The insurance industry is undergoing a significant transformation worldwide, and Sri Lanka is no exception. At the forefront of this change is Allianz Insurance Lanka Limited, a key player in the Sri Lankan insurance landscape, driving innovation, enhancing customer experiences, and expanding insurance penetration across the country. Leading this charge is Prashant Grover, the CEO and Country Manager of Allianz Insurance Lanka Limited. With extensive experience spanning Asia and Europe, he brings a wealth of knowledge and a unique perspective to the Sri Lankan market.
Having worked in various markets across Asia and Europe, Prashant is acutely aware of the differences between these regions. “In Europe, the insurance landscape is more mature, with higher penetration levels and greater awareness of insurance products resulting in more saturated markets” he explains. “In contrast, Asia, and particularly Sri Lanka, presents a different scenario where insurance penetration is still low, and the markets are growing. Raising awareness is crucial in helping people understand the need for insurance and how it fits into their various life stages and lifestyles.”
Prashant emphasizes the need for adaptation when implementing global strategies in a local context. Drawing from his European experience, he stresses the importance of tailoring Allianz’s product offerings, distribution approach and customer engagement practices to better suit the unique needs and behaviours of Sri Lankan consumers. This approach is vital as Sri Lanka’s insurance sector, while still in a stage of growth, offers both challenges and opportunities.
He acknowledges that the recent economic downturn in Sri Lanka has impacted consumer behaviour towards insurance. However, he remains optimistic, emphasizing that with the economy beginning to recover, there is an opportunity to re-engage consumers. “As the economy rebounds, we expect to see a renewed willingness and ability among individuals to invest in insurance products, both in general and life insurance,” he says. “Our goal is to ensure that Allianz Lanka is ready to meet this demand with products that are tailored to the evolving needs of our customers.”
The impact of digital transformation on the insurance industry cannot be overstated. Prashant highlights that Allianz Lanka is fully committed to leveraging its digital capabilities and technologies to innovate its product offerings and distribution channels. “Digital transformation is reshaping industries globally, and insurance is no exception,” he says. “At Allianz Lanka, we are focused on three main areas: product innovation, distribution channels, and customer journeys.”
Prashant elaborates on the importance of simplifying insurance products, particularly through digital platforms. “The products we offer through digital channels need to be easy to understand, easy to buy, and easy to use,” he notes. “This is where technology plays a crucial role in driving product simplification and enhancing the overall customer experience.”
In terms of distribution channels, Prashant believes that consumer behaviour is shifting, with more people researching and evaluating insurance products online, even if they ultimately purchase them offline. “We aim to be present in both digital and traditional channels,” he explains. “Whether a customer chooses to buy insurance online or offline, we want to create a seamless experience that bridges the gap between digital and traditional distribution methods.”
Prashant also underscores the importance of digitizing customer journeys to make insurance services more accessible and efficient. “Our objective is to offer end-to-end digital services, minimizing the need for customers to visit branches or engage in lengthy processes,” he says. “This approach aligns with our intent to be where the customer is and fulfill their expectations of convenience and efficiency.”
One of the key challenges in the Sri Lankan insurance market is the low penetration rate, particularly in underserved segments. Prashant identifies four critical areas that Allianz Lanka is focusing on to address this issue: awareness, availability, accessibility, and affordability.
“Creating awareness is the first step towards increasing insurance penetration,” he asserts. “We need to educate people about the benefits of insurance and how it can protect them at different stages of their lives. This awareness must be built through various channels and tailored to specific topics such as health insurance or coverage needed to corporate enterprises .”
Availability is another crucial factor, as Prashant points out that insurers must ensure they offer the right products to meet the evolving needs of consumers. “We need to continuously analyze and refine our product offerings to ensure they are relevant and valuable to our customers,” he says.
Accessibility is equally important, with Prashant emphasizing the need to make insurance products easily accessible through both traditional and digital channels. “We are exploring new channels to reach a broader audience and make our products more accessible to everyone,” he notes.
Finally, he highlights the importance of affordability in driving insurance penetration. “Pricing is a key consideration,” he says. “We must ensure that our products are affordable for different customer segments, offering the right coverage at the right price.”
As the new CEO and Country Manager, Prashant’s key priorities include enhancing the customer experience at Allianz Lanka. “It’s essential to measure and understand our strengths and weaknesses in terms of customer experience,” he explains. “This understanding allows us to define the end-to-end journey, including key moments such as a seamless claim process, ensuring that we meet and exceed customer expectations.”
Prashant acknowledges that receiving the right feedback is often challenging, but it’s crucial for aligning the company’s value proposition with customer needs. By focusing on these areas, Allianz Lanka aims to provide a superior customer experience.
As part of one of the world’s largest insurance groups, Allianz Lanka has the advantage of drawing on the global strengths of the Allianz Group. Prashant is keen to leverage Allianz’s global strengths, including superior risk management practices and technical excellence, to drive growth in Sri Lanka. ‘We are bringing these strengths to the Sri Lankan market, ensuring that our customers feel secure and confident in the products they purchase from us,‘ he says.
He also emphasizes the importance of building and maintaining trust with consumers, something that the Allianz brand is well-known for. ‘Trust is a key component of our value proposition,’ he asserts. ‘By leveraging the Allianz brand and our global expertise, we aim to offer unparalleled value to our customers.’
Looking ahead, Prashant identifies the key challenge as keeping insurance relevant in the current economic situation and increasing penetration as the economy recovers. ‘This is also the biggest opportunity,’ he notes, ‘where Allianz can address the evolving protection needs of customers by creating more awareness and providing access to insurance solutions.'”
By focusing on digital transformation, increasing insurance penetration, and leveraging the global strengths of the Allianz Group, Prashant is leading Allianz Lanka in transforming the insurance industry in Sri Lanka towards a future where it can play a pivotal role in the growth and development of the insurance sector locally. As the country continues to recover economically, Allianz Lanka is committed to being a trusted partner for its customers, offering innovative and accessible insurance solutions that meet their needs at every stage of life.