insurance industry in sri lanka - insight story
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Insurance industry in sri lanka - Insight storyTRANSCRIPT
An insight story
Insurance Industry in Sri Lanka
www.lankarising.com
» Insurance is the transference/sharing of risk
» A Form of a risk management» A professional service field» …….
What were you told / taught ?
» Exploit fear of people» Shrewd business model» Unethical marketing
What do they really operate on?
» What does terrorism operates on?
»Terror or Fear !!» Insurance business / industry is also based on fear of people
» More you feared or terrorized, better for the insurance business
Exploit fear mentality of people
» An insurance is only thing you buy, that you hope you will never use
» Still you want to buy a insurance, mostly because of external negative factors in the society
Shrewd business model
»Vehicle accident insurance» I am a safe driver, but others are
careless»Burglary insurance
» Robbers / Burglar are in the society
Why do you take following insurances?
“One man's problem is another man's business opportunity”
» Inflicting fear on potential consumers
» Promoting accidents / robbery in the society
Unethical marketing
» When you met with a accident Ceylinco insurance is rewarding you
» They like to promote accidents, otherwise vehicle accident insurance industry will be bankrupt !
Reality
» Ceylinco Insurance» Sri Lanka Insurance» CTC Eagle
Who were the giants by 2005
» Big or small protect you all» We will take care you like the eyes
» We care you all» ……
What they promised?
» Owned by Ceylon Tobacco Company (CTC)
» CTC’s main revenue was manufacturing and marketing cigarettes and other tobacco based products
» Will a tobacco company really care people as they promise in insurance advertisements?
CTC Eagle (by 2005)
http://www.avivandb.com/about_us/history.html
» The state owned property was robed by business tycoon Harry Jayawardana
» He already owned Distilleries Company of Sri Lanka (DCSL)
» What kind of assurance to your life did you expect from an insurance company owned by a arrack busnessman?
Sri Lanka Insurance (by 2005)
» Ceylinco Insurance Company was a Lalith-Sisillia kotalawala family business
» Kotalawala’s financial frauds are now fully exposed to the nation
» What kind of a protection you expected from a crook?
Ceylinco Insurance (by 2005)
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