Economic shifts, intense competition, and low awareness make insurance one of Sri Lanka’s most challenging yet high-impact industries. At the helm of growth for one of the country’s largest insurers is Namalee A Silva. As Chief Business Officer (CBO) of Sri Lanka Insurance Life, she drives the company’s strategic expansion in a competitive market. In this interview, Silva shares insights into the industry’s evolving landscape, her approach to business growth, and how she empowers sales teams to excel.
For context, what’s your take on the insurance industry’s future and what key factors will shape it?
The past few years have demonstrated the resilience of Sri Lanka’s economy, with a sharp downturn followed by a promising recovery. Post-pandemic economic growth has exceeded expectations, driven by IMF-led reforms, restructuring efforts, and gradual inflows of foreign aid. The government is actively managing risks associated with debt restructuring, and the latest budget projects a 5% GDP growth, indicating an increase in disposable income.
In the life insurance sector, demand is primarily driven rather than organic. Customers typically do not seek out life insurance; instead, the need must be created through awareness and financial stability. With economic recovery on track and disposable income levels rising, conditions are increasingly favourable for life insurance adoption.
Additionally, the pandemic heightened public awareness of financial security and risk management, making individuals more receptive to life insurance. Given these factors, the industry has a unique opportunity to expand coverage and offer meaningful protection to families. We focus on introducing the right products at the right time to meet evolving consumer needs.
What key strategies have you implemented as CBO to accelerate SLIC Life’s business growth in a competitive industry? And what has been their impact?
Life insurance is fundamentally a people-centric business. Success depends on protecting customers and empowering our agency network and internal teams. At Sri Lanka Insurance Life, we have focused on strategies that enhance the income potential of our agents while delivering greater value to policyholders.
Our agency force is crucial in extending coverage to customers. My priority has been to uplift their earning potential by fostering a mindset shift—encouraging them to explore higher-value markets and embrace limitless earning opportunities. I believe every SLIC Life advisor should be able to achieve an income of at least Rs500,000 per month, which is attainable with the right approach and training.
Beyond financial growth, we emphasize professional development. We offer structured career paths, including insurance qualifications up to the FCII level, to help advisors establish long-term careers in the industry. This creates opportunities for young professionals who may not have traditional corporate roles, allowing them to earn, learn, and grow independently.
These efforts have delivered tangible results. Last year, we recorded a 48% growth in new business, making us the second-highest-growing life insurer. In January alone, we saw a 68% increase in new business and gained a 1% market share. This performance reflects our strategic focus on people development, product innovation, and expanding distribution channels. Digital transformation and process optimization have also played key roles in streamlining operations and improving customer engagement.
How do you motivate and equip your sales team to perform well consistently?
Consistency in performance requires an ongoing investment in people. Developing a strong sales team is not a one-time effort but a continuous process. We emphasize training, mentorship, and value-driven selling to ensure our advisors meet targets and build lasting customer relationships.
A key principle we uphold is ethical, need-based selling. We do not push policies that do not genuinely benefit customers. Instead, we empower advisors to guide clients toward the right solutions. This builds trust and credibility, leading to long-term customer retention and referrals.
To support this, we conduct daily training sessions through a regional network of trainers. These sessions cover product knowledge, industry trends, sales techniques, and ethical selling practices. We aim to cultivate a professional advisory force that upholds integrity and values.
The insurance industry in Sri Lanka still faces scepticism, with life insurance penetration at around 1%. This presents significant room for growth. However, to truly expand the market, the entire industry must work toward improving professional standards and customer perceptions. At SLIC Life, we are committed to leading this change by developing an advisory force that prioritizes value over short-term gains.
What defines your leadership style, and how does it drive results?
My leadership style is rooted in collaboration and people development. I believe in empowering individuals to realize their full potential, whether they are advisors, employees, or stakeholders. By fostering an inclusive, growth-oriented environment, we ensure everyone is aligned with the organization’s mission and objectives.
Listening, understanding, and genuinely supporting our people leads to stronger performance. By prioritizing professional development and ethical sales practices, we create a sustainable business model that delivers consistent results.
From your experience, do you believe leadership is influenced by gender, or do you see it as a universal skill that transcends male or female perspectives?
Leadership is a universal skill. While historically, leadership roles may have been male-dominated, we are now seeing a shift across industries. The key determinants of effective leadership are knowledge, experience, and skills—not gender.
Today, women excel in fields once considered male-dominated, including engineering, defence, and corporate leadership. The real question is not about gender but readiness—whether an individual has the necessary expertise and mindset to lead. Leadership is about capability, vision, and execution. Those who possess these qualities will succeed, regardless of gender.