Ivan Nicholas, the Chief Executive Officer of SANASA Life Insurance Co. PLC, holds a forward-thinking leadership in Sri Lanka’s insurance industry. With a strong connection to SANASA Life’s roots, he has successfully guided the company through periods of transformation while staying true to its founding principles.
For Ivan, SANASA Life’s success is deeply intertwined with its history. He draws from SANASA’s origins, which were built on cooperative principles aimed at supporting Sri Lanka’s rural farming communities, to craft the company’s customer-centric strategies today. “SANASA Life Insurance derives its strategies from its past of humble beginnings,” Ivan explains. He recounts how SANASA’s founding chairman, Dr. P.A. Kiriwandeniya, created an insurance scheme that allowed farmers to pool their resources to collectively purchase paddy for cultivation. This cooperative strategy not only helped farmers overcome financial constraints but also laid the groundwork for SANASA Life’s modern approach to understanding and meeting customer needs.
“We build on a similar base strategy today,” says Ivan. “Our goal is to support those in need of financial assistance by identifying their unique needs. Insurance, as it is today, is a volatile and evolving field. As an organization that identifies the distinct requirements of each client, we develop innovative insurance products that suit particular needs and wants.” This flexible approach is central to SANASA Life’s success. By listening to its customers and developing plans that address their specific needs, the company has created a suite of products that balance innovation with the ethical standards rooted in its founding principles.
In today’s fast-evolving financial landscape, the ability to adapt is critical to staying relevant, and SANASA Life excels in this area. Ivan believes that innovation is key to remaining competitive while meeting the ever-changing demands of customers. “The saying ‘the customer is always king’ may sound cliché, but it holds true in any business,” he says. Ivan notes that SANASA Life has adhered to this principle since its inception, consistently creating insurance products that cater to the specific needs and wants of its clients.
One prime example of SANASA’s ability to innovate is the introduction of an insurance policy tailored for the extreme sport of tandem para-jumping. This sport, conducted under the supervision of the Sri Lanka Air Force at Koggala, involves two people—the instructor and the jumper—leaping from an airplane together. The inherent risk of the sport presented a unique challenge, and SANASA Life was quick to respond. “We introduced a groundbreaking insurance policy that offers comprehensive coverage for tandem para-jumpers from the moment they leap off the plane until they land safely on the ground,” Ivan explains. This innovative product demonstrates the company’s ability to develop niche insurance solutions while adapting to emerging market trends.
The tandem para-jumping policy is just one example of how SANASA Life stays ahead of the curve by creating specialized products for specific needs. The company’s ability to evolve in response to market demands has set it apart as a leader in the industry
Despite SANASA Life’s many successes, Ivan acknowledges the significant challenges facing the insurance industry in Sri Lanka. The most pressing of these challenges is the low level of market penetration. According to the United Nations, Sri Lanka has a population of approximately 23.1 million people, but only 15% of the population has some form of insurance coverage. This translates to just 3.4 million people being insured, a stark contrast to developed countries where market penetration often exceeds 90%.
Ivan views this challenge as an opportunity for growth. “At SANASA Life, we see this low penetration level as a chance to create greater awareness about the importance of life insurance,” he says. To address this issue, the company launched a timely awareness campaign titled “Hamotama life insurance ekak” (Life insurance for every Sri Lankan). This campaign is aimed at educating the public about the critical role life insurance plays in providing financial security, particularly during times of loss.
The campaign is being rolled out in two phases. The first phase involved mobilizing the staff of SANASA’s extensive network of 130 branches to reach out to diverse segments of society. “Our staff was tasked with educating people about the invaluable benefits of life insurance,” Ivan explains. This phase was designed to tap into the market potential for life insurance by targeting segments of the population that had not yet been reached by traditional insurance marketing efforts. A key observation during this phase was that many Sri Lankans were unaware of the investment benefits that life insurance can offer, in addition to its protective features.
The second phase of the campaign involves yet another innovative product offering. SANASA Life introduced a policy specifically designed for small and medium-scale enterprise (SME) owners to cover their employees. Recognizing that SMEs often struggle to invest in additional employee benefits due to their tight budgets, SANASA created a policy that offers comprehensive coverage at highly affordable premiums. “This policy is not only a safety net for employees but also a model that other entrepreneurs can follow,” Ivan says. This innovative approach not only helps small businesses but also expands SANASA’s market reach by offering an insurance solution tailored to the unique needs of the SME sector.
Customer satisfaction is the cornerstone of SANASA Life’s business model, and Ivan has implemented several initiatives to ensure that it remains a top priority. With over 100 branches across Sri Lanka, SANASA Life has established multiple channels for customers to provide feedback, whether through comment books, emails, or calls to a dedicated hotline. Ivan emphasizes the importance of listening to customers and acting on their feedback promptly.
A standout initiative that Ivan implemented to improve customer service is the creation of an underwriters’ pool. In the past, each branch had its own dedicated underwriter to assess the eligibility of prospective customers, but this often led to bottlenecks, especially at the end of each month when the volume of policies awaiting approval surged. To address this issue, SANASA Life developed a pool of underwriters who operate in a supervisory capacity, overseeing smaller groups of underwriters to speed up the approval process.
“Back in 2022, we selected 28 individuals to take on the role of supervisor underwriters after a rigorous testing process,” he explains. “These supervisors manage the approval of policies as they are submitted, which has significantly reduced the bottlenecks that previously delayed the process.” This initiative has not only streamlined operations but also ensured that customers receive their policy approvals in a timely manner, improving overall satisfaction.
The creation of the underwriters’ pool is a prime example of how SANASA Life continuously innovates to improve internal processes while enhancing the customer experience. Ivan takes great pride in the fact that this solution has not only benefited the company’s efficiency but also set a new standard in the insurance industry.
Ivan’s leadership at SANASA Life is characterized by a commitment to blending tradition with innovation. By building on the company’s cooperative roots while introducing cutting-edge insurance products and solutions, he has successfully guided the company through an era of growth and transformation. As SANASA Life continues to evolve, Ivan remains focused on delivering flexible, innovative, and customer-centric solutions. His vision for the future is one in which SANASA Life continues to expand its market reach, offering affordable and comprehensive insurance coverage to every Sri Lankan.