April 29, 2024: Softlogic Life, Sri Lanka’s 2nd largest life insurer, stepped into a New Era of Greatness and celebrated achievements of their top Sales performers at their annual Sales Convention, held at the Colombo Shangri-La Hotel on 05th April, 2024 with the participation of over 650 sales agents. The gala celebration organized under the theme “A New Era of Greatness”, served as a platform to recognize and celebrate the exceptional accomplishments of 2023’s top performers, under its three sales verticals—Agency, Alternate and Micro Channels.
At the heart of Softlogic Life’s success stands an exceptional sales force, whose dedication and hard work have propelled the company to new heights year after year, and the event was about celebrating the fantastic achievements of 2023. The Annual Sales Convention recognized and honored close to 150 such of the top most trailblazers, who have not only excelled in their roles but also demonstrated a deep commitment to serving customers during turbulent times and driving business growth. For these top performers, the convention was more than just an event—it was a privilege to be part of the crème of the crowd, recognized for their outstanding contributions to the company’s success.
The outstanding efforts of these top performers helped Softlogic Life emerge as a beacon of resilience and adaptability amidst a challenging economic landscape. The company posted Gross Written Premium (GWP) of Rs. 26.3 billion in 2023, with a top-line growth of 14%. The company continued as the market leader in the health insurance sphere owning 35% of the health insurance market, protected over 1.3Mn lives, paid Rs. 13.5 billion in claims and benefits to its policyholders, and grew its overall market share to 17.2% to be positioned as the second-largest life insurer in the market.
Congratulating the winners, Softlogic Life Deputy Chief Executive Officer Indu Attygala said, “It is heartening to see, despite many market challenges, the performance of our sales teams improving every year, which helps to contribute greatly to the success of Softlogic Life. While celebrating our loyal sales force’s hard work and dedication, the Annual Sales Convention has become a platform for all of us to come together to reflect on our successes, challenges and future strategies.” Mr. Attygala further added “What is even more remarkable is that year on year Softlogic Life continues to increase its number of qualifiers for the Million Dollar Round Table (MDRT) which is the highest global recognition that an Insurance Advisor can achieve and is a testament to the high standards we maintain within the sales force. Reaching a total MDRT member count of 263, this year, we recorded the highest number of MDRT qualifiers ever in the history of Softlogic Life. As we continue on our forward march, our team remains resilient and the driving force behind our success.”
Softlogic Life’s success is mainly built on a differentiated channel strategy, which was devised to cater to different segments of the market through different sales techniques and product propositions. While the Agency channel holds the majority share in revenue contribution, the two young channels namely; “Alternate” and “Micro” have also been instrumental in contributing 33% to the total business in 2023.
Piyumal Wickramasinghe, Chief Distribution Officer – Alternate Channel of Softlogic Life said, “The Alternate channel witnessed a remarkable growth rate of 17% last year. This is a testament to how a company can sustainably grow even amidst turbulent times by recognizing specific customer needs and finding alternate ways to deliver innovative, customized solutions tailored to those specific needs. As a result of this channel and our sales teams that deliver what we promise, today we are the most trusted insurer specifically amongst many strategic partners, corporate clients, insurance brokers and other elites. To be able to win business at the most challenging times amidst many obstacles shows the mettle of our team and what they can accomplish in the years to come.”
Adding on, Thilanka Kiriporuwa, Chief Corporate Services Officer/Micro Channel Head at Softlogic Life said “The micro channel grew by 15% playing a pivotal role in extending life insurance to the underserved segments in Sri Lanka in a time when financial security was paramount. Our top sales performers in the micro channel have demonstrated a deep commitment to these customers by venturing into tough unexplored paths in rural parts of the country to provide insurance protection where it is probably needed most, exemplifying Softlogic Life’s commitment to driving quality of life to all Sri Lankans. Each of our channels has a specific mandate which makes our distribution model unique and unparalleled in the market.”
During the convention, winners from all channels were recognized under different categories and among the achievers, 103 were from the Agency channel, 36 were from the Alternate channel, and 5 were from the Microchannel were felicitated in a grand manner. Softlogic Life also felicitated 263 MDRT achievers for 2023 where 232 were from the Agency channel, 27 from the Alternate channel, and 4 were from the Microchannel.
