HNB GENERAL INSURANCE
Q: How would you describe general insurance penetration in the country?
A: The general insurance sector enjoys a wider penetration than life insurance. At least 99 percent of the vehicle population is insured against own or third party risks; and houses are insured but the level of penetration of non-financed housing entities remains extremely low.
Given that Sri Lanka is prone to many catastrophes, it is crucial that we’re prepared for contingencies; and we insure our houses, vehicles and other belongings to be adequately protected.
Q: What would you consider your firm’s chief strength?
A: Team effort; the unwavering commitment of our staff towards business oriented performance
is what drives our success.
Q: And could you elaborate on the product portfolio?
A: Our products are designed on the basis of individual and business needs. Product pricing and features are updated in a timely manner considering ever evolving customer needs. Our trained underwriting team continuously strives to maintain the right mix of both motor and non-motor ratios so that the product portfolio yields favourable returns in the long run.
Q: In the context of volatile economic conditions, what are the company’s strategic plans for the future?
A: Volatile economic and political conditions create good opportunities for insurance companies as we’re in the business of risk taking.
However, as much as emerging risks benefit the insurance sector, they can also curtail growth. Lack of investments and infrastructure projects can have a cascading effect on stakeholders at all levels. Therefore, we hope to see positive economic prospects as the sector will certainly benefit from this.
Q: Your company talks about ‘Vision 2020’ – could you explain this?
A: ‘Vision 2020’ is a plan that we developed in 2018. It’s focussed on delivering superior and sustainable returns to all stakeholders in a responsible manner, through a revolution in people, processes and products. Moreover, we have taken up several CSR initiatives as a way of giving back to society.
Q: And how do you view the future of the company?
A: The future appears very bright for both our sectors – HNB Assurance and HNB General Insurance – and our performance in the last three years augurs well for this!
The confidence that our shareholders and policyholders have in us stems from the quality of products and services that we deliver, and even our employees are taken care of. It is safe therefore, to say that our future looks quite promising.
Q: In your opinion, what future challenges is the general insurance sector facing?
A: Our future challenges will be associated with prospective political and economic issues that may come our way. The upcoming elections will be crucial. This year’s budget intends to facilitate higher levels of activity and if disposable incomes increase, our sector will certainly benefit from them.
We don’t know what exactly is on the cards but we’re very optimistic and hope to benefit from a stable governance structure. Our growth will be in line with the growth of the country.
Q: Despite fierce competition, what is your game changer?
A: Digital transformation is already taking over the way we do business, accumulate our top line, manage expenses, produce results and service customers. Our success will depend on digital embracement and adaptation. In my view, that is the future.