Sri Lanka’s pioneer insurance provider– Sri Lanka Insurance Corporation (SLIC) has recently launched its three-year Strategic Plan, aimed at consolidating its dominant market position and exploring emerging opportunities in risk protection and life investment optimisation.
The strategic plan was developed in consultation with MTI Consulting, using its internationally applied MTI’s 8S Model and with the active participation of the management team.
Since its establishment in 1962, SLIC is the largest State-owned insurance company in Sri Lanka. SLIC has been living up to its motto “Like a father, Like a mother” providing both General Insurance as well as Life Insurance. The company is also the first and only local insurer to secure Fitch Ratings AA+ (lka) rating for its long-term financial stability and strong capital position.
Commenting on the strategic plan, SLIC’s CEO Chandana L. Aluthgama stated: “The insurance industry in both the global and local context has become challenging, making it tough for market leaders to maintain their position due to disruptions to the industry brought in from conventional as well as emerging players. We believe this plan will equip us with strategies to address above challenges via significant improvements and innovations in our products, channels, staff capabilities, processes and technologies.”
SLIC Chairman Dr. K.A.S. Keeragala expressed: “A well-structured strategic plan of this nature will provide a clear direction for the future of our organisation. The successful implementation of this strategic plan will enable us to realise our vision and long-term goals, while positively contributing to the economy and people, as the nation’s insurer.” “We are delighted to be part of this process to develop the holistic strategic plan for SLIC, which has laid the foundation for the organisation to achieve its goals and objectives over the next three years. This strategy should enable SLIC to uplift its offering and deliver a new level of excellence, innovation and efficiency throughout its operations,” commented MTI’s CEO, Hilmy Cader.
MTI Consulting is an internationally-networked boutique management consultancy, offering advisory services in strategy, strategic planning, corporate re-structuring, process re-engineering, performance management, international market entry, feasibility studies, due diligence, corporate finance, mergers and acquisitions, HR, executive search/head hunting, marketing strategy, branding and market research. Since its inception in 1997, MTI has worked on over 650 assignments in 43 countries, covering a diverse range of industries, clients and business challenges.
Photo: SLIC Chairman Dr K.A.S. Keeragala (first from right) accepting the Strategic Plan by MTI Consulting CEO Hilmy Cader (third from right), watched by SLIC CEO Chandana Althugama (second from right) and MTI’s Rajika Sangakkara and Jananga Piyadasa