Ceylinco Life launches auto-underwriting
Underwriting, a key element in the process leading to insurance, will
be entrusted to computers for the first time in Sri Lanka, following the
development of auto-underwriting software by Ceylinco Life in
collaboration with iOM Lanka (Pvt) Ltd., a leading software company in
the Asian region.
The new software deployed by the life insurance leader eliminates
human error and inconsistencies in analysis, leading to faster and
uniform decision making on insurance proposals, with the underwriting
component taking less than three minutes per policy, the company said.
Numerous factors considered for Life Risk Assessment, including a
prospective policyholder's medical reports, habits, occupation, hobbies,
area of residence, previous claims history and even Body Mass Index
(BMI) can now be analysed in seconds, generating a decision whether to
insure a person and at what rate.
"This results in a quantum leap in precision and consistency," said
Upamalika Ratnayake, Senior AGM Information Systems / Chief Information
Officer at Ceylinco Life. "The software is 100 percent parameterized and
follows the underwriting guidelines of Swiss Re, our reinsurer.
We simply key data into the core system, and the software does the
The saving in time is very significant." She said the potential for
selling the software, which is jointly owned by Ceylinco Life and iOM,
in the international market is being explored.
Commenting on this new development, Ceylinco Life Deputy Chairman R.
Renganathan said: "For five years, Ceylinco Life has been the life
insurance market leader in terms of premium income. Clearly, our
leadership extends into other aspects of our business, from service
delivery to process, adoption of best practices and research and
In June last year Ceylinco Life became the first insurance company in
Sri Lanka to deploy leading edge information and communications
technology in field sales and customer servicing, with the launch of
`e-assist' a PDA-based mobile insurance sales office that revolutionised
the way insurance sales people work. Sophisticated GPRS-powered Personal
Digital Assistants or PDAs with specialized software allow the company's
sales consultants to carry their office in their hands and into the
homes of their policyholders and prospective clients, offering a new
dimension in speed, accuracy and convenience.
Ceylinco Life which has more than 750,000 lives covered by active
policies, ended 2008 with premium income of Rs. 8.2 billion and a Life
Fund of Rs 22 billion. The company's solvency margin is five times that
specified by statute.
Singer ties up with Dialog
To deploy disaster recovery ICT solution:
Singer Sri Lanka recently entered into a partnership with Dialog
Enterprise. Dialog Enterprise, an integrated business division of Dialog
Telekom PLC, to deploy a disaster recovery ICT solution using Dialog
Enterprise Data Centre infrastructure and fourth generation WIMAX
As part of this tie-up, Singer's mission critical sales and financial
Enterprise Resource Planning (ERP) applications have been co-located at
the Dialog Enterprise Data Centre along with its IBM servers. This helps
Singer to have zero down time of its mission critical EPR and financial
applications while offering superior customer service at its Centres.
This tie-up facilitates smooth business continuity for Singer Sri
Lanka together with greater customer satisfaction in the event of a
disaster situation. The solution also provides speedy and efficient
connectivity between the Singer Data Centre at Union Place, the Dialog
Enterprise Disaster Recovery Facility and Singer's remote offices via
General Manager Dialog Enterprise Ramanan Divairakam said that this
was a strategic win for Dialog Enterprise with Singer being one of the
top brands in Sri Lanka. Not only does this tie-up facilitate business
continuity and efficient connectivity, it is also a very cost effective
solution with one supplier for all services. This is once again yet
another triumph for Dialog Enterprise and endorses our ability to cater
to the changing demands of our customers. We are firmly convinced that
our advanced technology resources enable us to meet these diverse
demands. We are also very positive that our ICT solutions will not only
deliver value results to Singer's thousands of customers, but also be
totally cost effective in the long run".
Director IT at Singer Sri Lanka Ajith Paranawitharana said, "Dialog
Enterprise was the obvious choice when it came to choosing an ICT
partner for an ambitious project of this nature. I am confident that
Dialog's coverage on WIMAX, its technology expertise and commitment to
investing in cutting edge ICT infrastructure, will contribute to the
ultimate success of this partnership".
