Allianz Life Insurance Lanka Limited Offers a Range of Corporate Insurance Solutions to Deliver Greater Value and Flexibility
Samantha Herath, Chief Officer- Corporate Business, Allianz Life Insurance Lanka Limited and Malaka Mihindukulasuriya, Chief Actuary, Allianz Life Insurance Lanka Limited, talk about how the global insurance giant is helping corporates in Sri Lanka deliver greater value to their employees.
Could you shed some light on common insurance benefits offered by the private sector?
Samantha: Most corporates offer their employees a medical insurance cover, which reimburses medical expenses, be it for hospitalisation or OPD, incurred by an employee or their family members. Some companies offer varying life insurance covers with options of a pension fund at retirement.
What are the challenges faced by private sector employees, post retirement?
Malaka: While corporate sector employees might have access to corporate medical and surgical covers during the period of their employment, they will have to find their own funds to meet these expenses once they retire. Most of them do not receive a pension either. Without proper financial planning and support during their working years, they will have to depend solely on their savings to meet such expenses on retirement.
How is Allianz looking to support them?
Samantha: At Allianz, we offer a range of comprehensive insurance solutions including our Allianz Corporate Guardian and Corporate Suwasahana policies to help corporates deliver protection, savings and retirement benefits to their employees. These solutions can be used as an employee retention tool. They may also be offered as an additional savings vehicle. This is a highly flexible and customisable solution. Businesses can decide whether they want to offer savings alone, or protection and savings, or all this with retirement benefits as well. We are partnering with a host of service providers to deliver added value to policyholders.
Why would someone choose Allianz?
Malaka: Present in over 70 markets, Allianz is the world’s number 1 insurance brand. Governed by stringent global standards, we seek to leverage our global expertise as well as financial and technological strength to deliver world-class insurance solutions in Sri Lanka. Despite the economic impact of the pandemic, Allianz paid out more in insurance claims whilst declaring a consistent return (crediting rate) of 8.5% for 2020. As always, we remain committed to helping secure people’s lives and to giving courage to our customers for what’s ahead.