No matter how fast technology evolved, insurance firms did little to leverage the opportunities of a digital era. It took two adventurous young colleagues to alter the rules of the game in the insurance industry, with a digital-first model. Today, Insureme.lk brings together insurers on one platform, giving customers the power of choice. Indika Prematunga, Co-founder, and Niranjan Manickam, Director of Insureme.lk, share their story of innovation and vision for change.
Tell us about your company and what made you embark on this venture?
Prematunga: My journey with Insureme.lk started in 2016, when Vipula and I decided to leave our jobs and venture out on our own. We both have over a decade of experience in the insurance industry. Having worked together, we have travelled extensively bringing back best practices and learnings from our travels to different markets. Back home, we realised how traditional our business model was. We saw a void in the Sri Lankan market for an insurance aggregator, which is basically a new way of making insurance services available to customers, at their own convenience. Our vision was to create a high-quality service that could be accessed at any time from anywhere, and hence, Insureme.lk was born. Today, Insureme.lk provides customers with the opportunity to make their own insurance choice, by comparing policies based on benefits, terms, pricing and other factors that help them make informed decisions, all online.
How has the journey been so far?
Prematunga: It’s been an interesting journey. Initially, we were thinking of making a 400% year on year growth. However, like any startup, we had our share of challenges and have navigated through them. Our list of value-added services is a testament to that. Our online medical insurance app for the corporate market helps our customers claim OPD medical claims seamlessly, and our cashless doctor channelling service has been well-received. This opened up opportunities for us with Dialog Axiata investing in the business. We are one of the two companies to be selected from Sri Lanka for a Stanford University program. We were also selected to Microsoft’s Highway to a 100 Unicorns, an initiative that was launched to support startups in the Asia Pacific.
What is your vision for the company ?
Manickam: Our primary vision is to digitalize the insurance space in Sri Lanka. Currently, the majority of the industry follows a legacy system that is highly dominated by people. We saw the potential for digitization and were able to introduce a unique value-added proposition. We are the 1st company in the whole of Asia to introduce a Per day motor insurance cover. We’ve seen our growth spiral ever since, and are optimistic about the future.
Where do you see the company when Sri Lanka reaches its 100th year of independence?
Prematunga: We are looking to expand our business globally. Currently, we are primarily looking at expanding to Bangladesh as there is a huge market that we can tap into. In addition, we are exploring Nepal, Singapore and Malaysia.
What does being a part of the SL@100 initiative mean to you?
Prematunga: SL@100 is a great initiative and network that will help us grow. Our strategy combined with the industry data and guidance provided by the initiative has helped the business grow. SL@100 also helped us in the retail market by understanding consumer behaviour. We are now looking to increase our networking and partnering opportunities, in order to reach international markets and raise capital.
How do you manage the often conflicting roles of a day-to-day operation, while focusing on the future?
Manickam: We keep our focus on the future and our goals. Insurance is a very dynamic industry and a business that changes with the needs of the customers. Since we are a technology driven business, we are mindful of the fact that as tech changes, so should we, by building on what we have created. So, while we keep our eyes on the operations and are quick to address daily business challenges, we are also focused on the long-term.
What was the one leadership lesson you had to learn the hard way?
Prematunga: The hardest lesson I learned was to accept that things don’t always go your way. When we started, we were looking at a growth of 400%, but that was wishful thinking. As a startup company, those numbers are hard to reach in your first year of business, and we had to learn not to give up but to continue with perseverance. I learned not to look for instant results, but to keep going no matter how difficult the journey gets.
Manickam: I have learned to maintain a positive mindset even through the toughest of times. All of us are from corporate entities where people, processes, and everything is in place, and we left these comfort zones and ventured into the unknown. We have to be very focused and mindful of every single aspect of the business and we can’t afford to take our eyes off it for a single day. This can be challenging. Even when there are setbacks, maintaining a positive mindset is crucial to ensure that the team remains motivated.
What is the boldest decision you have ever made?
Prematunga: Leaving the corporate industry to start Insureme.lk was my boldest move. Going against advice from peers is not an easy thing to do. It was a risk, not only for me but also the others who joined me.
Manickam: Stepping out of my comfort zone was the biggest risk, and the boldest decision I ever made. Today, the satisfaction of creating something new, and being a pioneer of digitizing insurance in Sri Lanka was worth the risk.