Sonali Life Insurance has so far received more than 14,000 claims in the past eight years and a half, and all are settled within seven days of receiving each payment claim.
The company maintains all processes in a transparent manner with the use of information technology, Sonali Life CEO Mir Rashed Bin Aman said in a press statement.
Despite Covid-19, the insurer saw 70 per cent growth year on year in 2020 and 140 per cent in 2021. The gross premium was Tk 810 million in 2019 and it swelled to Tk 1.35 billion in 2020 and Tk 3.20 billion in 2021.
“Our customers can make their claims on our website. We’re gaining the trust of a diverse range of customers, thanks to timely claim settlements and world-class customer care,” Mr Aman added.
He says Sonali Life meets the demand of diverse customers with the highest level of commitment through utilising the most-modern digital service tools to revolutionise the home insurance market.
The company launched a newly-updated SLI mobile app in February 2022 to improve client service. The app is available on the Play Store. It is the first insurer that launched e-KYC, e-receipt and customer care, and a co-branded debit card with Mutual Trust Bank.
Sonali Life has an ‘A’ category share in the capital market having the credit-rating status of AA+. It has more than 117 branches countrywide and aims to expand the number to 130 this year.
The company’s total asset base has already crossed Tk 4.30 billion. Its gross premium target for 2022 is Tk 6.50 billion. Sonali Life has already achieved a Tk 3.20-billion target for 2021.
The renewal base of our company is one of the highest in the industry, according to the Sonali Life CEO.
Mr Aman says the renewal percentage is 89 now, which proves that the customers are relying on Sonali Life.
According to the life insurance law, a claim settlement must be done within 90 days of submitting documents.
Currently, 80 per cent collection is received online.