HNB Assurance has built a reputation as one of Sri Lanka’s most trusted life insurers, providing confidence in a market often clouded by complexity and doubt. Backed by the 130-year legacy of Hatton National Bank, the company combines strict ethical practices with digital innovation, flexible products, and a strong personal connection. As it works to earn the trust of younger customers, expand coverage for small businesses, and support social initiatives, HNB Assurance aims to chart its own course to build a more resilient future. Lasitha Wimalaratne, Executive Director/ Chief Executive of HNB Assurance, and Dinesh Yogaratnam, Chief Marketing & Customer Experience Officer/ General Manager of HNB Assurance, explain how the brand is adapting to meet Sri Lanka’s changing life insurance needs.
How is HNB Assurance positioning its brand in a life insurance market where trust is high-stakes but often undermined by low financial literacy and product complexity?
Lasitha: At HNB Assurance, we take a multi-pronged approach to building trust. First, we focus on how we communicate, by making our contracts and commitments clear, both in writing and in conversation. It starts from the product design stage, where we strive to provide a clear proposition of protection to add value to the customer. Second, we place strong emphasis on our advisors, who play a crucial role in connecting with potential policyholders. Many people know the basics of life insurance but lack deeper knowledge about the different policy types, how they work, and the true costs and benefits. This knowledge gap often leads to underinsurance or reluctance to buy coverage. Our advisors help bridge that gap.
To support them, we invest heavily in training for our team of over 4,400 advisors to effectively communicate with and understand the needs of our policyholders. From onboarding onwards, they receive skill-based development opportunities to help them grow, not just as insurance agents but as financial planners who can guide people to make confident, informed choices. Advisors who feel confident themselves are more likely to earn customer trust, with customers viewing them as knowledgeable and competent.
Finally, ours is a brand that doesn’t compromise on integrity. We value providing our customers with information that allows them to make informed decisions. After a purchase, we remain engaged with them, minimising post-purchase doubts and guiding them, helping them interact seamlessly with our brand through various touchpoints across the customer journey.
To what extent has the brand succeeded in making life insurance relevant to younger, underinsured demographics, and what adjustments have been necessary to achieve this?
Dinesh: Younger generations, especially Gen Z and Millennials, are often underinsured. This is driven by factors such as a lack of awareness about life insurance, perceptions about cost and complexity, and a tendency to prioritise immediate needs over long-term planning.
That same knowledge gap can leave them exposed to unexpected financial risks later in life. To address this, we have taken a multi-faceted approach to make life insurance more relevant and appealing to younger audiences. From a product perspective, we offer flexible insurance plans that match their evolving needs and preferences, making it easier to choose coverage that fits their lives.
On the marketing side, we have invested in brand awareness and trust-building campaigns. In 2024,for example, we ran extensive ATL, digital, and BTL campaigns to grow our brand equity. We delivered several digital campaigns targeting younger audiences. One highlight was our Women’s Day campaign, Liyaharasara, which provided enhanced benefits to women and women-focused policies, including a free life cover of up to Rs1 million, alongside island-wide activations like entrepreneurial skills workshops. Another campaign involved partnering with a gaming community, tapping into the popularity of online gaming streams and sharing content to reach young people where they are. Finally, our focus on digital tools and online services makes HNB Assurance even more relevant to digitally savvy customers who value quick, convenient interactions with their service providers.
What are the strategic advantages and constraints of operating under a hybrid identity tied to a large banking institution in a highly regulated industry?
Dinesh: Being a subsidiary of HNB, a trusted brand with over 130 years of history, gives us a powerful advantage. Insurance is an intangible product, and trust is essential 180 ECHELON.LK AUGUST 2025 for building a strong brand and loyal customer base. The credibility we’ve gained through our association with HNB has strengthened that trust and loyalty. It has played a major role in our success, especially in the bancassurance segment. We have been recognised as the Best Life Bancassurance Provider for the fifth consecutive year by Global Banking & Finance Review, a testament to how effectively we maintain this trust in the market.
Of course, as part of the financial sector, we operate in a highly regulated environment. While this can be seen as a constraint, we continue to build on HNB’s legacy, constantly refining our structures, policies, and processes to meet the insurance sector’s compliance standards. We work closely with regulators to ensure emerging requirements are addressed quickly and effectively, always staying within the required framework. Our decisions are guided by strong values and a commitment to ethical business practices, helping us successfully navigate regulations and even turn compliance into part of what makes us a trusted brand.
How is the company balancing its long-term protection mandate with consumer demand for flexible, investment-linked, or short-horizon products?
Lasitha: We recognise that customer needs are changing, with demand growing for more flexible and short-term insurance options. While we remain committed to strong long-term protection, we are also developing new products to match these emerging preferences. These shifts are driven by evolving consumer behaviours and economic uncertainties, where short-term insurance can help manage specific risks more effectively.
For instance, we recently launched FamilyGuard, a comprehensive product designed for Sri Lankans working overseas. It addresses the sudden market gap caused by a rise in outbound labour migration following the recent economic crisis. With this cover, expats can financially protect their loved ones back home while also building a retirement fund for their return. We also developed eLife, an online-only product for customers who want a simple, short-term cover. eLife’s key advantage is its convenience: policyholders can complete the entire application in less than five minutes, purchasing Rs1 million in coverage by following just four simple steps. By staying agile and closely monitoring market shifts and public sentiment, we can identify new opportunities and quickly respond with relevant solutions.
What internal transformations in distribution, underwriting, or data use have most directly influenced the company’s ability to deliver on its brand promise?
Lasitha: We have made several key improvements to enhance how we serve our customers and stay true to our brand promise. Beyond simply offering coverage, HNB Assurance now helps clients identify and mitigate risks proactively by leveraging emerging technologies such as AI, machine learning, and predictive analytics. These tools support both individuals and businesses to stay protected, while accurate risk identification allows us to price our policies fairly and sustainably for future claims.
We have also introduced auto-underwriting, instant policy issuance, and automated claims processing. These innovations make our services faster and more convenient, without losing the human engagement that matters across key touchpoints. Additionally, we launched a 24/7 customer hotline to ensure customers can reach us anytime, and we are transitioning to cloudbased systems to maintain service continuity during potential disruptions.
Looking ahead, what is HNB Assurance’s long-term brand ambition in life insurance, and how is that being operationalised today?
Dinesh: Our immediate goal is to achieve a 10% market share by 2026. But beyond the numbers, we want to be recognised as a company that truly supports its customers, by honouring claims fairly, giving people peace of mind, and offering innovative solutions. We also aim to support small and medium-sized enterprises (SMEs) and expand our reach by working with like-minded partners to offer tailored insurance products that serve all segments of the market.
As an employer, we’re focused on empowering our people through capacity building, helping them grow meaningful careers in a positive and rewarding workplace. This combination will strengthen our reputation as a brand that everyone loves and trusts. From a societal responsibility perspective, our purpose of providing protection underpins a strategy built on three pillars: Health Protection, Environment Protection, and Education Protection. Our Health Protection initiatives focus on providing clean drinking water, while our Environmental efforts prioritise reducing human-animal conflict through habitat restoration with expert partners. In Education, we focus on encouraging learning among children by creating a supportive environment that fosters both creativity and learning.
Further information about the 100 Most Valuable Brands in Sri Lanka:
Sri Lanka’s Top 100 Most Valuable Brands
Introducing Brand Finance and Sri Lanka’s Most Valuable Brands
Brand Valuation Methodology: Identifying Sri Lanka’s Top 100 Brands