Telecom sector leading the market
Frost & Sullivan, at its recently hosted South Asia Enterprise
Security Summit 2009, unveiled the report titled `Overview and Way
Forward on Sri Lanka Network Security Market'.
The report states that the telecom sector is leading the market when
it comes to adopting network security technologies in Sri Lanka with
most of the telecom players catering to the domestic market. BFSI stood
as the second largest spender.
BFSI companies in Sri Lanka are attuned to the concept of having an
active role in monitoring and upgrading their security strategies.
However, due to the economic slowdown, the performance of BFSI in Sri
Lanka was not as impressive in 2008 as expected.
The spending by the Government in Sri Lanka remained pretty strong
and focused in 2008 and attained the third position.
This also goes to show the commitment of the Sri Lankan Government in
addressing all relevant IT matters, as well as its salient role in
driving network security business and trends. This vertical is expected
to show the highest growth amongst all verticals in the forecast period
However, as there are no strict guidelines or rules by the Government
or any other body in Sri Lanka that needs to be followed by different
companies, verticals like manufacturing and retail, which traditionally
are not very proactive in IT security issues, are still not very
IT-complaint in Sri Lanka.
The report also reveals that 2009 is expected to see many global
network security players entering the Sri Lankan market, which would
make this market highly competitive in terms of pricing.
Moreover, the companies that could provide a complete suite of UTM
capabilities and integrate all vital technologies into one appliance and
make it easy and reliable for the customer can be expected to be able to
fulfil the market need of security combined with affordability.
Besides the study, Frost & Sullivan also conducted a CIO Survey in
It revealed that major threats for IT security were highlighted by 85
percent of the respondents who believed that Virus, Worms, and Trojan
Horses are the major disquiet in today's IT environment. 55 percent
respondents felt that data security was one of the major concerns for
them and that they would take appropriate measures against them.
Downtime and physical security were also some of the other security
concerns for CIOs.
It was also noted that adoption of IT regulations and guidelines
amongst most organizations remained quite dismal, with only 36 percent
companies following some IT guidelines laid down by various bodies,
purely based on their business needs.
Commenting on the overall enterprise security scenario for
enterprises, Girish Trivedi, Deputy Director, ICT Practice, Frost &
Sullivan, South Asia and Middle East, said `The Internet is becoming an
However, threats in the networked world are getting bigger and
becoming more malicious and moving from external to internal.
Enterprises need to evaluate and preempt these threats as the gap
between attacks/attempts made, to detection is abysmally low. As most
attacks go undetected or unreported, enterprises maintain the
misconception that they are safe, and the consequences (resulting from a
security breach) can be anything from losing reputation, customers, and
competitive advantage, to legal issues, leading to considerable
Arun Shetty, Senior Manager - Systems Engineering, Cisco Systems -
India and SAARC further said, `The world is changing and flexible new
technologies delivering revolutionary forms of collaboration and
communication are transforming the way businesses interact, both
internally and externally. Mobile devices and virtual platforms have
torn down the already wavering notion of a "network perimeter"; this has
led to newer threats and risks, and as these have evolved, so have our
responses to them.
Cisco with the approach of Comprehensive Threat Intelligence,
End-to-End security solution and Business-enabling Services provide a
rich, highly secure Collaborative experience using Network as the
The Summit, through presentations and discussions, covered some of
the key areas like the Evolving Role of the Chief Information Security
Officer, Collaborating with Confidence, Best Practices in Security
Implementation, Establishing Trustworthy Computing in an Enterprise, and
Managing Security on a Limited Budget.The keynote address was by Aditya
Sapru, Senior Vice President (Strategic Alliances), Frost & Sullivan,
CEO of NetSuite at the ReutersGlobal Technology Summit
Zachary Nelson, CEO of NetSuite Inc.,
speaks at the Reuters Global Technology Summit in New York
May 20, 2009. Courtesy Reuters