Taking the insurance industry forward

Following the declaration of 1 September as National Insurance Day and the month as Insurance Awareness Month, it is the most opportune moment to consult two of the leading personalities in the industry – Indrani Sugathadasa, the Chairperson of the Insurance Board of Sri Lanka, and Damayanthi Fernando, the Director General of the IBSL, who answer some queries about the insurance industry of the country. Following 

are excerpts:

Q: The public image of the insurance advisor is currently at a low level. How can this be rectified?

Sugathadasa: The industry must take the lead to emphasise the importance of the role of an insurance advisor in providing protection to people. Further the job of an advisor remains a lucrative job if properly carried out. Therefore, the companies must undertake grooming sessions to better the outlook of advisors.   

The individual insurance advisor in Sri Lanka, as is in many other countries, predominantly procures the insurance business. As such the image of the insurance advisor is very important and it is this image that should be projected by the insurance industry at as many forums as possible and to this effect the individual insurance companies must not only brand their products but their people as professionals in their chosen profession. 

Attracting the best talent by providing not only monetary incentives, but training and development is also key in this aspect of attracting better qualified and suited candidates to the industry.

Q: How does the IBSL provide technical support to insurance advisors?

Sugathadasa: As the Regulator, our mandate is limited to determining the minimum qualifications of persons who wish to become registered Insurance advisors, rates of commission to be paid to them and setting standards via guidelines. These actions are implemented and managed successfully through the Sri Lanka Insurance Institute and the registered insurance companies that are supervised and monitored by the IBSL.  

Q: What suggestions can you make in order to improve the standard of the Insurance services in Sri Lanka?

Sugathadasa: This is a continuous process. The quality of insurance arrangements and the practices employed by market participants are sound in that they see to a continuous improvement in service standards.    

The Insurance Board is also keen to implement some of the world’s best practices when it comes to improving the current standards of the industry and to this effect we have brought in many tried and tested methods in how we engage and do business to the Sri Lankan insurance industry. 

Q: What are your thoughts regarding the Insurance Awareness Month campaign?

Sugathadasa: It progressed very well with several pre-arranged campaigns and talk shows, etc. All in all this should end with as a very successful initiative to take the industry forward 

To support this effort by the Insurance Association of Sri Lanka, the IBSL actively participated in some of the regional activations that took place across the island and engaged with stakeholders in taking the message of insurance to the masses.

Q: As the Director General of the regulatory body, what are your observations in regard to the Insurance Awareness Month activities?  

Fernando: The activities that were carried out during Insurance Awareness Month will provide a great boost for the development of the insurance industry. The campaign has created greater awareness among the public about the importance of insurance, whether it be life or non-life. I also witnessed the commitment and enthusiasm of the Insurance Association of Sri Lanka (IASL) and all those involved, in order to create greater awareness about the industry. 

As 1 September was marked as National Insurance Day, it also signifies the Government’s commitment to develop the insurance industry of Sri Lanka. In the cities where IBSL officials took part, we saw the insurance industry come together as one force and one voice, irrespective of the companies they represent, to ensure that as an industry we take the message of insurance to all. I see this as a very good endeavour to reach the goal of the insurance industry – ‘a day when all Sri Lankans are insured’.