Q: How has the journey been for HNB Assurance (HNBA) so far?

Lasitha Wimalaratne (LW): In the two decades since our inception, HNBA has climbed industry rankings through our commitment to quality, customer excellence, service delivery and product innovation. Today, we rank sixth in gross written premiums (GWP) and recently achieved a growth rate twice that of the industry average.

Our commitment to excellence and our adaptability to cater to customers’ changing needs have resulted in a loyal group of clients over the years. Our growth strategy has also resulted in technology driven transformation, where customers are provided with seamless experiences from the first point of contact to repeat transactions.

Dinesh Yogaratnam (DY): Striving for excellence necessitates the presence of exceptional individuals within one’s team. Our growth strategy is centred on cultivating a workforce that propels our business expansion while being equipped and empowered to identify and address evolving customer needs. And our focus extends from recruitment to training, and instilling the organisation’s values in individuals who aspire to make a distinctive impact.

Q: What factors contributed to achieving customer excellence?

LW: Over the years, we have refined our products and processes to cater to diverse needs, incorporating process improvement approaches such as Lean Six Sigma principles.

Our core system is being designed to promote increased agility, enabling the integration of advanced technologies such as AI and robotic process automation in our operations. Investing in training and development, and ensuring a transparent flow of strategic communications from top to bottom and vice versa have also played a pivotal role in securing our improved customer ranking.

Q: How has the country’s economic environment impacted consumer behaviour?

DY: Economic constraints have caused customers to be frugal. While unnecessary spending has decreased, there is an uptick in insurance investments, especially in health plans, reflecting a growing awareness of the need for financial protection in uncertain times.

Q: Is customer loyalty a thing of the past?

LW: For HNBA, it isn’t. Customer loyalty results from customer trust – trust that you have their best interest at heart, will be there for them and will deliver on your promises. Customer loyalty also depends on the service provider’s ability and agility to meet evolving customer expectations.

DY: Social media also plays a key role today. Customers have increased access to information, and so maintaining transparency and consistency is critical. To ensure brand advocacy, emphasising the need for genuine communications and managing customer expectations is crucial.

Loyalty will always remain a constant and will never become an obsolete concept. The responsibility lies with brands to harness it so that customers become advocates who will then propel the brand to the next level.

Q: What are the organisation’s plans?

LW: The company’s five year plan includes a 10 percent market share. With three years successfully completed, we are well on track. Key strategies involve expanding our sales force, delivering topnotch customer service and maintaining technological superiority as foundational elements.

In the upcoming year, our focus will be on the three Ps: process, persistence and productivity. We aim to enhance productivity, refine processes and ensure policy persistence.

We are also excited to launch our new core system, which will propel the company to own a technology driven competitive edge. Initial efforts include operationalising the core system, followed by building data capability and consolidating scattered data for improved interpretation of customer trends.

Embracing technologies such as artificial intelligence requires comprehensive understanding due to their dynamic nature. Our digital road map emphasises a discerning approach, selecting technologies that provide a competitive edge and ensuring efficient responses that align with our objectives.

Our five year organisational plan centres on strategic technological integration, operational excellence and a commitment to meeting customer needs.

Telephone: 4793700 | Email: customer.care@hnbassurance.com| Website: www.hnbassurance.com