Sithumina Jayasundara, Chief Executive of HNB General Insurance, was exposed early in his career to customer behaviour, risk, and operational resilience in an intensely competitive industry—an experience that shaped his approach to leadership.
“Over time, I’ve learned that leadership isn’t about having all the answers; it’s about empowering others and staying anchored to the organization’s purpose,” he says. “What inspires me are the people—our team and customers—who count on us during difficult times.” A defining moment was steering HNB General Insurance through the 2022 economic crisis—navigating uncertainty, keeping the team focused, and making strategic decisions to keep the organization on course. “Our North Star is to become Sri Lanka’s most trusted and accessible general insurer, helping people and businesses build confidence to face the future, and it requires balancing financial strength with social responsibility and being agile, inclusive, and customer-focused. We aim to lead the industry’s transformation through digital adoption, product innovation, and a purpose-driven culture,” Jayasundara explained in an interview, excerpts of which follow:
How did HNB General Insurance maintain underwriting discipline and growth while navigating currency depreciation, inflation, and economic contraction?
We remained committed to core underwriting principles, focusing on sound risk assessment rather than pursuing short-term volume. We shifted towards more profitable segments, tightened control over high-loss ratio portfolios, and strengthened reinsurance strategies to manage volatility. At the same time, the branch network and intermediary relationships supported customer acquisition. Cost control and disciplined investment practices were key to preserving bottom-line stability.
What’s your strategy for driving innovation and market penetration in an industry that traditionally responds slowly to change?
Our approach has been to embed a “Digital First” strategy across the entire value chain—from issuing policies to processing claims. This shift was about introducing technology and rethinking how we operate to make services faster, more accessible, and less reliant on legacy systems. We’ve integrated data-driven decision-making to improve underwriting accuracy and refine customer profiling, supporting more relevant product offerings and better risk management.
We have also diversified our product range. For example, we introduced parametric insurance, which pays out based on pre-agreed triggers rather than traditional claims assessments. We are exploring microinsurance and embedded insurance models to reach underserved segments and open new distribution opportunities.
To institutionalize innovation, we established an Innovation Centre and Lab—a dedicated space to test new concepts, run pilot projects, and collaborate with external partners, including fintechs and startups. The objective is to create a culture where experimentation is encouraged and ideas can move quickly from concept to implementation.
On the distribution side, we are expanding through alternative channels such as digital platforms, mobile solutions, and strategic partnerships. These enable us to reach customers beyond traditional intermediaries and scale more efficiently across different segments.
In what ways has HNB General Insurance shaped policy or regulatory frameworks in insurance—whether through advocacy, digitalization, or customer-centric reforms?
We have actively contributed to industry discussions with the Insurance Regulatory Commission of Sri Lanka, particularly on digital transformation and the modernization of insurance operations. Several customer-centric practices we adopted—such as simplifying the claims process—have informed broader industry standards. We also continue to provide insights on emerging risks, including cyber threats and climate-related events, to support the development of more responsive and diversified products. In parallel, we contribute to efforts to build inclusive insurance frameworks that better serve underserved and informal market segments.
How do you weigh risk versus opportunity in a market where consumer affordability is in flux and climate or catastrophe exposure is rising?
We apply a dynamic risk management framework that includes scenario modelling, geo-risk analysis, and detailed customer segmentation to support informed underwriting and pricing decisions. We have adjusted product pricing and benefit structures to reflect affordability constraints without reducing core protection. In parallel, we are investing in climate risk analytics to identify portfolio vulnerabilities and support longer-term resilience planning. While the risk landscape has become more complex, it also creates an opportunity to reposition insurance as a necessity rather than a discretionary expense.
As Sri Lanka rebuilds economic confidence, how are you positioning insurance as a safeguard and a lever for long-term security and business growth?
We are emphasizing the role of insurance as a tool for financial resilience, particularly for individuals, SMEs, and those in the informal sector significantly affected by recent economic disruptions. Our focus has been on providing tailored solutions addressing these groups’ aspirations and risks. We are also investing in insurance literacy—through public campaigns, digital content, and partnerships—to shift the perception of insurance from a cost burden to a form of essential protection. Our growth strategy aligns with broader national priorities, including infrastructure development, agriculture, and digital entrepreneurship, where insurance can be a critical enabler of sustained growth.