As a catalyst of social change, Sanasa Life Insurance Company Limited (Sanasa Life) stood committed to serve the grass-root masses, mainly living in rural Sri Lanka. Steadfast in our cooperative values, we continued to deliver our mission notwithstanding the heightened challenges that we faced in our operating landscape.
Plight of the Poor
As fully witnessed in the recent years, the world we live in is exposed and vulnerable to multifaceted issues, shocks and calamities—be it economic downturns, trade wars, oil crisis, violence and armed conflicts, climate change, disease or natural disasters. In such a chaotic world, we are all at stake. But, as always, the poor is hit the hardest. Low income communities along with women and children, become helpless without resources and opportunities to face and manage these perils, thus, further widening the gap between the rich and the poor.
Business with Social Goals
The Sanasa Movement we have nurtured over thirty years is dedicated to build close ties and support the underprivileged communities. Our business model, underpinned by cooperative values, is unique and is built on ‘social market economic principles’. Aligned to this, we are not merely providers of life insurance solutions for profit. Instead, we take it as our duty to take care and uplift the wellbeing of our target market—grass-root masses living at the bottom of the economic pyramid. We have successfully integrated social and ethical considerations to our business goals. In this setting, our initiative this year, to commit to the United Nation’s Sustainable Development Goals are fundamentally linked to our business model and the Sanasa ideals we uphold.
Justice and Regulatory Front
As a micro insurer, championing the poor in our society, the onus is on us to advocate justice, honour, liberty and development for everyone. We lobby for efficient, transparent, impartial and practical justice and regulatory systems which are essential to support and take forward our mission. We urge relevant policy makers to be mindful and responsive to address distinct issues from a microinsurance perspective when formulating and implementing policies, laws, rules and regulations for the overall insurance industry.
Anyhow, we stand committed to adopt and comply with the evolving regulatory framework. In effect, as required by the regulator, this year, in the month of July, we segregated the business lines—life and non-life insurance—as separate entities from a composite structure. We are also in compliance with the requirements under the risk-based capital regime. We intend to list Sanasa Life on the Colombo Stock Exchange in due course.
Corporate Journey Ahead
With over half of the population falling just above the poverty line, our country has a large micro market base. Harnessing the potential in this category is definitely the nation’s way forward for inclusive development. Our role as a micro insurer in this extensive, yet, untapped market base is absolute and our potential to gain market share is significant. It is our cue to leverage on our strengths and take on the promising opportunities in this emerging sector.
With a deep sense of social consciousness, we have the expertise, will and dedication of a talented team to succeed in this fast-evolving industry. Our strategic partners, close-knit ties with the Sanasa network and the extensive outreach we have established through a cost-effective delivery network together with our value system, will further complement our journey ahead.
The new decade, and many more to come, will no doubt bring in a host of challenges. With the timeless cooperatives values deeply rooted within, I am confident that our organisation will stand well-poised, navigating through adversities and succeeding to be at the forefront of serving the nation in its development aspirations. My sincere and best wishes to Sansa Life in reaching for an inspiring future.
Dr. P A Kiriwandeniya
Sanasa Life Insurance Company Limited