In a significant stride towards excellence, People’s Insurance PLC has been honored with the prestigious Gold Award in the Insurance Sector (Gross Premium up to LKR 10 Billion) at the TAGS Awards 2024. Organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), the TAGS Awards recognize organizations that exemplify the principles of Transparency, Accountability, Governance, and Sustainability in their corporate reporting.
This accolade marks a pivotal moment in People’s Insurance’s journey, underscoring its unwavering commitment to upholding the highest standards in corporate governance and financial transparency.
Understanding the TAGS Awards
The TAGS Awards, formerly known as the Annual Report Awards, have been a cornerstone in Sri Lanka’s corporate landscape since 1964. These awards aim to encourage organizations to adopt best practices in corporate reporting, ensuring that stakeholders receive accurate, timely, and comprehensive information.
The acronym TAGS stands for:
- Transparency: Clear and open communication of financial and non-financial information.
- Accountability: Taking responsibility for actions and decisions.
- Governance: Adherence to ethical standards and regulatory requirements.
- Sustainability: Commitment to long-term value creation, considering environmental, social, and economic factors.
By honoring organizations that embody these principles, the TAGS Awards play a crucial role in elevating corporate standards across Sri Lanka.
People’s Insurance PLC: A Legacy of Excellence
Established in 2009, People’s Insurance PLC has rapidly ascended to become a leading player in Sri Lanka’s General Insurance sector. With a diverse portfolio encompassing motor, fire, home, travel, marine and business insurance, the company has consistently prioritized customer-centric solutions and innovative offerings.
Over the years, People’s Insurance has garnered numerous accolades, reflecting its dedication to excellence. Notably, the company has been recognized for its robust financial performance, innovative products, and exceptional customer service.
The Significance of the Gold Award
Receiving the Gold Award at the TAGS Awards 2024 is a testament to People’s Insurance’s commitment, serving not only as recognition of past achievements but also as a catalyst for future endeavors.
The award underscores the company’s dedication to:
- Transparent Reporting: Providing stakeholders with clear and accurate information.
- Accountable Practices: Ensuring responsible decision-making at all organizational levels.
- Strong Governance: Upholding ethical standards and regulatory compliance.
- Sustainable Growth: Focusing on long-term value creation for all stakeholders.
By aligning its operations with these principles, People’s Insurance has set a benchmark for excellence within the General Insurance industry.
Insights from the Integrated Annual Report 2023
Central to People’s Insurance’s success at the TAGS Awards 2024 is its Integrated Annual Report for 2023. The report provides a comprehensive overview of the company’s performance, strategies, and future outlook.
Key highlights from the report include:
- Financial Performance: Demonstrating consistent growth in gross premiums and profitability.
- Risk Management: Implementing robust frameworks to mitigate potential risks.
- Customer Engagement: Launching initiatives to enhance customer experience and satisfaction.
- Sustainability Initiatives: Undertaking projects aimed at environmental conservation and community development.
The detailed and transparent nature of the report played a pivotal role in securing the Gold Award, showcasing People’s Insurance’s commitment to excellence in corporate reporting.
The Road Ahead: Embracing the Future
While the Gold Award at the TAGS Awards 2024 is a significant achievement, People’s Insurance views it as a stepping stone towards greater accomplishments. The company remains steadfast in its mission to provide innovative insurance solutions that cater to the evolving needs of its customers.
- Looking ahead, People’s Insurance aims to enhance its digital capabilities, leveraging technology to streamline processes and improve customer interactions.
- In addition, the company plans to expand product offerings by introducing new insurance products tailored to emerging market demands.
- People’s Insurance is also focused on strengthening stakeholder relationships, fostering deeper connections with customers, employees, and partners.
- Furthermore, the company is committed to promoting sustainable practices, integrating environmental and social considerations into its business strategies.
By focusing on these areas, People’s Insurance is poised to continue its journey of growth and excellence.
Conclusion
The Gold Award at the TAGS Awards 2024 is a significant milestone in People’s Insurance PLC‘s journey, reflecting its unwavering commitment to transparency, accountability, governance, and sustainability. This recognition not only honors past achievements but also sets the stage for future endeavors aimed at delivering exceptional value to all stakeholders.
As People’s Insurance continues to innovate and lead in the General Insurance sector, it remains dedicated to upholding the highest standards of corporate governance and financial transparency, ensuring a resilient and prosperous future for Sri Lanka.
