Chanaka Liyanage, AIA’s Chief Agency Officer, and Senaka Rajapakse, Director Partnership Distribution, shed light on what makes AIA appealing to millennials. They further discuss how the company addresses the unique challenges encountered by this influential generation.
As one of the Best Workplaces for Millennials by Great Place to Work, what factors have contributed to AIA’s success in creating an appealing work environment for this demographic?
Chanaka: Firstly, AIA is a renowned multinational brand that carries significant appeal for millennials who are seeking to build and enhance their brands. These young individuals are keen on acquiring visibility and backing from established entities, and AIA stands at the forefront in providing such opportunities. Through its extensive global presence, AIA equips millennials with the right resources to nurture and grow their personal brands.
This is especially evident in AIA Sri Lanka, where individuals can distinguish themselves by leveraging the robust backing of a multinational brand against a local one. This significant advantage is often reflected in their social media profiles and personal branding narratives, demonstrating the tangible value that AIA brings.
Secondly, the defining feature of AIA that sets it apart is its open, welcoming, and friendly culture. Coming from a banking industry background, I can attest to the stark contrast in the work environment. The culture here at AIA has greatly facilitated my transition and adjustment to the new surroundings. Moreover, the conducive atmosphere promotes continuous learning, which is a crucial factor for millennials aiming for career advancement. The visibility of growth opportunities and the nurturing work environment are, I believe, the reasons why AIA has consistently been recognized as a great place to work.
Millennials have aspirations that make them impatient for growth, and at the same time, they want to be connected to firms that work towards a larger cause that gives them fulfilment. How does AIA address these millennial challenges?
Chanaka: Millennials, characterized by their social consciousness, digital savviness, and desire for swift progress, find resonance with AIA’s mission of offering protection and security to families. We provide them an opportunity to contribute positively to society through their work in life insurance. Moreover, we acknowledge their fast-paced lifestyle, empowering them from day one to become brand ambassadors for the entire AIA network. We furnish a clear career path and an enabling work environment, aligning with their digital inclinations to ensure their engagement.
Our culture is defined by an open-door policy, minimizing hierarchical barriers to encourage free communication. Various engagement activities, alongside an open invitation for new ideas and a rewarding recognition system, ensure a positive, approachable work environment.
Around 50% of our sales workforce comprises millennials. We have shaped our environment to be conducive to their growth and recognition, demonstrated by millennials holding 20% of the places of our top 100 performers. By offering robust rewards, clear career paths, and a supportive environment, we effectively attract and retain this vibrant generation. Our goal continues to be to create a space where our millennial employees can thrive, contribute, and reach their full potential.
In the recent past, how has AIA evolved to make employee relationships more productive and rewarding?
Chanaka: Our open and friendly culture fuels employee engagement and fosters a sense of unity. Our inclusive approach and emphasis on teamwork cultivate a positive work environment where individuals feel at ease and remain productive. If any employee is overwhelmed or experiencing issues, our experienced leaders promptly identify and address such cases, directing them to the appropriate support channels. This internal support system plays a key role in keeping millennials motivated and engaged.
We actively involve our employees in events and regularly upgrade our digital tools to keep them engaged and supported. Furthermore, the backing and recognition we receive from the regional office uplift our employees’ morale. All achievements, big or small, are recognized and highlighted at the regional level.
For instance, we have a programme called AIA Titan, which provides an excellent opportunity for our top-performing employees. Under this programme, they are sent to Hong Kong for short-term attachments, enabling them to learn and bring back valuable knowledge to Sri Lanka. Additionally, our global IT hub, based in Malaysia, employs several Sri Lankan millennials. As time progresses, we anticipate more opportunities will arise, allowing anyone who works for AIA to work in our group offices worldwide. These chances to gain international exposure within the company greatly aid career development.
Moreover, we reward top performers with overseas tours, particularly in sales. This year, for example, we are sending our best performers to London. Group events, such as the AIA President’s Club, serve as motivational incentives for our sales force. This event, hosted by the entire AIA group rewards the top-performing sales force, sales managers and branch managers with an exciting trip, this year to Barcelona. Such incentives continue to drive their performance and commitment.
What are the unique operational challenges for life insurance sales in the current market?
