📈 LOLC General Insurance Launches ‘V Claim’ for Rapid Virtual Settlements

LOLC General Insurance PLC, currently ranked fourth in Sri Lanka’s general insurance market, has introduced V Claim, a digital solution designed to automate and accelerate the motor insurance claims process. • Virtual Settlement Model: Policyholders can now report accidents via hotline and conduct real-time damage assessments via mobile live-stream, guided by remote engineers. • Instant Payouts: The system allows for instant claim settlement offers with zero paperwork for eligible cases. Approved funds are transferred directly to the customer’s bank account within minutes. • Infrastructure: The company has established a dedicated Virtual Inspection Centre in Kandy, a first for the local insurance industry, to centralize remote assessments. • Operational Impact: This move targets enhanced efficiency in the motor insurance sector by removing the need for physical inspections and manual documentation, aligning with broader digital transformation trends in Sri Lanka's financial services and fintech landscape. • Strategic Position: As a subsidiary of the LOLC Group, the initiative aims to consolidate market share by catering to the evolving digital preferences of policyholders.