Ceylinco Insurance to pay all claims on the spot

Ceylinco Insurance Company Ltd., a pioneer in the insurance sector became the first insurance company in the world to settle claims on all policies on the spot through the General Division at the Colombo Hilton on Tuesday.

The 'On the Spot' claim settlement was introduced to avoid the hassle customers have to undergo to obtain compensation.

Chief Executive Director, Ceylinco Insurance-General Division, Ajith Gunewardena said their objective was to satisfy the customers by offering the best solution in the shortest possible time.

If an insurance company is to be successful it has to be quick in customer care since people today want quick solutions to their problems, Gunewardena said.

Insurance policies were sold traditionally by agents and brokers.

Ceylinco Insurance went beyond the traditional methods and introduced direct sales which are very successful and has became a benchmark for many insurance companies.

Instead of selling insurance policies separately, we introduced the 'package policies' covering a wide range of insurance needs, Gunewardena said.

Ceylinco Insurance introduced the 'On the Spot' concept for motor insurance claims in 2003 and won the 'Innovation of the Year' award at the Asia Insurance Industry Awards the same year. The 'On the Spot' concept was applied to Ceylinco Suwa Sampatha health insurance and marine and travel insurance. With regard to inspection and settlement of claims, Gunewardena said through the 'On the Spot' branch network assessment would be done within 30 minutes and claims would be settled.

The 'On the Spot' insurance policy covers marine, motor, property, business establishments, accidents, theft, fire, healthcare and other miscellaneous insurance on a low premium.