Chanaka: The digital shift in Sri Lanka has been somewhat slow, particularly outside of Colombo. While companies have embraced digital transformations, the readiness of customers, especially in rural areas, remains a challenge. However, the trend is promising, as the pandemic prompted a shift from manual to digital operations, increasing public awareness. Concepts like QR codes and online banking are now familiar to many, and the trend of purchasing policies and making payments online is growing. Despite the continued challenge outside of Colombo, we are making strides and believe that the country is moving in the right direction.
Another challenge lies in public awareness of life insurance benefits. Many people still perceive life insurance as an arrangement for the latter part of life. However, life insurance should be considered a lifelong commitment, offering living benefits rather than only posthumous benefits. We need to focus on improving awareness both operationally and socially. We believe that millennials can play a vital role in spreading this message and protecting more Sri Lankans in the coming years.
At AIA, we are committed to encouraging, motivating, and developing millennials to make this industry more productive and pivotal in every family. We aim to transform the perception of life insurance from a mere contingency plan to an integral part of everyone’s life.
Millennials often seek organizations that offer growth opportunities and career advancement. How does AIA support the professional development of its millennial employees, and what initiatives are in place to ensure their long-term career growth?
Senaka: AIA values career progression and personal development, with about half our workforce being ambitious millennials who are keen on swift career progression. We create a supportive onboarding environment that allows employees to progress from junior roles. We offer two career paths: individual roles for those inclined towards individual work, and managerial tracks for potential leaders.
We utilize a unique ‘dream board’ during onboarding where employees list 8-10 personal and career goals. This helps us understand their ambitions, guiding their career progression effectively. In parallel, we encourage organizational goal setting, further motivating our employees towards growth.
Our training and development programmes, initiated from day one, meet employees’ expectations, driving their professional development. We promote learning through platforms like LinkedIn and collaborate with external institutions such as PIM and SLIM. By investing in our employees, we provide opportunities for them to find their niche, thereby fostering a conducive environment for growth.
AIA is a multinational – what about your values and culture are appealing to a millennial workforce, you think?
Senaka: AIA prides itself on fostering an open culture that resonates well with the unique mindset of millennials. To understand and connect with this generation, it’s crucial to appreciate their perspectives, preferences, and values. We are an organization that deeply respects and embraces diversity, be it ethnicity, age, or gender, offering an inclusive environment. This openness makes millennials feel comfortable and at home when they join us, finding commonality with the team here.
Although we operate as a structured organization, we prioritize a culture of empowerment and accessibility. Our open-door policy allows employees to express themselves and encourages direct communication, even to the extent of addressing the CEO by first name.
Our brand purpose aligns perfectly with the millennial ethos – we are committed to promoting a healthier, longer, and better life. This aligns with millennials’ preference for active lifestyles, health consciousness, and outdoor activities, not to forget their preference to be a part of a purpose or cause that positively impacts society. As a multinational organization, we are fully supportive and inclusive of these preferences, ensuring that our culture is not only appealing but also empowering for millennials.
What are the reasons for a slow penetration in the Sri Lankan market?
Senaka: The awareness and the perceived necessity of insurance varies globally. In regions such as Europe, insurance, particularly health insurance, is mandatory, and thus, deeply ingrained in societal norms. However, in Sri Lanka, where facilities like education and healthcare are freely accessible, insurance isn’t seen as a fundamental requirement. People often feel that they can live comfortably without an insurance policy.
As a response, our strategy is to focus on raising awareness about the importance of insurance, particularly in the areas of education, pensions, and health. Although the significance of these insurance areas is gradually being recognized by the public, there is still much work to be done in terms of education and awareness-building.
A majority of your sales team will be millennials, what is your strategy for attaching, growing and retaining these employees?
Senaka: : In Partnership with Distribution (PD) at AIA, we have around 55-60% representation from the millennial generation, with about 46% of that group being female, a unique aspect of our organization. Our robust training and development programmes help these young professionals acclimate quickly and feel comfortable in our sales-driven environment, where they can earn a competitive income.
We understand that millennials often have a shorter-term career outlook, typically thinking one to three years ahead rather than 10-15 years. This calls for us to understand their key motivations and adapt our platform to meet their evolving desires, which is exactly what we have achieved at PD.
After a few years, their motivations are likely to shift. What initially was a monetary goal may morph into career advancement, world exploration, or continuous learning. Consequently, we create diverse opportunities to cater to these varying aspirations. We understand that millennials won’t stay solely for a salary; their motivation factors are multifaceted. Some crave autonomy, others recognition, and others the chance to explore the world.
