HNB Assurance PLC (HNBA) and its fully-owned subsidiary HNB General Insurance Limited (HNBGI), have been having steady year-on-year growth while the business remains dynamic and resilient. Over time, both companies' productivity plateaued, and several waste types were identified by dissecting the processes. With the growing intensity of competition, in 2019, the companies partnered with Dr Mikel J Harry Six Sigma Management Institute Asia to focus on standardization, quality & efficiency improvement, cost reduction, reducing process variation and enhancing process control. Even though Lean Six Sigma (LSS) is not a new concept, it is all about doing more with less. As of date, HNBA & HNBGI have more than 50 Black belt and Green belt LSS practitioners across all divisions of both organizations. Both companies reaffirmed their commitment towards inculcating a lean culture with a recent batch of employees successfully graduating last September 2022, having completed the Green and Black Belt program. Upon successfully completing the course, nominated staff members to undertake a real-life project with the guidance of an SSMI Master Black Belt. Dinesh Yogaratnam, Chief Marketing & Customer Experience Officer stated, "as organizations grow, they may carry with them processes and procedures implemented in the past, which may not add value in the present day. This program has given both organizations the necessary teeth in terms of trained staff who are able to deep dive into processes and improve efficiencies by way of removing nonvalue-adding activities". He also emphasized the importance of a learning culture in the organization so that by understanding and appreciating the potency of concepts such as Lean Six Sigma could inculcate it at all levels in the Company and this change in mindset would contribute towards superior financial performance that ultimately improves the bottom line of the organisation. He thanked Mr Dumidu Ranaweera -Global Director APAC, Middle East, Oceania, Africa & Canada of Dr Mikel J. Harry Six Sigma Management Institute Asia for all the support that has been given in terms of training and guiding the team. Geethani Saram, Head of Business Process Excellence & Procurement of HNBA, reflecting on what LSS revealed, stated that she believes corporates should draw attention to a few critical observations while analyzing the impact of Lean Six Sigma in an organization. Further elaborating, Different LSS tools will deliver different results based on situations and their application. As an organization, we focused on the overall process of providing value to our end customers. The culture for problem identification, rectification and error-proofing enables logical problem-solving, adding value throughout the process. Driving value-added activities permitted us to reduce costs and improve throughput time. We aimed to enhance the knowledge of all our employees, aiding them in selecting the appropriate LSS tools for operational problem-solving. And encouraging employees to become change agents who deliver resounding customer convenience eliminating waste in our processes. Hazana Caffoor, Senior Manager R&D and Process Re-Engineering of HNBGI, mentioned that LSS is a fundamental transformation in the thinking and behavioural patterns rather than applying changes in the process. The systematic elimination of waste creates a positive contribution towards working capital management. After I saw the potential and usefulness of LSS to myself, I made an effort to manifest it in the minds of our people as I saw many opportunities for positive transformation. The aim of this LSS approach has resulted in changing the mindsets of the operational team to look at operations differently while sustaining a lean culture and creating a learning organization. With this initiative, both companies utilize the lean six sigma tools and ideas to promote a new strategic outlook that brings about creativity, innovation, structured problem-solving skills—at the same time, enhancing employee motivation towards providing an excellent service to all our valuable customers. The Lean Six Sigma program of HNBA & HNBGI titled "Evolution Circle" is the Company's way of giving an identity to the program and the team members. As the name implies, the process of evolution that we have embarked upon is seamless in that one needs to constantly keep improving and attuning oneself, to the complex and dynamic environment in which businesses operate and be continually relevant. The Company has also specially designed a rewards and recognition scheme where all members are entitled to participate. At the recently held Staff Conference, the LSS member and their teams were awarded the Best Cost Saving Project, Best Efficiency Improvement Project, and Best Customer Experience Enhancement Project. HNB Assurance PLC (HNBA) is a leading Life Insurance Company in Sri Lanka with a network of 64 branches. Fitch Ratings Lanka has assigned HNBA a rating of 'A+' (lka) for 'National Insurer Financial Strength Rating'. Falling in line with the introduction of the segregation rules by the Insurance Regulator, in January 2015, HNB General Insurance Limited (HNBGI) commenced its operations. HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions while being a fully-owned subsidiary of HNB Assurance PLC. Fitch Ratings Lanka Limited has assigned HNB General Insurance a 'National Insurer Financial Strength Rating' of 'A+' (lka). HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and has won international awards for Brand Excellence, Digital Marketing and HR Excellence, including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.
