An insight story

Insurance Industry in Sri Lanka

www.lankarising.com

» Insurance is the transference/sharing of risk

» A Form of a risk management» A professional service field» …….

What were you told / taught ?

» Exploit fear of people» Shrewd business model» Unethical marketing

What do they really operate on?

» What does terrorism operates on?

»Terror or Fear !!» Insurance business / industry is also based on fear of people

» More you feared or terrorized, better for the insurance business

Exploit fear mentality of people

» An insurance is only thing you buy, that you hope you will never use

» Still you want to buy a insurance, mostly because of external negative factors in the society

Shrewd business model

»Vehicle accident insurance» I am a safe driver, but others are

careless»Burglary insurance

» Robbers / Burglar are in the society

Why do you take following insurances?

“One man's problem is another man's business opportunity”

» Inflicting fear on potential consumers

» Promoting accidents / robbery in the society

Unethical marketing

» When you met with a accident Ceylinco insurance is rewarding you

» They like to promote accidents, otherwise vehicle accident insurance industry will be bankrupt !

Reality

» Ceylinco Insurance» Sri Lanka Insurance» CTC Eagle

Who were the giants by 2005

» Big or small protect you all» We will take care you like the eyes

» We care you all» ……

What they promised?

» Owned by Ceylon Tobacco Company (CTC)

» CTC’s main revenue was manufacturing and marketing cigarettes and other tobacco based products

» Will a tobacco company really care people as they promise in insurance advertisements?

CTC Eagle (by 2005)

http://www.avivandb.com/about_us/history.html

» The state owned property was robed by business tycoon Harry Jayawardana

» He already owned Distilleries Company of Sri Lanka (DCSL)

» What kind of assurance to your life did you expect from an insurance company owned by a arrack busnessman?

Sri Lanka Insurance (by 2005)

» Ceylinco Insurance Company was a Lalith-Sisillia kotalawala family business

» Kotalawala’s financial frauds are now fully exposed to the nation

» What kind of a protection you expected from a crook?

Ceylinco Insurance (by 2005)

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