HNB GENERAL INSURANCE
Q: How has the general insurance segment fared over the last two years?
A: The pandemic hit the world with a wave of uncertainty and disruption in 2020; and last year, activities normalised to some degree – change and disruption became part of how businesses operated.
The general insurance sector suffered significantly. Unlike life assurance, which grew in potential due to the realisation among the public of the need for insurance cover, general insurance was not considered a priority. This was exacerbated by restrictions on vehicle imports, lockdowns and challenging economic conditions.
Although our business was challenged by the first wave of COVD-19, we did not compromise on quality when fulfilling clients’ requirements. During the second wave therefore, customers viewed us in a different light.
They were delighted that our services continued to retain high quality standards despite numerous challenges – we paid claims on time, established digital platforms, and introduced new processes to provide customers quick and safe access to our services; and our teams worked seamlessly to deliver superior customer service.
The commitment of our teams, the infrastructure in place, the strength of our brand and trust placed on us resulted in HNB General Insurance delivering an excellent performance last year: we achieved 13 percent growth – the second highest in the tier one and two markets; reached Rs. 5.6 billion in revenue – a first in the company’s history; and improved our market ranking from 7th to 8th with a market share of 5.5 percent.
Q: How did HNB General Insurance adapt to the ‘new normal’?
A: We were very quick to change, and able to put in place necessary infrastructure successfully and efficiently with the dedication of our employees.
Significant benefits were derived from reducing operating costs due to most staff members working from home. There was also an increase in their productivity and commitment. So we were successful in minimising costs and optimising resources.
I commend our teams for adapting very quickly, being optimistic and embracing changes positively. Indeed, the company enjoyed a seamless transition into virtual working. Being a responsible employer with the best interests of its employees at heart, we did not resort to any salary cuts or reductions in other monetary benefits.
Q: What is the medium-term outlook for HNB General Insurance?
A: Given that the pandemic is still prevalent, we cannot expect much relief this year either.
However, we’re focussed on our business – we have put in place a four year strategic plan, considering all the challenges, uncertainties and risks of operating in the new normal.
As a tier two company, we’re keen to grow our market share and top line, by introducing innovative products and processes to differentiate ourselves.
Q: And how will the company grow its human capital?
A: Having been recognised as a Great Place To Work® company, we will work towards ensuring that our organisation is a sought-after employer by adding greater value to employees’ routines so that they and their families can enjoy a better quality of life.
We want to infuse more freedom, open communication and happiness into the DNA of our organisation. With a workforce where the majority comprise young professionals, we have realised the need to look beyond salaries and benefits, to investing in winning the trust of employees through mutual growth opportunities.
Our company implemented several initiatives to grow and retain its human capital – from recognising staff members for outstanding contributions, promoting a learning culture and improving employee experiences, to conducting surveys in order to identify and understand gaps in job satisfaction.
Q: And what are the future aspirations of HNB General Insurance?
A: We are looking at reinventing everything in our journey to be among the top five players in the market’s leaderboard by 2025 – i.e. our playing field and value proposition, and how we respond to market trends.
The company will concentrate on re-scoping the playing field by differentiating its route-to-market and addressing unidentified customer segments. We will also be revamping our value propositions, focussing on addressing customer pain points and building trust among stakeholders.
To do this, we will be looking at customer needs in a post-pandemic world, mapping their journeys, and understanding their challenges and preferences – all these insights will be incorporated into our future products.
Infusing technology into our operations is a vital part of this endeavour, as we will be enhancing our digital platforms to offer customers wider, faster and easier reach.
Process engineering will also be a focal point with our intention to be a lean, efficient and productive organisation, which is more responsive and proactive to market trends.
HNB General Insurance has a legacy, heritage and solidity to rely on. Now we’re focussing on infusing vibrance, modern technology and innovation to this mix to truly differentiate ourselves in the market.
