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Janashakthi is a result of local entrepreneurship, vision and a pioneering spirit...

Janashakthi Insurance PLC is the story of a Sri Lankan company with strong local roots that began its journey in 1994. Founded by renowned Insurer C. T. A. Schaffter, Janashakthi Insurance PLC progressed from its humble beginnings as a small Life Insurance company into becoming a household name, winning the hearts and trust of the community over the years. Today, the Insurance provider with a vision to 'Light the lamp of Insurance in every home and workplace', stands strong as the 3rd largest Non-Life Insurer and a fast emerging Life Insurer in Sri Lanka.  

Janashakthi split its Life and Non-Life Insurance operations in line with regulatory changes and as of 1st January 2015, the company operates as two separate entities – Janashakthi Insurance PLC (JIPLC), the parent company managing the Life Insurance business, and Janashakthi General Insurance Limited, a new entity which was created as a wholly-owned subsidiary of JIPLC, to which the Non-Life business was transferred. 

The Company's journey has included many significant milestones; including the acquisition of the National Insurance Corporation in 2001, becoming the first Insurer in the industry to acquire a Government entity, followed by the acquisition of a 100% stake in AIA General Insurance Lanka Limited in 2015. Significantly, Janashakthi Insurance PLC was the first and only local Insurer to embark on an acquisition post-split.  

As a leading Insurance solutions provider in Sri Lanka, Janashakthi thrives to deliver excellence in Customer Service. To address the Insurance needs of its customer base, Janashakthi has an island wide branch network of 113 branches, a 24-hour call centre and around the clock assessor service, and ensures that the customer relationship is further fortified through the company's active Customer Relationship Management unit. 

Janashakthi maintains a clear vision of Corporate Social Responsibility (CSR) which reflects the core values of the organization and is based on the concept of ‘lighting up the lives’ of Sri Lankans.  As a result, the Company has embarked on many CSR initiatives over the years that have contributed towards enhancing the lives of those in the community.

The success of an organization is attested by the many accolades bestowed to it for its achievements. Janashakthi has been recognized both locally and internationally at forums such as SLIM Brand Excellence, CMO Asia Awards, Effie Awards and the World Brand Congress for marketing excellence, CA Sri Lanka and SAFA Awards for financial excellence, NBQSA and BCSCIIT Awards for its IT capabilities, and the National Business Excellence Awards for business excellence over the years. Janashakthi was further recognized for its winning HR training practices at the Sri Lanka Institute of Training and Development's People Development Awards consecutively since its inception in 2013, and was significantly even awarded the Gold in 2015.

 

Corporate governance

The principles, procedures and rules, have for all employees including the governing body who are expected to abide by these rules and values when carrying out their responsibilities and conducting business. These have been documented in particular in the Articles of Association, the Organisational Rules and the Mandate of Operations of the Board Committiees.

The "code of Best Practice on Corporate Governance" issued jointly by the institute of Chartered Accountants of Sri Lanka and Securities and Exchange Commission in 2008 covers the following key aspects and are summarized below.

  • Directors
  • Directors Remuneration
  • Relations with Shareholders
  • Accountability and Audit
  • Institutional Shareholders
  • Other Shareholders

 

Risk Management

The objective of the insurance risk management function is to provide the business a sustainable competitive advantage by fully integrating risk management into the tactical daily business activities as well as into the Company’s broad business strategy. Janashakthi uses a mixture of decentralised and centralised risk management tools and processes for our diverse business functions. The Insurance Risk Management function ensures that,

  • Products and portfolios are structured, underwritten, priced, approved and managed appropriately in compliance with internal and external rules and guidelines.
  • The Janashakthi Insurance risk profile is transparent and well understood by management and it stays within delegated authorities, with a 'no surprises' approach to reporting and monitoring risks.
  • Both risk and reward are adequately considered in the development of business strategy, during the strategic planning process.
  • These steps are understood by Janashakthi’s stakeholders, including shareholders, rating agencies, regulators and policy holders.
  • The protection and enhancement of the reputation of Janashakthi Insurance.
  • Achievement of the highest degree of confidence in meeting our customer claims.

Janashakthi does not view Risk Management as a restrictive factor but in fact is of the view that the effective application of Risk Management methods can itself open up further opportunities for growth, as it has a direct bearing on efficient and effective use of company through a carefully formulated Risk Management process ensures that targets are achieved within a framework of acceptable risk.