AIA
FUTURE PROOFING INSURANCE: AIA’S VISION AND LEGAL INSIGHTS FOR TOMORROW’S CHALLENGES
Q: Tell us about your journey in the insurance sector and how it brought you to AIA…
A: My journey began at HNB Assurance where I started out as a young lawyer in 2003 and was the company’s first lawyer. This role allowed me to gain an extensive understanding of insurance and its real-time operations.
A corporate lawyer should not merely play an advisory role, and must go above and beyond to be a true business partner. To be effective in this role, a lawyer needs a good grasp of the company’s business as well as sound knowledge of other key functions, especially finance and IT.
Given the technical and regulated nature of insurance, I pursued further studies to become a chartered insurer and broadened my knowledge in other related business areas. I subsequently moved to a BPO, working for a legal firm in Sheffield, UK where I gained experience in business process innovation and handling uninsured losses from motor traffic accidents.
Joining AIA – at the time Eagle Insurance – was a dream come true. AIA is a great workplace, providing development opportunities and allowing me to serve society better. I’m also grateful to my family who stood by me, and my team of energetic youngsters who share the same enthusiasm and pride in our achievements.
Q: With over 19 years of experience in insurance and more than 14 years at AIA, what are some key milestones or challenges you’ve experienced along the way?
A: As a new lawyer with no experience in the corporate world or insurance, I had a lot to learn. This motivated me to, over time, become an expert in my field. AIA provided many opportunities for growth, and helped me navigate the challenges and be successful.
One of the most challenging tasks I dealt with was transitioning and corporate restructuring within the company, and I must mention the guidance I received from AIA’s current CEO – the then legal director – which has been a guiding light. Together, we achieved great success while leveraging all opportunities.
The backing of the global giant AIA Group has always helped us stay at the forefront of insurance, regulatory and technological developments.
Q: How have the various roles you’ve held shaped your approach to risk management and governance within the sector?
A: As the Chief Risk Officer of AIA Sri Lanka between 2016 and 2018, I learnt that we’re all risk managers and this role helped me view risk more structurally. It connected me with all company functions, allowing me to understand business interdependencies. This holistic view helps in making better decisions in both business and personal matters.
Good governance, which includes risk management, is crucial for corporate success, assuring stakeholders of business sustainability.
Being part of the Legal Advisory Forum of the Insurance Association of Sri Lanka also allows me to contribute to the sector’s good governance efforts.
Q: What are your views on the future of insurance product development and innovation in Sri Lanka?
A: A conducive regulatory environment is fundamental for expanding insurance services. We have an understanding regulator, the Insurance Regulatory Commission of Sri Lanka, which supports innovative initiatives while ensuring robust oversight to protect customer interests.
While traditional distribution models such as agency forces and bancassurance still dominate the sector, new technology driven distribution models are emerging globally. Embracing these changes while maintaining rigorous governance is essential for sustainable growth and reassuring the public of reliable policy services.
The life insurance sector is undergoing a transformative shift towards offering multifaceted service products, creating ecosystems that enhance customers’ quality of life. AIA Sri Lanka has been at the forefront of this evolution, redefining the insurer’s role from operating the mere ‘you die, we pay’ model to actively supporting improved lifestyles.
I believe Sri Lanka’s life insurance sector holds immense promise, and is poised to significantly contribute to the economy by increasing penetration and helping citizens achieve healthier, longer and better lives.
– Compiled by Tamara Rebeira
COMPANY DETAILS
Telephone: 2310310 | Email: lk.info@aia.com | Website: www.aialife.com.lk
