State owned Sri Lanka Insurance Corporation (SLIC) aims to maintain market leadership in the Sri Lankan insurance industry by implementing a three-year strategic plan with fast-tracked branch expansion and modernisation of operations.

At the launch of the new corporate logo of SLIC on 1 August, SLIC chairman Hemaka Amarasuriya said that SLIC needs to expand its network to at least 225 branches, from the current 149 branches and service centres.

The drive to expand the branch network kicks off on 4 August with the launch of a new branch in Katugastota in central Sri Lanka, reports Daily Mirror citing Mr Amarasuriya. He said that 10-15 SLIC branches are expected to be opened in the next a couple of months.

SLIC will work with a consultancy firm to develop and implement a comprehensive three-year strategic plan to drive the company to the next era.

The company's revamp focuses on product and IT development, expansion of branch network and ensuring a progressive team.

SLIC CEO Chandana Aluthgama said that the company is modernising its core departments, including the Human Resources and Finance, introducing new policies and processes.

SLIC would also begin the procurement process to install a new computer system under its modernisation programme.

Mr Amarasuriya pointed out that certain branches of SLIC don’t even have the basic equipment such as photocopy machines, scanners, etc.to carry out the day-to-day operations. He urged the management to fast track the utilisation of funds to equip all the branches with these necessary facilities within this year. 

Established in 1962, SLIC is the largest state-owned insurance company in Sri Lanka. It competes with the Ceylinco group for the top market position.