HNB Assurance

Q: Could you outline the company’s growth over the years?
 A: HNB Assurance (HNBA) has reached several milestones since its inception in 2001 – including being listed on the Colombo Stock Exchange (CSE) in 2003 and entering the S&P Sri Lanka 20 index in 2019.

The company has won multiple awards and accolades, from local and international bodies such as the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), Great Place To Work and the South Asian Federation of Accountants (SAFA) to name a few.

In 2015, we established HNB General Insurance to cater to the general insurance domain as a fully owned subsidiary of HNBA. We’ve been able to sustain our financial growth, stability and superiority, which has been evident in the consecutively affirmed National Insurer Financial Strength rating of ‘A (lka)’ by Fitch Ratings.

Moreover, we’ve secured a firm footing as the sixth and eighth largest life insurer and general insurance provider in Sri Lanka respectively. We operate 63 exclusive branches islandwide, and maintain a life fund exceeding Rs. 16.8 billion and life assets worth 26 billion rupees, while being backed by our parent Hatton National Bank.

Braving the pandemic, the group valiantly crossed the Rs. 10 billion mark in gross written premiums (GWP), overachieving with 10.4 billion rupees for the year, while market capitalisation increased from Rs. 6.9 billion to 8.7 billion rupees.

HNBA’s existence could be described as ‘rock solid,’ considering the long journey during which it has enjoyed consolidated growth, stability and sustainability to ensure optimum value creation for all.

This philosophy is reflected in our latest annual report themed ‘Solid. Enduring.’

Q: How has COVID-19 impacted brands?
A: The pandemic has brought challenges and opportunities. Successful brands capitalised on these changing dynamics while addressing critical areas such as health and wellness.

COVID-19 compelled businesses to rethink their messaging, and the relevance of their offerings to customers and employees.

We remodelled our business framework to be more digital savvy, introducing claims processing through WhatsApp, digital onboarding for new applicants, payments through online payment gateways, communications by means of SMS messages and even an automated underwriting system.

These were coordinated and supervised by the roll out of efficient working from home (WFH) structures, making our workflow and staff more digitally enabled – a blessing in disguise due to the pandemic.

Q: And how do you build brand loyalty through experiences?
A: Revisiting our purpose statement through Simon Sinek’s Golden Circle philosophy, we concluded that our raison d’être was to help each person in every step of his or her life, delivering great value to customers.

With digitalisation, we’re making experiences more pleasant, pleasurable and inviting to garner loyalty. We’ve maintained the continuity of being alongside customers, educating them and eliminating misconceptions about insurance.

This helped us elevate customer experiences at multiple touch points and make our promises tangible.

Being among the top 40 ‘Best Workplaces in Sri Lanka,’ HNBA has actively actioned and streamlined its training and development systems and processes, investing in upskilling staff. The company produced 113 sales staff for the Million Dollar Round Table Conference (MDRT) – the third highest in Sri Lanka last year, recording a bold increase from only six more than six years ago.

Q: So how does HNBA approach sustainability?
A: COVID-19 accelerated the drive to reduce our carbon footprint – i.e. through digital documentation, minimised travel, virtual meetings, remote working and an improved work-life balance.

Since its inception, HNBA has given back to the community, addressing several components in the group’s all-embracing CSR framework, covering educational upliftment, nurturing arts and culture, religious places, propagating health and wellbeing, environmental protection and tending to the differently abled.

Our longest standing undertaking has been providing clean drinking water and sanitation to underprivileged children in rural schools. With 66 projects in place – six completed last year – HNBA continues to maintain the infrastructure donated to these schools.

We maintain clear segregation between CSR and branding activities – a key value ingrained in all employees as our notion is that being responsible for a community’s protection and wellbeing is to be alongside them, guiding them towards the lives they aspire to live.

website: www.hnbassurance.com