Jul
A key leadership announcement was made as Lasitha Wimalaratne has been appointed as an Executive Director/CEO of HNB Assurance PLC, while Sithumina Jayasundara has been appointed as an Executive Director/CEO of HNB General Insurance Limited.Both Lasitha Wimalaratne and Sithumina Jayasundara presently serve as the Chief Executive Officers of HNB Assurance PLC and HNB General Insurance Limited, respectively.Speaking on their appointment, Stuart Chapman, Chairman of HNB Assurance PLC and HNB General Insurance Ltd, stated “I’d like to extend my warmest congratulations to both Lasitha and Sithumina on their appointment to the respective Boards. Their leadership and contributions to both companies have been instrumental in driving growth and stability across the businesses, and I am confident that their appointment will further strengthen our strategic direction and enhance shareholder value.”Lasitha Wimalaratne has overall over 27 years of career experience with 24 years in the field of Life Insurance inclusive of 7 years of multinational experience at Aviva and AIA groups and 3 years of retail Sales and Marketing exposure in London.Prior to joining HNB Assurance PLC he functioned as the General Manager - Life Operations and Specified Officer at Softlogic Life Insurance PLC. Lasitha Joined HNB Assurance PLC in 2019 and served in the capacity of Chief Operating Officer and Principal Officer prior to being appointed as the Chief Executive Officer of HNB Assurance PLC. Lasitha holds a Master of Business Administration Degree (MBA) from the University of Wales, UK and a B. A. (Hons) Degree in Business Studies from the University of Sunderland, UK. He is a Chartered Insurer and a Fellow Member of the Chartered Insurance Institute (FCII). Lasitha is also a Fellow of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and an Associate Member of the Chartered Institute of Marketing, UK (ACIM). Lasitha functions as the President of the Insurance Association of Sri Lanka (IASL) and served as the President of the Sri Lanka Insurance Institute (SLII) for the period of 2019-2021. Further, he was the Founder Secretary General of the Chartered Insurance Professionals (ACIP) and served as a Council Member until March 2021. Lasitha also was a Board Director of Biodiversity Sri LankaSithumina Jayasundara, has over 27 years of experience in the Sri Lankan insurance landscape. His journey began with leadership roles in Non-Life insurance business at prestigious companies like Asian Alliance, MBSL, Janashakthi, and Eagle Insurance. He further broadened his expertise through international training programmes and conferences, specialising in Re-insurance. In 2014, Sithumina joined HNB General Insurance Limited, quickly rising through the ranks. He was appointed to the Group Executive Committee in 2015 and subsequently took on the responsibilities of Chief Technical Officer, Specified Officer, Chief Operating Officer, and Principal Officer. Beyond his corporate achievements, Sithumina actively contributes to the industry’s development. He was the Past President of the Sri Lanka Insurance Institute (SLII) and is a founding Council Member of The Association of Chartered Insurance Professionals (ACIP) in Sri Lanka. He also serves on the Insurance Association of Sri Lanka (IASL). Sithumina’s academic qualifications are equally impressive. He holds a Master’s Degree in Business Administration from Cardiff Metropolitan University, UK, and is the Sri Lanka award winner of the Advanced Diploma in Insurance (ACII - UK) and is a Chartered Insurer. Additionally, he holds the Senior Associateship of the Australian and New Zealand Institute of Insurance and Finance. He also currently serves as a member of the Expert Advisory Committee for the InsurInnovator Connect Global Series Events – Asia 2025.
