Sri Lanka Insurance streamlines Life and General Insurance operations

Sri Lanka Insurance is in the process of streamlining it's business operation and has appointed two Chief Executive Officers to focus on its Life and General Insurance business segments.

Suresh Paranavithana	Suren Galagoda

Suren Galagoda takes office as Chief Executive Officer- General and Suresh Paranavithana takes over as Chief Executive Officer - Life. This strategic move will allow greater concentration and focus on the needs of these two segments.

Suren Galagoda is a member of the Institute of the Motor Industry UK and a Fellow member of the Institute of Automobile Engineers Sri Lanka.

Galagoda Commenced his career in the year 1981 at Forbes and Walker Ltd. and moved on to Stassen Export Ltd. in 1990 and Shell Gas Lanka Ltd. in the year 1998 where he gained insights in to international safety standards and measures before pursuing his career overseas in 2000 - 2004 at Almarai Company in Saudi Arabia where he further specialised in health and safety measures by completing the IOSH and NEBOSH health and safety course.

In 2004 he joined the Sri Lanka Insurance team as consultant (Motor) and commenced his work as a Chief Operating Officer (Technical) in year 2006 where he launched the company's first branded motor insurance product "Formula Plus" and is also the mastermind behind the country's first and only state-of-the-art collision repair centre Formula World which revolutionalised the motor repair industry in Sri Lanka, even at present remains unmatched in quality and service expertise to any other.

Speaking on his vision for General Insurance, CEO Suren Galagoda said, "With the success of Formula World a state-of-the-art collision repair centre launched for the first time in Sri Lanka by us, I'm looking forward to benchmarking many more products and services that excel in customer convenience and safety, which will in turn raise the standards of the insurance industry of this country and benefit the people of this nation."

CEO for Sri Lanka Insurance - Life Paranavithana speaking on his new appointment stated, "As a leading company in the Insurance sector of Sri Lanka we take it upon ourselves the duty to educate the Sri Lankan people of the importance of insurance and the factors they should consider when they are choosing an insurance company. We will continue to highlight the importance of protection and planning for the future.

"Therefore by promoting insurance awareness and by increasing penetration, the industry can continue to contribute positively towards the development of this country."

With 50 billion rupees in assets, the largest Life Fund of over 32 billion rupees, over a half a million policies in force and an average claims settlement approximating to Rs. 21 million a day, Sri Lanka Insurance is the largest composite insurance provider in Sri Lanka.

It is the first insurance company in the country to be assigned a prime AA- rating for Insurance Financial Strength, from the global rating agency Fitch Rating London.