years and it was indeed logical to adopt the same model, with regard to all their products. However, the new revolution should come as no surprise, as indeed, Ceylinco Insurance has been in the forefront of the insurance industry with regards to innovative new ideas. It was Ceylinco Insurance that first introduced a permanent sales force at the very inception and then took insurance to the very doorstep of the customer by opening numerous branches, which effectively covered all of Sri Lanka, including the
‘outstation districts’, which had hitherto been largely ignored. Ceylinco then became the first company to introduce ‘Package Policies’, covering a wider range of insurance needs, which offered one lower premium and one renewal date. Moreover, Ceylinco Insurance once again won the Innovation Of The Year Award at the Asia Insurance Industry Awards in 2006; this time for their innovative new insurance product ‘One And Only’. The victory was even more significant, as Ceylinco rose above 2,500 international and multi-national insurance companies operating in the Asian region. All such innovations proved to be immensely successful and indeed, fruitful to the insurance industry at large. It was also only Ceylinco Insurance, which came forward during the nation’s darkest hour to settle all the claims lodged by those affected by the Tsunami, ultimately settling over 2,500 claims on an ex-gratia basis (since no policy in Sri Lanka had cover for a Tsunami disaster), within a period of three weeks, paying well over Rs.4 Billion as compensation. Success through innovation is the hallmark of Ceylinco Insurance, a trait the competition has tried unsuccessfully to emulate, as no other insurance company has come even close to matching the original product or the comprehensive range of benefits we offer. Ceylinco Insurance continues to be firmly on the driving seat of the Sri Lankan insurance industry and is now poised to take on the world.
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