HNB General Insurance Limited (HNBGI), a leading Motor and Non-Motor Insurance service provider in Sri Lanka, was awarded the ‘Motor Insurance Initiative of the Year - Sri Lanka’ by the Insurance Asia Awards 2021 for the innovative insurance solution, ‘MotorGuard Pay As You Claim’.
Pay As You Claim is a revolutionary insurance solution which gives customers the choice of paying 40%, 50% or 60% of the premium, to comprehensively cover the vehicle for the entire year. In the event of an accident, the claim will be paid once the policyholder settles the remainder of the premium.
Speaking regarding this achievement, Chief Executive Officer of HNBA and HNBGI, Mr. Prasantha Fernando stated, “We are extremely honored to have been recognized for the ‘Motor Insurance Initiative of the Year - Sri Lanka’ for the most recent addition to the general insurance product bouquet, ‘Pay As You Claim’, by Insurance Asia in their 2021 award line up. Maintaining a reliable and customer centric outlook throughout the years, HNBGI has been in the forefront of providing meaningful motor and non-motor insurance solutions to our customers through an array of innovative solutions. This award reflects the functionality and relevance of the product to our customers and is a testament to innovativeness of the product. I’m thankful to the HNBGI team for their efforts in introducing this timely product to the market”.
Sharing his thoughts, Chief Operating Officer of HNBGI, Mr. Sithumina Jayasundara stated, “This award strongly amplifies the unique strategies and actions put in a place by a devoted and highly skilled team to develop such a product with very distinctive features. Pay As You Claim is the outcome of understanding the ever changing needs of our customers as well as the existing gap in the market. The Company has taken a collaborative approach in developing products that offer comprehensive solutions to cater to the needs of our customers, and I believe that Pay As You Claim will surely set new benchmarks in the industry. Whilst saluting the team behind Pay As You Claim for all their efforts and winning this accolade, I wish to reiterate that the Company will continue to develop products that are innovative and more attuned to customer needs”.
HNB General Insurance Limited (HNBGI) was incorporated in January 2015 and specializes in Motor and Non-Motor Insurance Solutions and is presently one of the fastest growing General Insurance Companies in Sri Lanka, with a network of 56 branches. The Company is ranked within the Top 100 Brands and has been awarded a ‘National Insurer Financial Strength Rating’ of ‘’A+’’ (lka) by Fitch Ratings Lanka Limited and has obtained the Great Place to Work® Certification and is a fully owned subsidiary of HNB Assurance PLC. HNBA, the Parent Company specializing in Life Insurance solutions is ranked within the Top 100 Brands and Top 100 Companies in Sri Lanka and has won multiple accolades for Brand Excellence, Digital Marketing and HR Excellence and many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and the South Asian Federation of Accountants.
April
HNB General Insurance and Hatton National Bank Renew Adhishtana Partnership Enhanced Services for Sri Lankans Working Abroad and their loved ones To offer enhanced services for Sri Lankans working abroad and their loved ones Adhishtana program underwent significant revamp to better help customers HNB General Insurance Limited (HNBGI), one of the fastest growing general insurance providers and a proud member of the HNB Group, marks a significant milestone with the renewal of its partnership with Hatton National Bank PLC (HNB). This partnership expansion aims to enhance the range of insurance coverage and services accessible to customers enrolled in HNB's Adhishtana loan program. Adhishtana, HNB's savings scheme tailored for Sri Lankan nationals employed abroad, is well-regarded for facilitating pre-departure loans. The partnership between HNBGI and HNB, initiated in 2023 to provide comprehensive insurance coverage to Adhishtana customers, has undergone a significant overhaul in renewal and the revamp introduces a more extensive array of services and benefits, positioning it as the best means of financial security and protection for those seeking foreign employment. In the renewed partnership, HNBGI now covers additional categories of Sri Lankan migrant workers and their immediate family members. The Adhishtana partnership between HNB and HNBGI is conducted in collaboration with the Association of Licensed Foreign Employment Agencies (ALFEA). Sithumina Jayasundara, CEO of HNB General Insurance, conveyed his contentment with the renewed partnership, expressing, "Recognizing the pivotal role played by Sri Lankan employees abroad in contributing to our economy, especially in the current context, it is our national obligation to express gratitude. The revitalized Adhishtana partnership with HNB stands as a significant achievement, as it not only enhances our service for foreign employees but also elevates it to a new level by providing additional benefits and extending coverage to a wider range of professionals." "Given the escalating number of Sri Lankan professionals actively pursuing employment opportunities abroad each month, it is imperative for us to elevate our service offerings and fortify our support for them. The ongoing partnership with HNB GI provides substantial peace of mind to our expanding customer base concerning their financial security and protection. This underscores our commitment as the HNB Group to capitalize on our respective strengths and deliver integrated services that truly resonate with our customers," stated HNB DGM – Retail Banking Group, Sanjay Wijemanne . HNB General Insurance is a dedicated partner, addressing a diverse range of insurance needs from motor to non-motor and Takaful solutions for individuals and commercial entities across Sri Lanka. As a subsidiary of HNB Assurance PLC and a member of the HNB Group, HNB General Insurance operates through an extensive network of branches, ensuring comprehensive service coverage throughout the island. Backed by an Insurer Financial Strength Rating of ‘A- (lka)’ by Fitch Ratings Lanka Limited, HNB General Insurance is committed to creating sustainable value for stakeholders through innovation and care.
