Sri Lanka’s IT Industry Is at a Crossroads
Sri Lanka’s IT industry is in crisis.
For years, we thrived on a service-based model—our IT and BPO sectors provided offshore solutions to global clients, bringing in foreign revenue and creating thousands of jobs. But today, that model is under attack.
Artificial Intelligence (AI) is automating many of the tasks that once required human expertise. Global economic shifts are making it harder to compete on cost alone. And while other countries are doubling down on product innovation and export-driven strategies, Sri Lanka risks falling behind.
The urgency has never been greater. If we want to secure the future of our IT sector, we must evolve beyond outsourcing. We need to build scalable, product-driven tech companies that can compete on a global stage.
But here’s the challenge: innovation alone isn’t enough. Startups can’t grow in a vacuum. They need funding, mentorship, and—most importantly—partnerships with Sri Lanka’s biggest enterprises.
The Role of CSE 200 Companies in Reviving Sri Lanka’s Tech Industry
Sri Lanka has no shortage of bright minds or groundbreaking ideas. The problem? Many promising startups struggle to move beyond the early stages due to lack of capital, industry validation, and access to large-scale business opportunities.
This is where established companies—especially those in the CSE 200—need to step up. These corporate giants hold the key to unlocking the next wave of tech growth. By investing in and collaborating with homegrown startups, they can:
- Provide real-world use cases for local tech solutions
- Offer financial backing and credibility to help startups scale
- Create a thriving innovation ecosystem that strengthens the entire economy
If Sri Lanka is serious about revitalizing its IT industry, corporate-startup collaboration isn’t just a nice-to-have—it’s a necessity.
And one company that truly understands this? Janashakthi Insurance PLC.
The Legacy of Janashakthi Group (JXG): A Giant in Sri Lanka’s Corporate Landscape
The Janashakthi Group (JXG) is one of Sri Lanka’s most prominent business conglomerates, spanning multiple industries, including finance, insurance, investment, and real estate. At its core is Janashakthi Insurance PLC, a leader in life insurance with a legacy built on trust, innovation, and a commitment to financial security for Sri Lankans.
Janashakthi Insurance PLC isn’t just another insurance company—it is a pioneering force in the industry. Founded by Mr. Chandra Schaffter, a visionary who is often referred to as the Father of Insurance in Sri Lanka, the company has played a pivotal role in shaping the country’s insurance sector. Chandra Schaffter was more than an entrepreneur; he was an institution in himself. His contributions laid the foundation for an industry that millions of Sri Lankans rely on today. His ability to anticipate market needs and innovate accordingly positioned Janashakthi as a powerhouse in the industry, and his legacy continues to influence the company’s forward-thinking approach.
But even giants need to evolve. The world was changing, digital transformation was becoming a necessity, and Janashakthi saw an opportunity—not just to adapt, but to lead.
That’s where EchonLabs came in.
EchonLabs: A Startup with a Dream and an Unexpected Opportunity
Back in 2019, EchonLabs was just a fledgling startup, a group of young engineers fresh out of university with barely two years of experience—most of it gained while still undergraduates. Our ambition was limitless, but our resources were scarce.
The turning point for me personally came in 2018, when I had the honor of representing Sri Lanka at the Asia-Pacific ICT Alliance (APICTA) Awards. Competing against the best minds in the region, I brought home the Gold Award for the Best Tertiary Project, a moment that changed everything.
It was at this competition that I met Mr. K.V. Kuganathan, present Group Chief Information Officer of the Janashakthi Group, who was serving as a judge. But he wasn’t just another industry expert. His years of experience across multiple domains gave him an unmatched ability to spot potential where others might not.
For me, Kuganathan became more than just a judge—he became a mentor, a guiding force, and ultimately, the bridge that connected EchonLabs to Janashakthi. Even before I fully understood what I was capable of, he saw something in me. He believed in the possibilities before I did.
What happened next was the kind of opportunity that most startups only dream of.
The First Test: A Trial Partnership That Defined the Future
Shortly after the competition in 2019, Kuganathan proposed something bold—a trial partnership between Janashakthi Insurance PLC and EchonLabs.
