Takaful is growing in Sri Lanka

Amana Takaful Insurance recently marked its 10th year of operations in Sri Lanka whilst also marking a significant milestone for Takaful in Sri Lanka by reaching Rs 1 Billion in GWP for the last financial year. Within this short period of time Amana Takaful has been successful in carving a market for themselves in Sri Lanka and also rose in its Brand Rating by 7 notches to 70th position last year, in the rankings researched by Brand Finance. Today Amana Takaful is among the top 10 insurance companies in Sri Lanka and is present in the South, East, West, North Central and Central hills. The Daily Mirror spoke to Mr. Aashiq Aminuddin, Marketing Manager of Amana Takaful Insurance to find out more about the company's objectives and future plans.

"Having started off small with just around 20 employees we now have a staff strength of over 500 working in 18 locations and also in Maldives. Our main strength I would say is our strong Takaful concept for which we have been able to successfully carve out a market in Sri Lanka. Amana Takaful has been able to change the landscape of insurance in Sri Lanka, by offering policyholders the opportunity of sharing underwriting profits", says Mr. Aminuddin.

"At the beginning there were many hurdles to overcome because the concept was new to Sri Lanka. However, through persistent endeavors the staff was able to build a market for Takaful. As mentioned earlier the provision of Surplus Refunds (underwriting profit) helped the attainment of the billion mark as well and Takaful is growing steadily", he added.

The Takaful Insurance system is about fairness. It is a bond and a commitment to serve one another sincerely and truly, by providing financial security through solidarity. The Takaful concept is about helping all parties benefit progressively for the good of the country and its people. Here policy holders are not mere buyers, but are participants of a group fund built with the intention of helping one another through contributions. This good feeling of mutual assistance is the key to Takaful, which also provides the participants the benefit of claiming at times of need.

"When selecting an insurance company, the customer needs to pay more attention to the best service provider and not the best rate provider. What customers yearn for is a friend at times of need; therefore we need to build our offering around this basic customer requirement. Although there is an abundance of information and communication in the market, penetration levels of life insurance is only about 10% in Sri Lanka, therefore we need to create more realization with regards to the importance insurance and the benefits of obtaining a life insurance cover.

"In terms of Life insurance, Sri Lankan's should opt for insurance at a younger age. This habit will definitely benefit them in the long-term as the investment in insurance would be higher later in life. In addition, this needs to be understood is that individuals will be providing for better medical attention and help not to be a burden on the country", further stated Mr. Aminuddin.

"Promoting Takaful in Sri Lanka has been an equally rewarding task for Amana Takaful Insurance which continuously improved its Brand Rating according to the published data by LMD and researched by Brand Finance. The latest report showed Amana Takaful in the 70th position which is 7 positions higher than the previous year. This bears testament of our customer satisfaction, service and awareness that was scrutinized by Brand Finance", Aminuddin explained.

"Through results Amana Takaful Insurance was able to allay the misconception and belief that Takaful is meant for a select few in Sri Lanka.

Our clientele is proof that Takaful is being embraced fully and many Sri Lankans are opting in. We are confident of growth in the future", he stressed.

The company recently stepped up its operations aggressively in its branches located in the East in areas such as Trincomalee, Kathankudy and Kalmunai as well as Kaduruwela in Polonaruwa. With its expansion drive in full swing, Amana Takaful Insurance is aggressively growing in Sri Lanka, in terms of its portfolio size and client base, whilst also taking the Takaful concept of insurance to greater heights.

Amana Takaful provides General, Life and Medical insurance solutions. Its Life arm operates as Amana Takaful Life and is now in the process of expansion. The flagship of General insurance is Amana Takaful Total Drive (Motor policy) that provides easy methods of claim settlement to ease customer's minds with the additional benefit of Surplus Refunds.

In terms of Life insurance, Amana Takaful Life offers financial plans for individuals, children and families through products such as Secura Platinum, Secura Gold, Educate and Secura.

Meanwhile, Medical Takaful was given new impetus and released three new products into the market, by the name of Hale and hearty, sub categorized as Young Minds, Young Adults and Easy, to cater to the 3 main age groups, including young children .

Link: http://www.dailymirror.lk/DM_BLOG/Sections/frmNewsDetailView.aspx?ARTID=56348