INSURANCE SECTOR
PROTECTION IS PARAMOUNT
Harindra Perera stresses that the uncertainties of life need protection
Compiled by Randheer Mallawaarachchi
Q: How is the country faring in terms of insurance penetration, in your assessment?
A: Insurance penetration in Sri Lanka is currently less than two percent in both the life and general insurance sectors. While some would say that a lack of awareness is the main contributing factor, I feel that a lack of necessity is a far more important reason for this situation.
My area of expertise lies in the general insurance segment where only motor insurance is made compulsory by law. This legal requirement ensures that this particular segment is constantly in high demand.
Insurance companies create ample awareness about the impact of risks and their financial implications, which can wipe out time and the investments of generations. However, the reluctance to comprehend such a reality leaves the majority exposed to risks even when there’s a safer option of protection that provides people with clarity and peace of mind.
Q: What steps should be taken to retain agents in the sector?
A: Human resource teams should train, develop and keep their employees updated on prevailing market trends, and enable the companies they represent to foster a learning culture.
Q: As a pastor, how has your faith affected your personal ethics as a business leader?
A: My personal belief is that it becomes an easy task if an individual is fortunate enough to work in a company with core values that encompass empathy, authenticity, transparency and social responsibility.
Every person has his or her own source of motivation, and I believe that my faith is what makes me who I am – and what I represent.
Treating everyone with an equal level of respect should be inculcated within the DNA of every company – not only in the insurance sector. My opinion as a pastor is that the golden rule of ‘do unto others as you would have them do unto you’ should be enforced to create a mutually respectful working environment for employees, managers, customers and other stakeholders.
Q: Have you observed notable changes in the approaches adopted by insurance agents this year as they look to cater to evolving customer needs?
A: Year 2020 was a defining period for the entire world. Workplaces should equip themselves with innovation, digitalisation and adaptability to transform with minimal effort so that they can keep up with the changing market dynamics, and deliver results to existing and potential customers.
Q: Would you agree that the insurance sector requires a balance between a business mindset and that humane touch?
A: Insurance is a service where the core philosophy is based on a promise. Customers should feel reassured that these promises will be fulfilled when emergencies arise.
Insurance agents deal with people’s life investments, livelihoods and the businesses of generations. It follows that the need to understand the depth and value people place on these assets – which could be destroyed as a result of unforeseen events – is crucial.
In addition, insurance agents should take to heart the main principles of honesty, integrity and transparency. They should master the art of ensuring financial protection, which is sold in the form of insurance.
Furthermore, customer feedback must be viewed as an incentive that contributes to change and growth. We must look at ourselves in the mirror – and readjust and realign to be better today than we were a day earlier.
Q: And last but not least, how would you explain the importance of insurance to people in general?
A: As insurance professionals, we should constantly attempt to put ourselves in the shoes of our customers. Every product that is delivered should be customer centric with concise and clear details, in order to eliminate confusion and ensure clarity.
Humans have a tendency to be on the move, engage in regular journeys to seek new experiences and dream big when it comes to ways to add more meaning to their lives. And optimism opens up a plethora of possibilities that lie ahead of us.
As much as a grand future filled with optimism helps us achieve more, having a solid plan to face the uncertainties of life is an added advantage.
I believe there’s no better sensation than knowing that we can have the things we want without worrying about the ‘ifs’ and ‘buts,’ which bring fear and hinder the ability to reach our potential.
Therefore, we have a responsibility to support our customers throughout their journey by protecting the things that matter to them while ensuring that the uncertainties of life don’t get in the way of their progress.
