|
|
 |
 |
| Sunday, 30 June 2002 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Insurance brokers gaining ground Purchasing an insurance policy through a broker gives the added benefit of getting value-for-money services, but it does not mean a higher premium. The sale of insurance policies throughout the world is moving from direct sales to brokers. It does not cost anything extra to the customer, but is an added benefit since brokers know the insurance business. In the UK, 80 - 90 per cent of business is done through brokers, said General Manager of Lanka Orix Insurance Brokers (LOIB) Sanjiv Keerthiratne. He said that compared to other countries, the concept of insurance brokers is new to Sri Lanka due to the monopoly that existed in the sector until 1987. Now the scenario is changing and the country is moving towards doing insurance through brokers. With liberalisation, approval was given for brokers to operate. There are 38 registered brokers in Sri Lanka at present. Mr Keerthiratne said: "Prior to obtaining a policy, we advise our clients on risk management, whereby they get a better cover at the best premium by eliminating risks and adhering to rules and regulations. At the time of filling the form to obtain a policy, we help clients get the maximum cover when they make a claim." The services of LOIB include providing professional advice to prospective clients, obtaining the most competitive terms and premium rates in the market and helping to select the best insurer for the purpose, assisting in risk assessment and risk management, utilising the expertise of underwriters and assisting in the processing of documents in the event of a claim and following up with the insurers till the loss is reimbursed. Outstation customers are serviced by Lanka Orix Leasing Company (LOLC) branches at Kandy, Ratnapura, Matara, Anuradhapura, Badulla Negombo, Kurunegala and Kalutara. Keerthiratne said the company has achieved a premium turnover of Rs 100 million and a 100 per cent success rate in the recovery of claims that had been turned down. It has also branched out to Life Assurance and has a base of over 80 corporate customers. LOIB, a wholly owned subsidiary of LOLC, was established in February 1999 as an unquoted public company with an authorised capital of Rs 5 million and an issued capital of Rs 2 million. The board of directors of LOIB comprise Chairman C.P. De Silva and L.S. Jayawardena, S.S. Jayawickrama, M.D.D. Peiris and V.R. de Silva. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