April
HNB General Insurance proudly announces the appointment of Mrs. Dayalanie Abeygunawardena to its Director Board. Mrs. Abeygunawardena brings with her a wealth of experience and expertise in insurance, management consulting, and leadership development. With over 30 years of senior management experience, Mrs. Abeygunawardena has served in various leadership roles, including Chief Operating Officer at Janashakthi Insurance Company. During her tenure, she led General Insurance operations, facilitated two successful mergers, and championed staff engagement and leadership transformation initiatives. Mrs. Abeygunawardena is a Chartered Insurance Practitioner, a Professional Certified Coach, and holds an MBA from Edith Cowan University, Australia, and an MSc in Business Psychology from Herriot Watt University, UK. As a visionary leader, Mrs. Abeygunawardena has been recognized for her contributions to the industry, receiving the Gold Award in the Banking and Insurance Sector at the 6th Professional and Career Women Awards in 2016. In her new role at HNB General Insurance, Mrs. Abeygunawardena will leverage her expertise to drive strategic initiatives and further strengthen the company's position as a leading insurance provider in Sri Lanka. About HNB General Insurance: HNB General Insurance is a dedicated partner, addressing a diverse range of insurance needs from motor to non-motor and Takaful solutions for individuals and commercial entities across Sri Lanka. As a subsidiary of HNB Assurance PLC and a member of the HNB Group, HNBGI operates through an extensive network of branches, ensuring comprehensive service coverage throughout the island. Backed by an Insurer Financial Strength Rating of ‘A- (lka)’ by Fitch Ratings Lanka Limited, HNBGI is committed to creating sustainable value for stakeholders through innovation and care.
March
HNB General Insurance, a leading provider of general insurance solutions in Sri Lanka, marks a significant milestone in its journey towards compliance with the International Financial Reporting Standard (IFRS) 17 by becoming the first local general insurance company to implement WTW's ResQ Financial Reporter (FR) and engage WTW as the main advisor for the implementation. The implementation kickoff took place on March 11th, 2024. WTW’s ResQFR is a solution that provides an efficient flexible framework to generate IFRS17 financial statements and the supporting disclosure requirements, saving time and effort for insurers when undertaking end-to-end reporting processes. The IFRS 17 standard is set to be mandatory for insurance entities in Sri Lanka by 2026. This new standard mandates insurers to adopt a fair value approach to measuring insurance liabilities, fostering enhanced transparency and comparability in financial reporting. HNB General Insurance's innovative adoption of ResQFR underscores its unwavering commitment to proactively embracing international best practices. The system positions the company with the requisite tools and capabilities to accurately assess and articulate its financial performance under IFRS 17. “Being the pioneers among general insurance companies in Sri Lanka to embrace WTW's ResQFR solution is a testament to our dedication. This strategic investment reaffirms our resolve towards IFRS 17 compliance, ensuring precision and openness in our financial disclosures. We firmly believe that ResQFR will serve as a formidable asset in navigating the evolving regulatory landscape and realizing our strategic objectives” stated Sithumina Jayasundara, CEO of HNB General Insurance Limited. IFRS 17 signifies a pivotal shift in the insurance sector, ushering in new requirements for financial reporting. By integrating ResQFR, HNB General Insurance stands to reap several benefits, including more robust and efficient financial reporting, improved data management and analytical capabilities, augmented transparency and consistency in financial disclosures, and a competitive edge in the marketplace. "The implementation of WTW's ResQFR signifies a significant step forward for HNB General Insurance," remarked Nalin Subasinghe, Chief Actuarial Officer at HNB General Insurance. "This initiative underscores our commitment to adopting best-in-class solutions for accurate financial reporting under IFRS 17. With ResQFR, we are well-equipped to address the complexities of the new regulatory framework while maintaining transparency and efficiency in our operations." "ResQFR is a calculation and data management solution that takes the complexity out of IFRS 17, so insurance companies can focus on the core activities of their business. It is designed to enable the rapid implementation of IFRS 17 for P&C insurers. We are delighted that HNB General Insurance has chosen WTW and our solution to support them in their journey towards IFRS 17 compliance. Working alongside with our consultants, we are confident that HNB General Insurance can achieve their financial reporting objectives efficiently while maintaining industry-leading standards throughout the process," said Vivek Jalan, Head of Insurance Consulting & Technology, India and Sri Lanka, WTW. About HNB General Insurance HNB General Insurance is a dedicated partner, addressing a diverse range of insurance needs from motor to non-motor and Takaful solutions for individuals and commercial entities across Sri Lanka. As a subsidiary of HNB Assurance PLC and a member of the HNB Group, HNB General Insurance operates through an extensive network of branches, ensuring comprehensive service coverage throughout the island. Backed by an Insurer Financial Strength Rating of ‘A- (lka)’ by Fitch Ratings Lanka Limited, HNB General Insurance is committed to creating sustainable value for stakeholders through innovation and care. About WTW WTW’s Insurance Consulting and Technology business has over 1,600 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance, and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
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