leads the way towards Digital Insurance transformation
LOLC General Insurance PLC (LOLC GI), one of the fastest-growing General Insurance companies in Sri Lanka is disrupting the general insurance industry by making motor insurance a lifestyle product with its unique loyalty program ‘Honours’ with rich rewards, in addition to unveiling its first ever Electronic Point-of-Sale (ePOS) – the digital policy issuance network.
LOLC GI’s new lifestyle loyalty program ‘Honours’ is crafted with seamless and delightful experiences that provide consumers with real value. Loyal customers will be grouped into four (04) tiered multi-level memberships such as Classic, Silver, Bronze and Platinum and continuously rewarded with benefits every day.
The rewards scheme is applicable for all LOLC GI Motor Policyholders who will receive valuable discounts and benefits through the loyalty partner network – Channel 17 (CH17). The first ever ‘reward-back’ program offers customers a cash back scheme operated by way of merchant discounts/loyalty points, which LOLC GI believes will offset the cost of customer insurance premium and more.
Loyalty points may be accumulated through the partner merchant network and can be redeemed towards a customer’s own policy renewal or contribute to a social cause. The Honours program will unveil the widest insurance loyalty platform in Sri Lanka, with a reach of over 1,000 partner locations.
Simple, yet descriptive, ‘Honours’ the Loyalty Program reflects an eco-system designed to fuel a sustainable business model during challenging economic times. LOLC GI understands the difficulties faced by customers due to the current situation and that of the merchants who are also constrained due to inflation and current macro-economic factors. Seeking to support both stakeholders recover, LOLC General Insurance strives to protect its customers and to help the Sri Lankan business sector.
Thus, ‘Honours’ has been designed not as a usual loyalty platform, but a strategic eco-system built to benefit motor policyholders whilst ensuring SME businesses and other business entities in Sri Lanka remain active.
Customers can accumulate ‘Honours’ loyalty points while transacting with any of the merchants within the network and are free to redeem points through selective partners or during their policy renewal. Going further, ‘Honours’ enables its policyholders to donate the accumulated points to LOLC’s humanitarian program ‘Divi Saviya’ aimed at protecting families affected by the Sri Lankan economic crisis. Honours is a comprehensive network, designed to self-sustain and protect Motor policy holders, SME’s, Shareholders, Employees and citizens of Sri Lanka.
Further, LOLC GI firmly believes that going digital is the way forward to minimise the strain on the economy. Digital products are easy to transact, less costly to distribute and demands less resources unlike traditional channels. LOLC GI’s Electronic Point-of-Sale (ePOS) solution offers enhanced convenience and process simplification. Customers are provided their policy in under five (05) minutes, with the added advantage of real time policy processing and involving zero paperwork.
Delivering an end-to-end solution, the ePOS enables Digital Certificates, Proposals and real time premium settlements. Due to the company’s expanded reach, over 250 ePOS Centres are located islandwide and easily accessible to customers.
Firmly believing that insurance should be a product which is easy to comprehend to the end customer, LOLC GI aspires to increase the user-friendliness of its products for its customers throughout the policy life cycle and launches its journey towards an ergonomic policy design platform know as ‘Build Your Own’ (BYO). BYO offers a unique intuitive quotation design, for easy customer reference across different motor insurance products and concepts including tailor-made insurance solutions to fit each customer’s wallet.
Additional features of the platform includes product comparison, the widest range of add-on covers and a free LOLC Credit Card with easy payment plans, (subject to eligibility). Delivering a differentiated experience, the solution ensures that the entire product and features of the motor insurance market is on the palm of the customer.
LOLC GI aspires to be the premier motor insurance brand evolving through these three (03) new innovations to the market. LOLC General relaunched its motor insurance brand positioning itself as LOLC Motor Insurance ‘Benefit Everyday’, driven by the Honours Loyalty Program, the EPOS digital solution and the BYO platform, perfected to offer benefits daily to Sri Lankans as the only lifestyle motor insurance brand in the country.
LOLC General Insurance PLC is a fully owned subsidiary of the LOLC Group, among Sri Lanka’s largest and most diversified conglomerates with operations in 21 countries in Asia, Africa and middle east. At present, LOLC General Insurance is classified as a large-sized company and the 5th largest General Insurer in Sri Lanka.
The company was recognized as the fastest to achieve the Rs. 7 Billion milestones within the General Insurance industry. During 2021, LOLC General Insurance recorded a premium income growth of 19.2% which was the highest growth recorded by a mid/large sized company in the General Insurance industry and reported paid claims of Rs. 2.5 Billion.
Reaffirming its people-centric approaches demonstrated during the past few years, LOLC General has received multiple awards including for ‘Best General Insurance Company of the Year’ at the 3rd Emerging Asia Insurance Awards 2021, Asia’s Best Employer Brand Awards 2021, and was also ranked amongst the Top Nation’s Most Popular Service Providers by LMD.
