Business News: Sri Lanka’s fastest-growing life insurer, Softlogic Life, recognized its top-performing employees from the organization’s Alternate Distribution Channel recently at the inaugural Alternate Channel Sales Awards 2020, held at the Cinnamon Grand Colombo.
Hosted under the theme ‘Destination One’, the awards night celebrated the best achievements of the alternate channel’s top employees whose relentless and passionate efforts helped the strategic business unit record a remarkable Rs. 3 billion in Gross Written Premiums (GWP) by the end of 2019 in just three years of operations.
The award ceremony was graced by Softlogic Life Managing Director Iftikar Ahamed, Executive Director Chula Hettiarachchi, key members of the Softlogic Life management team, distinguished guests and employees from Softlogic Life. A total of 29 awards under seven categories were distributed among the winners at the inaugural Alternate Channel Sales Convention. The Top of the Table (ToT) winner, Court of the Table (CoT) winner, Best Performer in MDRT, Highest GWP Performer (Business Advisor Category) and Highest GWP Performer emerged as grand category award winners of the night. The MDRT winners of 2019 from the alternate channel were also felicitated at the convention.
Congratulating all winners, Managing Director Ahamed said: “We are extremely proud of the Alternate Channels Team, which has surpassed all industry norms in creating history and achieving the number one position in the Single Premium and Group Premium business within a very short space of time. This is further proof that the industry is under-penetrated and offers great potential. This dynamic team will focus on differentiated customer sgments with valuable product solutions as we forge ahead.”
Softlogic Life launched its alternate distribution channel in 2017 to diversify its portfolio into other revenue streams. It has insured more than 630,00 Sri Lankan lives while currently serving many corporate clients and establishing multiple bancassurance partnerships. Securing premiums of one billion GWP in its initial year, the young and dynamic team at Alternate Channels has taken great strides to drive business to great heights while achieveing outstanding revenue growth to Rs. 2 billion and Rs. 3 billion GWP in 2018 and 2019 respectively. The alternate channel alone has groomed 15 MDRT members in 2019, including three CoT and one ToT.
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 and fastest-growing conglomerates with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company include global investor Leapfrog Investments.