The landmark initiative shines a spotlight on the art of general insurance salesmanship, paving the way for expansion into international standards in sales excellence.
Celebrating 60 years of strong market presence, Sri Lanka Insurance Corporation General Ltd identified a crucial gap within the industry – the absence of a global, independent platform that specifically celebrates the dedication and success of general insurance sales professionals, promotes their development, and sets general insurance sales standards at the industry level.
While the life insurance industry has established benchmarks including the Million Dollar Round Table (MDRT) and training programmes authorized by the Life Insurance Marketing and Research Association (LIMRA), no equivalent exists for general insurance sales professionals.
Moreover, while many large multinational insurers conduct internal sales awards in high level of events, none focus solely on recognising and developing general insurance salesmanship capabilities at a global level.
GIPA aims to address this imbalance.
Taking a proactive step, Sri Lanka Insurance Corporation General Ltd is bridging the void, conceptualizing the global-first GIPA initiative, and giving due credit to general insurance salesmanship with a more sustainable approach in terms of business success and in terms of its contribution to industry sustainability.
Creating an independent brand, the GIPA programme is designed to benchmark peak performance among general insurance salespersons across the globe in diverse markets.
GIPA sets six robust benchmarks to reveal inevitable excellence in global general insurance salesmanship such as Overall Volume Recognition, New Business Contribution, Recognition to Business Retention Success, Year on Year Growth, Level of Sustainability in the Business Portfolio, and Position in the Organisational and National Ranking.
The programme considers multifaceted sales skills and integrated parameters for a country to customize and develop towards its general insurance industry.
It also offers a realistic standard to showcase well-rounded, inevitable mastery within general insurance worldwide.
The GIPA recognition is to be rolled out in phases, beginning with acknowledging exceptional performance under the levels as ‘Achiever’, ‘Star’, and ‘Legend’, followed by capacity-building opportunities, and eventually facilitating access to industry innovations.
This strategic approach demonstrates Sri Lanka Insurance Corporation General Ltd’s belief that recognizing sales achievements fuels motivation, career progression, and ultimately elevates industry standards.
It is also a testament to the company’s commitment to excel at a global level in the insurance industry.
To achieve this objective, Sri Lanka Insurance Corporation General Ltd aims to work collaboratively with the wider Sri Lankan general insurance industry to leverage GIPA's potential with global partners.
The key to GIPA's success is the formation of the GIPA Council, an independent body tasked with setting evaluation parameters and ensuring the programme's adaptability across global markets.
Sri Lanka Insurance Corporation General Ltd is now focused on establishing an independent GIPA Council comprised of global general insurance leadership that will formally govern GIPA's worldwide rollout.
The Council will facilitate local country customizations to evaluation norms while upholding the set universal parameters.
Once the multinational council is constituted, GIPA aims for rapid international expansion, leveraging support from renowned names in the global general insurance industry.
As a first mover in bringing GIPA to fruition, Sri Lanka Insurance Corporation General Ltd launched the award programme internally in 2023 to recognize the Top 20 Sri Lanka Insurance Corporation General Ltd stellar performers.
The company partnered with J.B. Boda, a pioneer in insurance and reinsurance brokering with global representation, to celebrate these achievers, who are to be honoured in Malaysia shortly.
Beyond standalone recognition, Sri Lanka Insurance Corporation General Ltd ultimately envisions GIPA facilitating strong knowledge exchange between star sales professionals across geographic boundaries to continually raise competencies.
Planned partnerships with InsureTech firms are also slated to ensure insurance innovations are accessible, enhancing customer and product experiences industry-wide.
Heralding a new era for general insurance salesmanship, Sri Lanka Insurance Corporation General Ltd’s GIPA can be likened to a movement to redefine excellence and foster an environment of achievement that transcends borders, profoundly influencing global general insurance.