It was a true David vs. Goliath moment. On one side, a corporate giant with decades of experience. On the other, a startup with nothing but raw talent, relentless determination, and a hunger to prove itself.
We were tasked with revamping Janashakthi’s existing legacy BFSI (Banking, Financial Services, and Insurance) channel sales management platform—a system deployed across banks in Sri Lanka to facilitate insurance services for bank customers.
That was the long-term goal. But the real test came in the form of an activity monitoring system for Janashakthi’s agent sales hierarchies.
And here’s where it got intense.
We weren’t given months to complete this. We were given just one week.
Janashakthi’s leadership wanted a rapid deployment that aligned with their business goals and the vision of their then-CEO. It was a challenge designed to test our capabilities, and there was no room for failure.
I can confidently say this was the hardest I’ve ever worked, hands-on, on a single project. We pushed ourselves beyond limits, coding for hours, testing, breaking, fixing, and refining. There was no Plan B—we had to make it happen.
And we did.
In just a week, EchonLabs built and deployed the system from scratch, marking the start of what would become a game-changing partnership.
A Win-Win: Growth for EchonLabs, Digital Transformation for Janashakthi
For EchonLabs, this partnership was transformative. It gave us credibility, experience, and access to real-world, high-impact projects that helped us scale.
But the impact wasn’t one-sided. Janashakthi Insurance PLC also reaped significant benefits:
- Massive cost savings: The company saved tens of thousands of dollars by cutting out offshore vendors from India and relying on a local tech partner instead.
- Agility and efficiency: With EchonLabs as an on-call, dedicated technology partner, Janashakthi could deploy changes and updates faster than ever before.
- Seamless integration: Unlike external vendors with communication delays, our team worked hand-in-hand with Janashakthi’s IT team, ensuring a smooth, highly collaborative approach to digital transformation.
As time went on, Janashakthi Insurance PLC emerged as a front-runner in Sri Lanka’s InsurTech revolution, leading the way in digital transformation for the insurance industry.
But the story didn’t end there.
Beyond Insurance: Expanding the Partnership to Janashakthi Group (JXG)
With each successful project, our relationship with Janashakthi deepened. The results spoke for themselves, and soon, the partnership expanded beyond just Janashakthi Insurance PLC to the entire Janashakthi Group (JXG).
This opened new doors for EchonLabs, allowing us to work closely with key figures within the group, including: Prakash Schaffter, Ramesh Schaffter and the late Dinesh Schaffter.
Working alongside them was not just a business engagement—it was an education in leadership, strategy, and innovation.
What started as a trial project between a corporate giant and an unproven startup had now evolved into a long-term strategic partnership that was reshaping the landscape of digital transformation in Sri Lanka.
Concluding Remarks
None of this journey would have been possible without the incredible people who believed in us from the very beginning. Mr. K.V. Kuganathan saw potential in me before I even saw it in myself, guiding and mentoring me through pivotal moments that shaped both EchonLabs and our partnership with Janashakthi. The Schaffter family—Prakash, Ramesh, and the late Dinesh Schaffter—placed immense trust in a young startup, proving that Sri Lankan enterprises can empower local innovation in ways that drive real transformation. The Janashakthi IT team worked alongside us as true partners, making every challenge a collaborative effort rather than a hurdle. And to my team at EchonLabs, who poured everything into making this vision a reality—I am beyond grateful for your dedication, resilience, and belief in what we are building together.
This is exactly what needs to keep happening to revive Sri Lanka’s IT industry and shift it towards an export-first strategy—established enterprises backing local startups, fostering innovation, and unlocking the true potential of our tech ecosystem.
References
- https://medium.com/on-technology/our-it-industry-is-under-attack-65877ddff9e1
- https://www.echonlabs.com/resources/case-studies/innovating-insurance-solutions-of-janashakthi-lifes-journey-in-the-bfsi-sector
- https://www.echonlabs.com/resources/case-studies/janashakthi-insurance-and-their-agent-virtual-office
- https://www.echonlabs.com/resources/case-studies/group-business-process-automation
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