Our system is carefully designed to understand and cater to their evolving needs. It’s an all-encompassing journey that opens up different avenues for them over time. We encourage promotion and growth within our management cadre, opening up opportunities for the younger generation. Where once professionals had to accrue years of experience to advance, we now give the chance for our younger workforce to take on leadership roles and explore new paths. Among our 20-25 managers, seven are millennials, reflecting our commitment to fostering the growth and development of this dynamic cohort.
Life insurance by nature is a long-term investment product for your customers and one that helps manage their risks. How does AIA plan to grow in the current economic climate?
Senaka: Despite the instability in the Sri Lankan economy over the past 35 years, businesses have persevered. Since the early 1980s, we’ve been navigating challenges such as negative economic growth and rupee depreciation, which have now become a part of our daily lives. However, the resilience of the Sri Lankan community against these external shocks is notable and greatly benefits the insurance sector. Even amidst an economic crisis in 2022, we achieved our highest growth in terms of overall business.
During the Covid-19 pandemic, our sector showcased some of its strongest performances. This demonstrates that where there are challenges, there are also opportunities on the flip side. Our strategy is to capitalize on and maximize these opportunities for optimal benefit.
Presently, life insurance penetration in Sri Lanka is ~0.7% of GDP, signifying a largely untapped market. Concurrent with the economic crisis, medical treatment inflation has escalated to 40-50% whilst medical drugs inflation has increased by 30-40%. This has led many people who were previously opting for private healthcare to turn towards free healthcare. Consequently, there’s a burgeoning market for health insurance.
Looking beyond Sri Lanka, the global insurance market reveals a rapidly growing health sector, driven by factors such as high ageing populations and low birth rates. People are going through significant changes in their lives and increasingly recognizing the need for a safety net in terms of healthcare. Our current focus is to capitalize on this health market, which will not only propel our business forward but also enable us to contribute to society by promoting health as part of our corporate social responsibility (CSR) initiatives.
AIA Millennial Voices
Sujan Hettiarachchi—Actuarial: AIA stands out as an exceptional workplace for millennials due to its unique approach. Instead of being solely focused on its business, AIA operates as a university within the insurance industry, fostering an environment that empowers young professionals to become leaders and pioneers. With a strong emphasis on global exposure, knowledge sharing, and extensive growth opportunities, AIA nurtures the potential of millennials on a large scale. The core value of “Knowledge towards Sustainability” further reflects AIA’s dedication to creating a workplace that not only supports millennials’ career growth but also contributes to a sustainable future. This combination of growth prospects, learning opportunities, and a forward-thinking approach makes AIA an ideal workplace for millennials seeking a fulfilling and purposeful career journey.
Maheshika Madduma Bandara—Operations: Mental freedom is vital in life, and it’s also essential at work. At AIA, I’ve cherished the mental freedom I have. Everyone, including the senior management, is friendly and caring, creating a supportive environment where we feel valued and appreciated.
Shamali Dilrukshi—Partnership Distribution: AIA wholeheartedly supports employee growth through training and mentorship programmes. The culture is built on respect, dignity, and courtesy, with leaders who embody and demonstrate the core company values, making it a nurturing and encouraging environment for career success. My success at AIA is a testament to the support I received from these growth-oriented programmes.
Nipun De Silva—Agency Distribution: As a school leaver, my journey with AIA has been incredibly rewarding. I’ve had the opportunity to develop valuable skills and gain exposure at a multinational company, which has enriched my career over the past decade. AIA has provided me with a wealth of experiences that have broadened my perspective and allowed me to explore the world from a new point of view. What I truly appreciate about AIA is its inclusive culture, which fosters a supportive and competent environment to tackle the challenges of a dynamic world. Being part of the AIA family has brought me immense satisfaction and I’m excited to continue contributing to its success.
Tiana Samuel—Marketing: Working at AIA has been an amazing experience for me as a millennial employee. One aspect that truly stands out is the company’s unwavering focus on employee well-being. AIA goes above and beyond to support and engage with us not only at work but also in our personal lives. Another great thing about working here is that AIA is a purpose-driven company. Knowing that our work directly contributes to helping people live healthier, longer, and better lives gives my job a deeper sense of meaning and purpose. It’s inspiring to be part of an organization that aligns with my values and makes a positive impact on people’s lives.
