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ING Financial Institutions' Institutional and Government Advisory unit (ING-IGA) and Sri Lanka Insurance Corporation Ltd (SLICL) have entered into a technical support partnership under which ING-IGA will provide technical and management advisory services to SLICL over a three-year period, ING said yesterday.

Phase one of the project will consist of a strategic and operational review of SLICL's life and general insurance businesses and will focus on: overall strategic direction, commercial management and distribution of its insurance products, operations, IT, financial management, management information systems, internal audit, actuarial functions and investment management.

The scope of the overall project will be determined following the outcome of this review but will include the transfer of ING's knowledge and expertise in these areas and will include the secondment of senior management from ING.

Global Head of ING-IGA, Peter van der Krogt said: "We welcome this opportunity to work with the Sri Lanka Insurance Corporation and believe that we will be able to help it build a platform on which it can maintain its leadership position in Sri Lanka's insurance industry."

Harry Jayawardene, Chairman of SLICL said: "We are confident that ING can guide us through the reform process and will contribute to the strategic development of SLICL helping us to realise value for its shareholders, management and staff."

ING Group is a global financial institution of Dutch origin, active in the field of banking, insurance and asset management in 60 countries with more than 115,000 employees.

In Asia, ING-IGA currently is involved in ongoing projects with Lippo Bank of Indonesia, Chang Hwa Commercial Bank in Taiwan, Siam Commercial Bank of Thailand and Trade and Development Bank of Mongolia.

SLICL is the Legal Successor of the Insurance Corporation of Sri Lanka, which was established by Act No. 2 of 1961 as a state owned venture. Sri Lanka Insurance Corporation Limited was incorporated on February 3, 1993 as a Public Company under the Peoplisation Scheme.

The objective of this conversion was to provide a better service to the insuring public in the face of stiff competition in a liberalised market.

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