Taking yet another bold step in its digital transformation journey, Sri Lanka Insurance Corporation (SLIC) has signed up with LankaPay to launch the mobile device based digital signature solution enabling signing and approving of documents. Sri Lanka Insurance is the first institution in all of Sri Lanka to implement the mobile-based digital signature solution. In recent years, the insurance giant has accelerated its digital transformation strategy to deliver seamless and speedy solutions to customers while deriving higher internal efficiencies as it rapidly digitalizes its operations.
Mr. Chandana L Aluthgama, CEO of Sri Lanka Insurance stated that “This is a significant step towards our digitalization journey at SLIC. Having such a digital management system will improve both internal efficiency and overall business value proposition to our customers and will further allow us to deliver more personalised, convenient, and transparent interactions. Demand has grown significantly over the years across our customer base, moving beyond the younger generations who have long valued the convenience of online services. We will continue our journey to launch innovative offerings in order to meet our stakeholder expectations for a fully digital and streamlined experience.
Mr. Channa de Silva, GM/ CEO of LankaPay Pvt. Ltd. Stated during the occasion “It is really encouraging to note progress made by SriLanka Insurance (SLIC) as the first Sri Lankan entity to move forward with LankaSign Digital signatures on mobile devices for both internal and external document signing purposes. When most Government entities are still grappling with manual paper-based processes, SLIC is straight ahead in adopting new technologies for efficient delivery of services as well as providing convenience to their customers. Even private sector organizations can learn from SLIC as how technology can be used to succeed in the current different business environment.”
Digital certificates provide a secure digital signing mechanism It is a unique digital code, generated and authenticated by public key encryption which is attached to an electronically transmitted document that helps validate the signature holder and authenticity of the contents. LankaSign is the only Certification Service Provider (CSP) in Sri Lanka that issues digital certificates. This CSP, operated by LankaPay, was established with the concurrence of the Central Bank of Sri Lanka and Sri Lanka CERT. Also, Information and Communication Technology Agency (ICTA) has legally recognized LankaSign Digital signatures. LankaSign certification process is complying with international standards such as ISO 27001:2013.
LankaSign digital signatures are intended to address the difficulties in obtaining physical signatures. Traditionally, LankaSign digital certificates are provided via Hardware Security Modules for desktop-based signing requirements. LankaPay also has launched seamless integration of third-party applications and issuance of LankaSign certificates for integrated applications extending support for mobile platforms. API based integration allows third party applications to be integrated using LankaSign digital certificates provided via LankaSign API.
SLIC serves a loyal customer base of over two million individuals with average monthly claim settlements exceeding Rs.1.8 billion which also includes the largest claim ever paid in Sri Lanka of Rs. 39 billion. As the most profitable insurer in the country, SLIC has embraced digitalization, thus paving the way for the rest of the industry.
SLIC is recognized as one of the Most Respected Corporates in Sri Lanka and has received three Brand Finance accolades as The Most Valuable General Insurance Brand in Sri Lanka, The Most Loved Insurance Brand in Sri Lanka and the third Most Loved Consumer Brand, competing with numerous multinational household brands most popularly used in Sri Lanka. SLIC is the only internationally rated Sri Lankan Insurer certified by Fitch AA (lka) rating and also certified as a Great Place to Work by GPTW in 2021.
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