Mr S. G Afzal Biya Bani our Resident Editor at Saudi Arabia and MENA interacted with Mr.Santhosh Subramaniam, Chief Operations Officer, Ceylinco Insurance Co. Pvt. Ltd., MALE, Republic of Maldives. Mr Afzal had discussion on range of issues. Here are the excerpts of the Interview.
S. G Afzal BiyaBani : Can you provide an overview of your company’s operations in the general insurance sector in Maldives? How has the company grown and evolved since its inception?
Santhosh Subramaniam: At Ceylinco Insurance, we have always been proud of our pedigree, our heritage, and our constantly re-affirmed position as one of the most respected and diversified groups in Sri Lanka. Our history can be traced as far back as 1939, when the company was originally registered as ‘The Ceylon Insurance Company’ which was in fact, the first Ceylonese (Sri Lankan) company ever registered.
With presence spread across the globe, our overseas operation in Maldives commenced in the year 2000 as a representative office, transforming into a fully-fledged incorporated Insurance Company in the year 2005. Presently Ceylinco Insurance Company Private Limited remains the largest and oldest internal insurance brand in Maldives stepping into its 23rd year of serving the island nation, maintaining a premium growth of 20% or more Year on Year, well above the industry standards. Further Ceylinco Insurance remains the only business entity in Maldives to be conferred with the title of ‘Fastest Growing General Insurance Company in Maldives for the Year 2023’ awarded by Global Banking & Finance ® United Kingdom.
Since inception, our company has always been formed around a spirit of partnership – forging lasting bonds with every stakeholder we serve. In order to be an industry leader and stay a step ahead of the people’s needs, we have consistently played a strong role in their lives; listening to their pulse and empowering them to lead lives assured of protection, care and growth.
Built on a dynamic and vibrant disposition, we are a group that is firmly entrenched in the hearts and minds of our clients. We persist in constantly evolving according to the changing psyche in the country we operate in, pursuing originality and inspiring change through a spirit of constant innovation.
The awards and accolades we garner every year are a testament to the powerful brands ethos we have built over the years. With attributes of convenience, innovation, and customer-centricity that echo down through every product and service we provide, we truly are a company that stands out as the people’s choice.
As a pioneering entity in multiple sectors covering General and Life Insurance, Hydropower, Education and Healthcare, our economic impact knows no bounds. Yet, we continue to explore new opportunities to grow even closer to the people; providing a wide-ranging portfolio of innovative solutions built for a future of development and progress. Our journey continues to be fruitful and fulfilling, as we take our brands to new heights and expand our fortress under our umbrella of security, loyalty and trust.
S. G Afzal BiyaBani : Could you share your perspective on the current landscape of the general insurance industry in Maldives, particularly in terms of market trends, customer preferences, and emerging opportunities?
Santhosh Subramaniam: The insurance industry of Maldives has posted a steady growth of 10% to 15% year over year since 2005. With 5 General Insurance Companies and 1 Life Insurance Company, the industry heavily relies on the Tourism Sector, which remains the bread & butter of one of the fastest growing economies of South Asia.
With over 150 super luxury high end hoteliers, 5 locally owned airline operations including the world’s largest sea plane operations; opportunities are at large.
The country’s leadership is working steadfast towards retaining the country’s position as World’s Leading Tourist Destination. With new foreign investments pouring in due to the ease of business, the demand for specialized insurance products is on the rise. The regulator plays a vital role along with Government bodies in promoting and encouraging innovative insurance solutions within the community.
The product mix on the general insurance sector is very much diversified and corporate focused due the clientele base in Maldives. Considering the risk exposure in Maldives; from the perspective of natural calamities to legal liabilities; almost every corporate has an in-house insurance division with a conversant team who understands the subject to an internationally accepted standard. Whilst pricing, coverage might remain a challenge, the insurers nor the insurers compromise on reinsurance securities.
S. G Afzal BiyaBani : Risk management is an essential aspect of the insurance business. How does your company approach risk management in the general insurance sector?
Santhosh Subramaniam: As one of the oldest insurance institutions, we consider ourselves pioneers in the field of risk management and underwriting. Further as an affiliate company of one of the world’s largest insurance & reinsurance groups ‘MS&AD Insurance Group Holdings Inc.’ we ensure stringent processes and protocols in place are adhered to all times.
With an in-house risk management team with over 100 seasons personnel, the risk management framework is managed and executed in an excellent and consistent manner.
The risk management division is headed by a Chief Risk Officer based in Maldives, and a subcommittee which reports and acts on the guidance of the Group Risk Management Committee of our parent organization in Sri Lanka.
As the only international insurance brand in Maldives, all internal & regulatory compliance measures are compiled without any deviation, of which Risk Management is a major subject.
Further the company in Maldives also works with our External Risk Management partners which include Risk Consultants, Loss Adjustment Firms, Reinsurance Brokers & Reinsurers to ensure underwriting procedures are maintained at international standards.
S. G Afzal BiyaBani : Technology plays a crucial role in transforming industries. How has your company leveraged technology to enhance its operations, customer service, and overall efficiency? Are there any specific technological initiatives that you have implemented?
