Skip to Content

Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2959

Janashakthi Insurance strikes Gold as No. 1 Service Brand in Sri Lanka

Sunil C. Perera - Reporting from Colombo

Colombo, 11 October, ( Janashakthi Insurance, the revolutionary trend setter in the Sri Lankan insurance industry once again proved its excellence, clinching the highest number of awards by any service organization at the last Thursday’s SLIM Brand Excellence Awards 2006.

Janashakthi Insurance struck Gold as the No.1 Service Brand of the year, a significant achievement, having competed against market leaders in insurance, leading banks, finance companies and large conglomerates. Organized by the Sri Lanka Institute of Marketing, this year’s Brand Excellence Awards also crowned Janashakthi Full Option - ‘Best Innovative Service Brand of the Year’, and Janashakthi Corporate, - ‘Best Local Service Providing Brand of the Year’.

Head of Sales and Marketing at Janashakthi, Ravi Liyanage, who was also adjudged the Service Brand Champion of the Year, said, "Constant deliberations of consumer insights, a highly professional brand management team and above all, the passion for achievement and the courage to challenge the leading brands, is our winning success formula".

Janashakthi Full Option, which was crowned the ‘Best Innovative Service Brand of the Year’, attributes its success to constant product innovations. The most recent example was the launch last week of 'Janashakthi Full Option Safety Net’ one of the most technologically advanced innovations to track and immobilise stolen vehicles.

Originally developed by the U.S. Department of Defence, the Global Positioning System (GPS) allows one to locate a person or object fitted with a GPS system anywhere in the world. This system has now been adapted for vehicle tracking.

By keeping a tab on the movement of the vehicle, the device maintains a movement report with a tracking schedule, which is useful for operational management of any vehicle fleet. Janashakthi Full Option’s individual and corporate customers can get this tracking device installed free of charge or at a discounted rate depending on the value of the policy premium, which can track and immobilize vehicles in Sri Lanka.

Brand Excellence was conducted for the fifth year and covers brand strategy, goals, objectives - long and short term, product mix, marketing mix, execution and financial analyst, as well as efficiency in marketing and brand management.

A major factor for the Janashakthi Full Option Brand to be adjudged the Most Innovative Brand among all service brands was due to it being the leading innovator and the most comprehensive motor insurance solutions provider in Sri Lanka’s motor insurance industry with a vast array of unique products and services. Among them is the Zero Interest Monthly Installment Plan, highest ever no claim bonus of 75%, 15 days grace period after policy expiry, highest discount on multiple vehicles, and income support for buses and three-wheelers. The company also operates a state-of-the-art technologically advanced Vehicle Collision Repair Centre which handles repairs for its motor policyholders. Janashakthi Full Option was also the first to offer personal accident protection and hospitalization benefits to the occupants of the vehicle.

Liyanage added that the company invests heavily in the upgrading of its Information Technology systems to establish itself as the most technologically superior insurer in the Sri Lankan market. "As an insurer with one of the largest linked branch networks, the constant upgrading of our state-of-the-art IT system is vigorously pursued, thus enabling us to offer a prompt, convenient and efficient service to policy holders, island wide. In fact Janashakthi is the only Sri Lankan insurer to be awarded ISO 9001:2000 international quality accreditation from the International Standards Organization for both General and Life insurance operations on adapting its operational procedures and systems for the continual improvement of its Quality Management System", he said. Furthermore, the company’s technological superiority is further emphasized through its unique e-based products such as e-marine, e-motor and e-traveller, which sets Janashakthi apart from the rest of the industry.

Janashakthi Insurance is the third largest general insurer in Sri Lanka by a wide margin and is far ahead of some of the other established private insurers who are in operation for nearly 20 years. The company recently announced a spectacular 324% growth in profit in its 11th year of operation ending 31st December 2005, with a healthy Rs. 209.5 Mn net profit of after tax. Janashakthi’s General Insurance sector recorded a gross written premium of Rs. 2,888 Mn in 2005, an increase of 16% over last year, with the most significant contribution being from its flagship brand Janashakthi Full Option.

- Asian Tribune -

Share this