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Janashakthi Insurance Company Ltd., (JICL) has achieved another milestone by boosting its premium income to over Rs. 1 billion in the financial year ended December 31, 2001.

The company has been maintaining an exceptional annual growth rate since its inception in 1994, despite Janashakthi being in the insurance business only for seven years.

"Reaching a premium income of Rs. 1 billion reflects the confidence and trust placed in Janashakthi by our customers," JICL Managing Director and CEO, Chandra Schaffter said.

The milestone was reached in 2001 despite the year, by far, being the most difficult for the Sri Lankan economy. The resilience of Janashakthi amidst economic turmoil and social instability and the growing confidence placed in the company and its products and services have strengthened our resolve to offer more excellence in our offerings to customers," Mr. Schaffter said.

The Rs. 1 billion premium income mark had been well planned and researched. "Before we started Janashakthi, we did extensive research of the existing solutions available for people interested in insurance. We found out what makes customers happy and what drove them off from an insurance company. As we launched Janashakthi and progressed year-on-year since 1994, we have met diverse and discerning needs of the insurance market and provided them with innovative solutions. We have reaped the benefits with a premium income of Rs. 1 billion," Mr. Schaffter said.

Janashakthi has been customer-oriented and focused in providing a personalised service and in many cases our levels of customer care have been th benchmark for the industry, he added. The company is credited for launching several innovative products to suit different market segments, he said.

Mr. Schaffter also said that a key part of the success had been driven by the highly motivated and committed employees backed by a proactive network of 70-branches countrywide. "We have invested heavily in human resource development and we seek continuous improvement in everything we do, one of the main reasons for our achievements is the service standard we have been able to deliver to our customers which has been one of the main reasons for them to keep coming back to us" he said.

JICL in mid last year purchased a 51% controlling stake of the National Insurance Corporation Ltd., for Rs. 450 million. Fuller benefits and synergies of this would be felt in 2002 and Janashakthi is committed to add greater value to its customers and other stakeholders.

In 2001, Janashakthi's Life Operations Division also set an industry record by becoming the first in the Insurance industry to achieve the ISO 9002 quality management systems certificate from the Bureau Veritas Quality International (BVQI) of UK. To be awarded the ISO certificate the company was assessed on its quality management system in relation to Life, Disability, Pension and related Medical Insurance Services. "This achievement is a manifestation of our commitment to quality and reliable service, which is a key success factor in the insurance business and has kept our customers satisfied and secure," Mr. Schaffter said.

The Board of Directors of Janashakthi Insurance Company Ltd., comprises Nissanka Wijewardene (Chairman), C. T. A. Schaffter (Managing Director and CEO), Tryphon R. Mirando (Director-Marketing), P. A. Schaffter (Director/General Manager), W. T. Ellawala, L. C. R. De C. Wijetunga, N. Pararajasingam and Thilak S. Ranasinghe. 

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Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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