In this exclusive feature, Global CEO Magazine sits down with two of the driving forces behind the remarkable ascent of HNB Assurance PLC — Mr Harindra Ramasinghe, Chief Business Officer – Adviser Distribution Channel / General Manager and Mr Sanesh Fernando, Chief Business Officer – Partnership Distribution Channel / General Manager.
United by a shared vision and sharpened by complementary strengths, these two industry stalwarts unravel the strategic blueprint behind the company’s exceptional growth, the reinvention of its distribution architecture, and their bold, forward-thinking roadmap for reshaping the future of Sri Lanka’s insurance landscape.
01. Harindra, could you outline your key responsibilities as the Chief Business Officer overseeing the Adviser Distribution Channel at HNB Assurance?
Harindra Ramasinghe (HR):
My core mandate is to drive the growth and performance of the adviser distribution channel. I oversee the operations of our 150 business operation units, including 72 physical branches with approximately 3000 sales team members island-wide, along with appointed sales teams overseas, ensuring operational excellence at every level.
A crucial part of my role involves providing leadership and management insight to the six strategic business units that structure our national distribution operation. I focus mainly on developing strategies to improve branch network productivity and efficiency. In addition, I oversee staff and sales team recruitment, mentoring, and empowerment to consistently deliver exceptional results.
I also work closely with all departments, as well as zonal and regional teams, to strengthen network capability and branch-level efficiency, making sure everything stays aligned with our broader organisational goals.
02. Sanesh, as Chief Business Officer of the Partnership Channel, how do you contribute to the company’s strategic value and expansion?
Sanesh Fernando (SF):
My responsibilities span multiple key verticals: bancassurance, corporate business, foreign operations, and both digital and telesales channels. Our partnerships form the cornerstone of our business model. At present, we operate over 250 bancassurance units through our parent and primary partner, HNB, leveraging their branch network across the country. Apart from this, we have also partnered with other banks and financial institutions, supported by a dedicated distribution team of 50 specialised officers. This structure underpins our long-term growth strategy and drives sustained value creation.
03. HNB Assurance has recorded an extraordinary 26% average annual growth over the past four years—far exceeding industry norms. What are the strategic pillars behind this success?
Harindra Ramasinghe (HR):
Indeed, achieving an average annual growth rate of 26%—nearly double the industry’s 15% range—is a remarkable accomplishment. Our growth stems from a bold strategic vision introduced in 2022: to capture a 10% market share within five years. With over a year and half remaining, we are well on track to meet this target.
Our dual-channel distribution model—comprising adviser and partnership networks—has scaled both in scope and in the calibre of performance. We’ve invested in market-driven product innovation, aligning closely with evolving customer expectations. The alignment of leadership, vision, and passionate execution has created a results-oriented culture that continuously propels us forward.
Sanesh Fernando (SF):
Culture has been a defining asset in our journey. We’ve cultivated an inclusive, progressive, and high-performing environment—particularly supportive of working women and young professionals. Moreover, we place strong emphasis on employee development, career advancement, and CSR engagement. Our bancassurance operation, which has been named Sri Lanka’s Best Bancassurance Provider for five consecutive years by Global Banking and Finance Review, exemplifies the consistency and excellence embedded across our distribution network.
04. What specific contributions has the agency channel made towards this impressive growth?
Harindra Ramasinghe (HR):
The adviser distribution channel has been central to our performance. In 2020, our New Business Premium stood at LKR 600 million. This figure has since quadrupled to LKR 2.35 billion, while our Gross Written Premium has doubled from LKR 3.5 billion over the same period.
Our success is anchored in three strategic priorities:
1. Agency Expansion – Scaling our talent pool and geographic footprint.
2. Average Case Size Growth – Enhancing policy values through structured monitoring and feedback.
3. Activity Level Improvement – Driving adviser productivity with data-led performance frameworks.
We’ve increased our ranking base adviser count from 600 to 1,475 within four years. Moreover, the focus on urban branch development, structural upgrades, and adviser retention has been instrumental in achieving sustained, scalable growth. Our training and performance development initiatives continue to foster excellence across the channel.
