HNB General Insurance formulates strategies to overcome adverse conditions
HNB General Insurance Ltd. (HNBGI), the fully owned subsidiary of HNB Assurance PLC (HNBA), provides a wide array of motor and non-motor insurance solutions. With its growing product portfolio and customer base, the company has embarked on a mission to expand its operations across the country.
The company has adapted a well-focused, customer-centric approach with the aim of providing an effective and superior service to its customers.
Sharing his views on the company’s outlook, HNBA and HNBGI Managing Director/CEO Deepthi Lokuarachchi stated: “The general insurance market in Sri Lanka is a highly competitive one. In addition to the fierce competition and myriad of challenges in the market, the prevailing adverse economic conditions make the situation even more challenging for its players. The general insurance market as a whole has taken a stern turn with the increase in the use of vehicles and taxation imposed on vehicles. In addition to these factors, natural catastrophes such as extreme weather conditions such as back-to-back floods have taken a hit on the industry. Due to these extreme conditions, most companies have adapted sustainable business strategies to compete in the market.”
Speaking on the product portfolio of HNBGI, Lokuarachchi added: “The success of any business within this discipline depends on the steadiness of its distribution channel, competencies of the agents, and the nature of its products. Over the years, HNBGI has showcased an impressive growth, despite adverse market and economic conditions, and has introduced a range of diversified products. While motor insurance remains the largest segment of the general insurance market, it comprises other key segments such as travel insurance, marine insurance, fire insurance, home insurance, etc. and HNBGI caters to all these general insurance segments with a range of innovate products. The company has also taken a step ahead in building tie-ups with a number of other brands and strengthening its bancassurance channel in order to offer both motor and non-motor insurance solutions with a range of benefits.”
Speaking further, he said: “The company’s customer-centric approach and improved efficiencies in claims settlement set new benchmarks within the industry and helps in providing a superlative service to our customers.”