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HNB Assurance PLC was recognized by Parenthood Global as one of the Most Outstanding Mom-Inclusive Workplaces for the second year in a row. This prestigious accolade reflects the company’s continued commitment to creating an inclusive, empathetic and empowering work environment for mothers in the workforce.Going a step further, Parenthood Global also honored five exceptional mothers from HNB Assurance as Outstanding Mom Leaders, acknowledging their ability to excel both as professionals and as parents.At the heart of this recognition lies HNB Assurance’s consistent efforts to support working mothers through policies and initiatives that foster balance, growth, and wellbeing. The company has implemented several people-centric benefits such as extended maternity and paternity leave, caregiver leave, flexible working arrangements, wellness support, and reimbursement of professional development costs, all designed to help mothers navigate both career and family responsibilities with confidence.Commenting on this milestone, Mr. Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance PLC, stated, “Being recognised for the second consecutive year as a mom-inclusive workplace is an incredible honor. At HNBA, we believe that empowering our people, especially working mothers, is key to building a resilient and compassionate organization. We are proud to have created a space where motherhood is embraced, not seen as a limitation, but as a strength that adds immense value to our culture and our success.”Ms. Navin Rupasinghe, Head of Human Resources at HNB Assurance PLC, also shared his thoughts on the recognition, “Our people are the heart of everything we do, and this award is a validation of the thoughtful and deliberate steps we have taken to ensure that mothers at HNBA feel seen, supported, and celebrated. From career mobility to emotional wellbeing, we are committed to enabling an ecosystem where our employees can thrive in all aspects of their lives, regardless of their background.”
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HNB Assurance PLC (HNBA) proudly launched HNB Assurance FamilyGuard, a comprehensive insurance product specifically designed for Sri Lankans employed overseas. The product aims to support migrant Sri Lankans by enabling them to build a reliable retirement fund while ensuring their loved ones back home are financially protected.FamilyGuard offers a well-rounded solution that blends long-term financial planning with robust life insurance protection. It provides a range of built-in benefits including Death Benefit, Accidental Death Benefit (ADB), Partial and Total Permanent Disability (PPD) and Waiver of Premium (WOP) due to either death or total permanent disability. These benefits are further complemented by flexible maturity options and a secure investment component designed to generate strong long-term returns, making FamilyGuard a practical and future-ready choice for overseas workers.“At HNB Assurance, we are continuously evolving to cater to the diverse and changing needs of our customers,” stated Lasitha Wimalarathne, CEO of HNB Assurance PLC. “The launch of FamilyGuard reflects our efforts to supporting the aspirations of Sri Lankans working overseas, who often sacrifice so much for the wellbeing of their families. This product is not only about protection, it is about planning for a dignified, financially secure future. We are also strategically equipping our business to be agile, responsive and innovation-led to meet these evolving customer needs.”Speaking about the strengths and features of the product, Dinesh Udawatta, Chief Technical Officer of HNB Assurance, noted, “FamilyGuard has been thoughtfully crafted with features that address the real-world risks faced by overseas workers. From comprehensive life coverage and disability protection to the Waiver of Premium option that ensures policy continuity during times of hardship, we have designed a solution that is both protective and empowering. Its investment element ensures that policyholders can systematically build a secure retirement fund while they are employed abroad.”Nalin Subasinghe, Chief Actuarial Officer of HNB Assurance, stated, “FamilyGuard has been priced to deliver great value to our policyholders. We have balanced affordability with long-term financial growth by optimizing premium allocation and minimizing frictional costs, allowing a greater portion of the customer’s contribution to be invested for high returns. This approach ensures that our overseas customers receive not just protection, but meaningful financial progress as they prepare for a secure retirement.”Customers can find out more about HNB Assurance FamilyGuard by vising www.hnbassurance.com or calling the company’s Assurance Line on 1301. Further, HNB Assurance PLC is regulated by the Insurance Regulatory Commission of Sri Lanka (IRCSL) and customers are advised for more details on benefits, exclusions, terms and conditions, to read the policy document carefully before concluding a sale.
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