In the vibrant world of business and innovation, Sunil De Silva and Nalin Welgama, the dynamic duo behind Asia Corp Insurance Brokers (Pvt.) Ltd, have been making waves across the corporate landscape.
Their story is one of determination, innovation, and a relentless pursuit of excellence. Sunil De Silva, with his vision, and Nalin Welgama, with his razor-sharp business acumen, have not only steered Asia Corp to unprecedented heights but have also become emblematic figures in the realm of entrepreneurship and sustainable growth.
Reflecting on Sunil’s journey across diverse healthcare organizations and industries, he’s come to cherish common principles and values that have been pivotal in shaping his success. It’s been a truly blessed journey, one that transcends borders and finds its roots in two remarkable countries that he calls home. Born in Sri Lanka and embraced by the United States, he has had the privilege of receiving not just education and work experience, but also an abundance of love and support from both. The people of the United States, in particular, stand out for their exceptional generosity, open arms, and commitment to uplifting their citizens and extending a helping hand to those from other lands. For over five decades, Sunil has been a direct beneficiary of their patience, guidance, and support.
One core principle he holds dear is his aversion to making predictions. Instead, he places his faith in crafting a solid plan, meticulously executing it, and remaining adaptable, ready to make necessary adjustments along the way. This pragmatic approach has been his compass, steering him through the complex terrain of the healthcare industry. It’s a testament to the invaluable lessons Sunil has learned from two extraordinary countries that have enriched his life beyond measure.
In an insurance landscape characterized by rapid evolution, marked by emerging risks and shifting customer expectations, Asia Corp stands for adaptability and competitiveness. The company has recognized the need to keep pace with these changes, drawing inspiration from the exemplary model of insurance risk management in California, where Sunil resides. As he puts it, Asia Corp’s strategy involves the execution of a plan that seeks to incorporate the best practices and principles from California’s insurance landscape, extending these benefits to the people of Sri Lanka. It’s evident that the prevailing insurance underwriting and claims payment processes in Sri Lanka have remained stagnant for an extended period, making it imperative for change to ensure long-term sustainability in this dynamic market. Asia Corp is committed to leading this transformative change, redefining the insurance sector in Sri Lanka, and setting new standards of excellence.
Asia Corp’s approach to insurance transcends the conventional model of simply issuing policies and collecting premiums. In line with their commitment to reducing risks for both the insured and the insurance company, they have recently introduced a pioneering system that fosters a mutually beneficial, long-term relationship. Breaking new ground in Sri Lanka, Asia Corp has introduced a revolutionary concept where individuals can utilize their health insurance cards to access medical services at their Healthy Life clinics, eliminating the exclusive reliance on hospitals for healthcare needs.
Notably, Chathura Siyasena, Asia Corp’s COO, has embarked on a mission to support insurance companies in navigating the complex terrain of reinsurance treaties. Given the challenges brought about by the COVID-19 pandemic and Sri Lanka’s declaration of bankruptcy, many insurance companies have faced significant setbacks in this area. Asia Corp recognizes the importance of a robust insurance industry and is dedicated to assisting even their direct competitors in ensuring the industry’s collective strength.
Lastly, Sunil expresses heartfelt gratitude to his close friend of over five decades, Nalin Welgama, for his support in their joint efforts to elevate healthcare and transform the insurance industry in Sri Lanka. He also cherishes the guidance provided by his beloved wife, Dr Janesri De Silva, a board-certified pediatrician in Los Angeles with a profound dedication to the field of Pediatrics, whose support has touched his heart and influenced his journey as a professional. Over the past 18 years, Dr. Janesri and Sunil have successfully established the largest pediatric medical group in Los Angeles, comprising 24 locations. Their Health Maintenance Organization (HMO) has provided care to over 1 million children. Dr. Janesri holds a prominent role as a board member within the largest health plan in Los Angeles, LA Care. Additionally, she is the Medical Director for Kids & Teens Medical Group, Serendib Healthways, and Pediatric Urgent Care, demonstrating her extensive leadership and expertise in pediatric healthcare.
Nalin Welgama’s decision to invest in Asia Corp was deeply rooted in his and Sunil’s shared vision for strategic diversification within the Ideal Group. As a diversified conglomerate with a significant footprint across various industries, including automobile assembly, logistics, renewables, and finance, they saw insurance broking as a natural progression that would complement their existing portfolio of products and services.
Moreover, Nalin’s long-standing friendship with Sunil, dating back to their teenage years, played a pivotal role in their partnership in the insurance business. He says their close bond and extensive network have allowed them to guide Asia Corp towards rapid growth and success. Today, Asia Corp stands strong, poised to achieve a budgeted GWP (Gross Written Premium) exceeding Rs 500 million in the calendar year 2023, a testament to Nalin and Sunil’s collective vision and determination.
Considering the evolving insurance landscape, the horizon is rich with opportunities and challenges for Asia Corp. Nalin emphasises their aspiration is crystal clear: to ascend to the top 5 ranks within the insurance broking industry in the next 2 years. To achieve this ambitious goal, they’ve meticulously assembled a highly promising and professional team. Their aim is nothing short of being recognized as the “best in the business” soon. In the pursuit of excellence, Nalin presses that they continually engage in the art of invention and innovation. Examples include their pioneering “7 in 1” product and the most recent foray into the reinsurance field through a strategic alliance with a world-renowned reinsurance company. These groundbreaking initiatives are poised to position Asia Corp firmly in the driver’s seat, reinforcing its commitment to agility and responsiveness in navigating the dynamic landscape of the insurance industry.
The partnership of Sunil De Silva and Nalin Welgama within the realm of Asia Corp is a testament to the power of friendship, vision, and dedication. Their journey, born from the synergy of diverse experiences and shared values, has propelled Asia Corp to unprecedented heights. As the insurance landscape evolves, this dynamic duo’s commitment to innovation, adaptability, and excellence sets a resounding example. With a visionary team in place and a relentless pursuit of being among the top 5 players in the industry, Asia Corp is poised for an exciting future. Through their inventive products and strategic alliances, they are charting a course towards success, not just for their company but for the insurance industry in Sri Lanka as a whole.