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Ceylinco Insurance, one of Sri Lanka's largest private sector insurance companies has paid nearly Rs. 5 million to settle claims for their new 'on the spot' insurance policy which was introduced last January.

Director, Operations, Ceylinco Insurance, H. M. Guneratne Banda, said that this new policy has revolutionised the Motor Insurance industry.

"This is a policy which is a first to the world," he said. On a directive of their Chairman Lalith Kotelawala this product was introduced after much research.

"What makes this policy unique is that the person who makes the claims does not have to produce police reports and garage estimates to obtain compensation for a damaged vehicle."

"Ceylinco which prides itself on being the most innovative and customer oriented Insurance Company in Sri Lanka is constantly upgrading its product portfolio to suit the needs of the customers.

This is achieved by at times doing away with practices now redundant globally," he said.

"In the case of Motor Insurance red tape and bottlenecks frustrate customers who are sometimes rendered immobile due to lengthy procedures.

Our research and customer feedback has shown an urgent need for an innovation like this and we are happy to deliver it".

He said that the company has hired 75 automobile engineers to assist the damage of vehicles and make on the spot payments. "We have also computerised 61 branches and 27 VIP centres."

Gunarante said that this scheme is now operational in the Colombo, Gamapaha, Negombo, Anuradhapura, Kegalle, Kandy Badulla, Kalutara and Ratnapura areas and it would be spread to other areas soon.

"In the case of an accident a Ceylinco representative will make a spot assessment of the accident and settle the claim immediately.

What makes the scheme attractive is that no additional premium is to be paid. This value addition comes at no extra cost because for us customer satisfaction is of the highest importance."

Ceylinco Insurance-General has recorded an outstanding performance in 2002 with a growth of 37% and a gross turnover of Rs. 2,607 million. Together with the turnover of its Life Division, Rs 2,359 million, the Company's total turnover exceeds Rs 4.9 billion.

"This is the highest growth recorded in the entire industry and it is 50% more than our closest competitor," he said.

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