SanthoshSubramaniam: We believe digitization is key in the transformation of insurance landscape the developing markets. Hence, we’re always continuing to pursue new ways of providing innovative insurance solutions to the region we operate in. The company recently launched a state-of-the-art e-commerce platform including mobile applications, in which our clients can purchase & renew policies, intimate claims & submit documents, pay premiums along with many other options.
In addition, we’re working with a world class digital facilitator under the guidance of the insurance regulator and to launch the 1st ever micro insurance solution in Maldives, which we strongly believe will make insurance affordable and accessible to people from all walks of life.
S. G Afzal BiyaBani : In recent years, there has been a growing emphasis on customer-centricity in the insurance industry. How does your company prioritize customer experience and satisfaction? What measures do you take to ensure prompt and fair claim settlements?
SanthoshSubramaniam: Our brand reputation has been solely built upon customer confidence and our assurance on claim settlements. We have an in-house global call Centre which operates 24/7 throughout the year to assist our clients on all matters related to insurance with Ceylinco.
Our promise & assurance to settle all genuine claims in an efficient manner has won us numerous accolades and recognition on an international level, and we strive to maintain our promise on Service Level Agreements above all at all times.
We ensure that a seamless service is maintained from the point of interaction with the client, up until the event of a claim and settlement. With a vast array of expert professionals involved in every step of the way, starting from product marketing, risk review, underwriting, claims handling and customer relations; our service standards and one of a kind.
S. G Afzal BiyaBani : As an insurance company operating in Maldives, what are the unique challenges or opportunities you face in serving the local market? How do you tailor your products and services to cater to the specific needs of customers in Maldives?
Santhosh Subramaniam: The insurance sector in Maldives is one of the fastest growing in the region, not just on numbers but also on the variety of products. As an international insurer, maintaining client’s expectations on premiums has always posed a challenge.
With the changing landscape of risk review in global markets post Covid& other external conditions, obtaining reinsurance support at affordable pricing is an ambitious task. Considering the natural catastrophe exposure in Maldives, there are very limited world class reinsurers who can provide unparallel support at optimum pricing in Maldives. We as a practice never compromise on reinsurance security to offer competitive pricing, even should it affect customer retention.
We along with our reinsurance partners continue to explore new & innovative products in the local market to aid the growth of the industry.
During the time when the world shut down due to Covid, we worked tirelessly with one of world’s largest reinsurance brokers and reinsurer to design and develop a niche cover to provide support on pandemic situations. The cover was launched in Maldives exclusively by Ceylinco with product support and training handled on an exceptional level by our reinsurance partners.
S. G Afzal BiyaBani : With the increasing frequency of natural disasters and climate change concerns, how does your company manage and underwrite risks associated with such events? Are there any specific initiatives or partnerships focused on sustainability or environmental protection?
Santhosh Subramaniam: The Company works closely with our reinsurance partners to assess and obtain optimum coverage against natural disasters. Further, the Government Bodies also assist us with their global partners to conduct annual surveys & workshops where the insurance industry comes together to identify gaps and issues to be addressed.
As exclusive network partners in the region for some of the world’s largest reinsurers, we also offer parametric solutions backed by the reinsurance partners to shield our clients against any potential natural disasters.
In line with our underwriting protocols, stringent procedures are followed on pre-underwriting risk analysis, regardless of the exposure of the risk. At Ceylinco we offer a complete solution including but not limited to risk analysis & mitigation advisory, environmental impact assess-ment, technical assistance to ensure the clients feel complete and secure under our protective wing.
S. G Afzal BiyaBani : Can you share any recent develop-ments or innovations in your general insurance products or services? How do these advance-ments benefit customers and set your company apart from competitors?
SanthoshSubramaniam: Ceylinco has been a pioneer in offering innovative insurance solutions and continues to encourage our people to think outside the box of offering insurance in a conventional manner.
The brand won Asia’s Most Innovative Insurer in 2000 for our concept of ‘On The Spot’ claim settlement in Sri Lanka, which is now being rolled out in the Maldives.
In addition to the above concept, we’re also working on offering the 1st micro insurance solution in Maldives towards Q4.
It is no doubt that our innovative solutions will aid growth within the insurance industry, whilst also encouraging our fellow competitors to follow the route.
S. G Afzal BiyaBani : Are there any emerging trends or opportunities that you believe will shape the industry’s trajectory in Maldives?
SanthoshSubramaniam: The Maldives having positioned itself as the world’s leading tourist destination, is attracting more overseas investments from world class hoteliers, in comparison to other similar countries which depend on inbound tourism.
As the insurance sector in Maldives revolves around tourism, the growing number of high-end resorts, the infrastructure that comes in addition to support the growing hospitality industry is a major opportunity.
With ambitious projects such as Asia’s largest floating city, amongst many others to be developed down the pipeline; it is no doubt that the Government’s initiatives to sustain our position as a leading tourist destination, will also support the growth and transformation of the insurance industry.
