Friday 22ndJune, 2018, ikman Compare joined hands with LOLC General Insurance and entered into a Memorandum of Understanding between the two companies to offer vehicle insurance to customers of ikman who are in pursuit of a quick way to get value for money as far as their vehicle insurance policy is concerned.
LOLC is the 5thinsurance partner to be tied up with ikman Compare, marking a milestone for potential business between the two companies. LOLC also is well recognized in the marketplace for their Leasing company namely Lanka Orix Leasing Company (LOLC) which provides competitive leasing and other loan-based products.
The most noteworthy and pioneering product that many customers are aware of is called Speed Draft facility where customers are able to obtain a vehicle lease through LOLC and pay only the interest in equal installments over a maximum repayment period of 3 years. The customer has the liberty to make lump-some payments to settle the capital amount and get the interest installments further reduced from the following month onwards. In the event the customer is unable to complete the repayment within 3 years, the balance capital amount will be converted to an auto loan and the customer can continue to make payments for the balance loan amount. This product was later copied by other competitors under different names. However it was LOLC that initiated the ground breaking launch.
LOLC Senior Management was hosted at ikman premises to discuss further areas of potential business tie ups, during which it was identified that Browns group which is also a well renowned company within the LOLC Group could be listed through ikman deals for their hotels and electronics with considerable discounts.