05. Sanesh, what strategies has the partnership channel deployed to expand its market share?
Sanesh Fernando (SF):
The partnership channel currently contributes 48% of the “Total GWP of the company”. Alternative channels alone have grown by 34%, and overall, we’ve maintained a consistent annual growth of 25–30%.
Our success begins with product innovation. We’ve aligned our insurance offerings with HNB’s core banking services—introducing leasing, card-based policies, loan protection products, Key Person Insurance for SMEs, and Micro Guard plans for the microfinance sector. Every financial product is strategically complemented by a relevant insurance solution, creating a seamless customer experience.
We’ve also expanded via affinity groups, collaborating with member-based organisations to deliver bespoke insurance packages. On the digital front, unassisted online insurance products and telesales have improved accessibility and engagement—especially for underserved segments.
International expansion has been another key driver. Our foreign operations, contributing 10% of the channel’s total volume, are now active in the UAE and Italy, offering tailored solutions to Sri Lankan expatriate communities.
06. You’ve highlighted Key Person Insurance and microinsurance as key initiatives—could you elaborate on their impact?
Sanesh Fernando (SF):
Key Person Insurance targets SMEs by offering financial security in the event of losing key personnel—an area traditionally overlooked. It allows businesses to mitigate operational risks and maintain continuity.
Simultaneously, our microinsurance initiatives have extended coverage to over 70,000 families in the past year alone. These low-premium, high-accessibility products are tailored to align with customer income levels, promoting financial inclusion. This initiative supports grassroots resilience, particularly critical in the post-pandemic recovery phase for small businesses.
Together, these products illustrate our commitment to inclusivity, entrepreneurship, and community resilience.
07. How do you motivate and retain high-performing talent?
Harindra Ramasinghe (HR):
Talent retention is critical in a competitive market. We practise “management by objective”, aligning personal and organizational goals to create synergy. Our flat hierarchy fosters an open, empowering environment, which significantly boosts morale and loyalty.
We reward excellence through structured incentives, fast-track promotions, and career development support. Beyond numbers, we value qualitative performance—fostering a culture where individuals feel recognised, motivated, and part of a broader mission.
Sanesh Fernando (SF):
In the partnership channel, we have developed the Life Campus training platform in collaboration with leading institutions. Even school leavers are given clear, aspirational career pathways. One-on-one onboarding ensures we understand and support personal goals from the outset. Our framework of personalised development, transparent growth tracks, and holistic training ensures retention of a loyal and high-performing workforce.
08. How do you approach markets with low insurance penetration?
Harindra Ramasinghe (HR):
Insurance penetration in Sri Lanka remains at around 1% of the country’s GDP (GWP as a % of GDP), with a huge potential for growth available. Our approach is needs-based and customer-centric. We categorise customer needs into:
1. Protection – Safeguarding family income.
2. Healthcare – Bridging gaps in the public system with private coverage.
3. Child Education – Structured savings for educational futures.
For example, our LKR 75 million health insurance plan has gained traction among professionals, while flexible protection policies offer a blend of life cover and monthly income benefits. Our microinsurance schemes, extended to 70,000 families last year, demonstrate our commitment to serving all socioeconomic strata.
09. Sanesh, what does the future of the partnership channel look like?
Sanesh Fernando (SF):
We plan to expand partnerships, deepen digital integration, and embrace product simplification. Customers increasingly seek intuitive, bundled offerings. We’re developing flexible plans that evolve with life stages—starting with base products and allowing top-ups as needs grow.
The future will be shaped by:
1. Strategic partnerships
2. Full digital transformation
3. Seamless bundling of services
4. Simple, transparent products
5. Customisable, dynamic plans
These five pillars will define the next phase of our growth.
10. Harindra, how do you foresee the adviser channel evolving in the next five years?
Harindra Ramasinghe (HR):
Our current book is valued at LKR 7.5 billion. We aim to double this to LKR 15 billion within four years. This will require a fully digitized sales ecosystem, including virtual branches and cashless transactions.
We are transitioning to AI-supported, data-led adviser models. Our adviser network will expand into international markets such as Italy, building on our UAE presence and targeting the Sri Lankan diaspora.
Ultimately, the future of the adviser channel lies in virtual operations, technology-enabled customer engagement, and predictive advisory services powered by intelligent data systems.
