The insurance industry is in a constant state of flux, with challenges and opportunities emerging in equal measure. Lasitha Wimalaratne, the CEO of HNB Assurance PLC, has embraced these changes with a forward-thinking approach that has set the company on a path of differentiation by embracing technology and focusing on service delivery. With a career spanning both local and multinational insurance giants, his experience and passion for the industry shine through as he discusses the future of insurance and the role of technology in shaping it.
Reflecting on his career, Lasitha discusses the evolution of the insurance industry. Despite the challenges posed by external factors such as the COVID-19 pandemic and the economic crisis, the industry has shown resilience. “As an industry, there’s so much more we can achieve in terms of penetration” he notes, pointing out that the penetration of life insurance in Sri Lanka is still low, hovering around 0.5% of the GDP. However, the potential for growth remains immense.
Under his leadership, HNB Assurance has consistently outperformed the industry, achieving an average growth of 26% over the past three years, which is double the average industry growth. This success, he explains, is the result of strategic expansion across both agency and partnership channels, the introduction of customer-friendly products, and a strong emphasis on technology.
Lasitha’s experience with global giants like Aviva and AIA has been instrumental in shaping his approach to leadership and strategy. “The learning and exposure I gained from these companies were invaluable,” he says. During his tenure with these multinationals, he visited international operations and headquarters, absorbing best practices that he later implemented in Sri Lanka.
His ability to translate global insights into local success was evident in the industry-first initiatives he introduced at Softlogic Life, many of which continue to benefit the entire sector today. These experiences have not only honed his technical expertise but also deepened his understanding of customer needs and market dynamics.
As a chartered insurer and a fellow member of multiple professional bodies, Lasitha is a staunch advocate for continuous learning. He emphasizes the importance of professional qualifications in building a solid foundation for a successful insurance career. “Personally, I have always been a technical guy, I believe, that the technical knowledge gained through these qualifications will help you in identifying and bridging solutions to evolving customer needs, enabling better solutions which not only helps your organization but also serves as a benchmark to the industry” he explains.
His commitment to education extends to his team at HNB Assurance, where he actively encourages staff to pursue further studies and certifications. This focus on professional development has not only enhanced the capabilities of his team but also contributed to the company’s strong performance.
Beyond his role at HNB Assurance, Lasitha has made significant contributions to the broader insurance industry in Sri Lanka. As the past president of the Sri Lanka Insurance Institute (SLII) and the current Vice President of the Insurance Association of Sri Lanka (IASL), he has been instrumental in promoting education and professional standards within the industry.
Under his leadership, SLII expanded its educational programs to other countries, including the Maldives, and he continues to play a pivotal role in shaping industry policies through his work with IASL.
Technology is rapidly transforming the insurance landscape, and Lasitha is keenly aware of its potential. At HNB Assurance, he has spearheaded initiatives to leverage technology for improving customer interactions, streamlining processes, and enhancing service delivery. “The next phase is all about using data analytics to provide a better experience to our customers. “By extracting actionable insights from data, we can achieve more accurate risk assessments, which benefits both the company and our policyholders. An example in terms of pricing, as a company we can ensure that customers are not overcharged, enabling us to offer more tailored and competitive products. he says.
Recognizing the importance of data-driven decision-making, HNB Assurance has invested heavily in building the infrastructure needed to support advanced analytics. By the end of the year, the company plans to roll out a comprehensive data analytics platform, setting the stage for a future where customer experiences are personalized and optimized.
Looking ahead, Lasitha is confident in HNB Assurance’s ability to achieve its ambitious goals. With a legacy of trust built over nearly 150 years as part of the HNB Group, the company is well-positioned to continue its trajectory of growth. “Our target is to achieve a 10% market share by 2026,” he declares.
As the insurance industry evolves, Lasitha remains committed to leading HNB Assurance to new heights, driven by a passion for innovation, education, and customer-centricity. His vision for the future is clear: a seamless, technology-driven insurance experience that meets the needs of Sri Lankans while maintaining the highest standards of trust and integrity.