Public awareness lacking in insurance industry

Charumini DE SILVA

[Profile ]

Name: Sanjiv Rohan Mahinda Keerthiratne

Civil status: Married, has two children. Subhani

(wife), Seth (son) and Sewmini

(daughter)

School attended: St. Joseph's College,

Colombo 10

Professional qualifications : Dip CII (UK),

MCIM (UK), Chartered Marketer

Sports: Tennis and badminton.

The Sri Lankan Insurance industry needs to adopt strategies that reduce cost and to gain cost efficiency Delmege Insurance Deputy Managing Director Sanjiv Keerthiratne said.

We feature Delmege Insurance Deputy Managing Director Sanjiv Keerthiratne for this weeks column.

Excerpts of the interview.

Q: How did you enter the industry?

A: was purely by accident. I started my career as a management trainee with the Ceylinco Group. The company then separated the management trainees for "The Finance Company" and the Insurance Company. I was selected to the insurance company and looking back I am satisfied with my current standing.

Q: What are the challenges you face in this industry?

A: The main challenge is to keep track of the evolving consumer. Hence it is vital to invest and conduct regular consumer research to identify the trends early in order to capitalize on them. The other challenge we face in the insurance industry is the unhealthy competition between insurers and intermediaries.

The challenge is to predict or identify the trends at an early stage and gain an advantage over our competitors. Consumers today are evolving at a fast pace and their needs and wants are totally different, compared with those five years ago. Likewise, even in the insurance industry the product that we offer our current or future customers has to evolve.

The concept of having the same product for years has to be changed in keeping with the consumer's needs and economic conditions.

Q: What are the opportunities available in the education industry?

A: I believe there is tremendous opportunity and potential in the industry, especially in the insurance education sector. With a potential market of around 20,000 people in the industry, including agents, there are opportunities in the marketing and sales courses we offer for Agents who want to obtain a professional qualification in this field. As the Vice President of the Sri Lanka Insurance Institute, which is the only professional body in Sri Lanka which caters to the educational requirements of the industry, we have the following courses ; Insurance Foundation Courses for the beginners and the Insurance Diploma (On successful completion students can earn credits from the Chartered Insurance Institute - UK.) We conduct lectures and facilitate examinations of the Indian Insurance Institute. We also facilitate examinations for CII.

Q: What strategies should be adopted to uplift the industry in Sri Lanka?

A: It is important that the Sri Lankan insurance industry adopt strategies to reduce cost and to gain cost efficiency. Service delivery is another aspect, especially since in insurance we provide a service which actually is a promise or an assurance. Compared with the other countries our market penetration is very low. It is mainly due to the lack of public awareness. Hence, the concept of insurance and protection should be taken to every nook and corner of the country. The strategy for this purpose should be for all insurers to pool in their resources and to have a concerted effort to reach everybody through our distribution network.

Q: Compared to the regional countries where do we stand?

A: I believe that we are on par or ahead when compared with some of the regional players in the South Asian region. We were even able to manage the terrorism risk by having our own Government Strike, Riot and Terrorism Fund. We have nearly 20 companies now, which include four international players. The market is Rs 67 billion as per the latest annual report published by the Insurance Board of Sri Lanka.

Q: What is your advice to young
professionals and school leavers
who are eager to enter this industry?

A: The insurance industry is a very lucrative and fast growing industry. There is a shortage of insurance professionals in Sri Lanka and obviously the demand is very high at present. More entrepreneurs should enter the industry with innovative and creative ideas since it is vital to keep up with the evolving environment while sustaining in the industry.

Q: What's your philosophy in life?

A: My philosophy in life is to live my life well and enjoy it while helping others in every possible way. I believe that even a small gesture like saying a positive word could improve the morale of another person.

Q: Where do you like to travel most in Sri Lanka?

A: My most preferred destination is Nuwara-Eliya. Whenever time permits, I go there with my family.

Q: Which countries do you like to travel?

A: The most beautiful country I have visited so far is Austria. But my preferred destination is England.

Q: What do you do in your leisure?

A: Whenever I have free time, I get involved in religious activities. I like to travel, listen to music, to sing, watch movies and dramas. But above all, I treasure the time I spend with my family.