Sanasa Life Insurance Company PLC proudly ushers in a New Chairman

Puvendran Gajendra receiving the letter of appointment from Group Chairman Dr. P A Kiriwandeniya

I personally think 

motivation stems from learning, self-determination, and the ability to meet challenges head on. I look at learning opportunities not only as a way forward but also as a method of application where my learnings can be applied to my work roles in order to improve organizational value. When it comes to self-determination, I have always paved my way forward through the sheer will to carry out tasks however difficult they may be. I take this as an example when mentoring aspiring accountants and future leaders, 

encouraging them to keep going however difficult situations may seem. Meeting 

challenges, I believe is the most important component when it comes to motivation. Challenges may present themselves in many forms and are part and parcel of day-to-day activities within an 

organization. I thrive on meeting challenges. My appointment as Chairman of Sanasa Life Insurance PLC certainly poses many challenges ahead, which I am looking forward to meeting and resolving them effectively.

Sanasa Life Insurance, a prominent name in Sri Lanka’s life insurance industry, is proud to announce the appointment of a new Chairman. A transition designed to propel the organization towards even greater success.  Effective June 14th, 2024, Mr. Puvendran Gajendra FCA, FCMA, ACCA, FCPM, FMAAT assumes the role of Chairman.

As a progressive organization, Sanasa Life Insurance has passed a long journey, while embodying core ethics in its operational activities. The vision of the Founder Chairman Dr. P A Kiriwandeniya has been realized with the successes of the organization, and what it stands for today. Providing affordable insurance solutions to low-income earners was the baseline these business ethics were built on. 

Building on Sanasa Life Insurance’s foundation of strong governance, transparency, and community outreach, Mr. Gajendra, the new Chairman upholds these core values and is a firm believer in the collective and positive impact it brings to the community as a whole. 

Mr. Gajendra brings a wealth of experience to the table, having served as an Independent Non-Executive Director on the Sanasa Life Insurance board since 2019. He headed the audit committee, the investment committee, and the related party transaction review committees of the company till the appointment as the company Chairman. His background lies in Financial & Management Accounting, Auditing, Taxation & company secretarial areas where he has honed his expertise over the past two decades having joined the Kanesalingam & Co Chartered Accountants as Audit Trainee in 2002, in June 2015 he was admitted as the Partner at Kanesalingam & Co., and at D. S. Kahawita & Co., Chartered Accountants.  

Q:. What has it taken to prepare you for this leadership role?

I had the honour of joining the board of directors when the company was still under the leadership of its founder, Dr. P.A. Kiriwandeniya. I consider myself privileged to have worked under him as well as two other Chairmen. I not only had the privilege to work under these skilled Chairmen but also a rare opportunity to get hands-on experience on how a leader’s visionary functionality ensures organizational goals and targets are met. 

My formation years and journey to becoming an accountant began as an audit trainee in 2002 at Kanesalingam & Co. Through the years I qualified myself along with gaining experience in various disciplines of accountancy. I was subsequently promoted through the ranks, and today I function as a Managing Partner for the same company. I consider myself fortunate to have had the opportunity and extensive exposure to all forms of these accounting processes, audits, as well as management accounting. This certainly has provided me with the backing and necessary knowledge of company accounting operations, strategic development, and company growth strategies.

A defining moment in my career was leading the team that secured the company’s listing on the Colombo Stock Exchange. This resulted in a significant increase in market visibility and positioned the company for future growth. My tenure as a Board Member and Director at Sanasa Life Insurance has equipped me with the essential skills and experience to lead this dynamic company forward.

Q:. What motivates you to be in the field of insurance?

Although I come from an accounting and financial background, I was involved in auditing for all kinds of industries and service providers, and entry into the insurance industry was purely by accident. I attribute my initial connection with the insurance field to Mr Tishan Subasinghe who is the incumbent Chairman of Sanasa General Insurance Company Limited and the Vice President of CA Sri Lanka. It was he who introduced me to this field and since then I have never looked back.

Sanasa Life Insurance’s mission to empower the underprivileged, especially those who wouldn’t normally have access to life insurance, truly resonated with my thinking. Working alongside the visionary Founding Chairman, Dr. Kiriwandeniya, solidified my belief in the importance of community service.  His dedication to this cause deeply impacted me and continues to motivate me in my role here in the Insurance Industry.

I personally think motivation stems from learning, self-determination, and the ability to meet challenges head on. I look at learning opportunities not only as a way forward but also as a method of application where my learnings can be applied to my work roles in order to improve organizational value. When it comes to self-determination, I have always paved my way forward through the sheer will to carry out tasks however difficult they may be. I take this as an example when mentoring aspiring accountants and future leaders, encouraging them to keep going however difficult situations may seem. Meeting challenges, I believe is the most important component when it comes to motivation. Challenges may present themselves in many forms and are part and parcel of day-to-day activities within an organization. I thrive on meeting challenges. My appointment as Chairman of Sanasa Life Insurance PLC certainly poses many challenges ahead, which I am looking forward to meeting and resolving them effectively.

Q:. What is your specific vision for Sanasa Life Insurance?  

Currently, Sanasa Life Insurance ranks at 7th place within the insurance companies in Sri Lanka. My vision and mission would be to take this organization to the next level. And this means, I would like to see this company to be within the top 5 companies in the country during my tenure as Chairman. I believe my tenure of directing the organization is just a small step in its future of providing insurance solutions that meets the needs of an individual and have a policy that safe guards their future. 

Several innovative strategic financial plans, as well as directives will be implemented to reach this goal. Technological enhancements will be a focus area that I am very keen to develop and see them being implemented into all of the operational areas within the organization. This will act as a competitive edge making Sanasa Life Insurance a synergized forerunner for the future. 

Q:. What are the challenges this industry faces?

The forthcoming all insurance companies within the country are required to follow the IRFS 17 (International Financial Reporting Standard) or the SLRFS 17 standard. This legal requirement  involves significant investment by insurance companies. I see this as a challenge to the insurance industry as a whole. Another challenge we see is meeting the technological advancements and  investments in this regard. Rapid change is taking place and we as an organization should be ready to invest in these types of technological advancements. Artificial Intelligence (AI) for example will play a significant role in extracting data. One such example is investing in AI for data mining. Many insurance companies are embarking on integrating AI into their systems to extract data accurately and quickly. I see these implementations as a way to provide a competitive advantage that Sanasa Life Insurance hopes to capitalize on. 

Sri Lanka’s life insurance market faces a unique challenge. The recent economic downturn has forced many to prioritize daily needs over long-term planning such as investing in an insurance scheme, leading to low market penetration. However, by analyzing data and market trends, we believe there are significant untapped opportunities, particularly within specific communities. This stands as yet another challenge we at Sanasa Life Insurance hope to overcome.

Q:. What are the financial hallmark achievements of Sanasa Life Insurance?

Sanasa Life Insurance PLC was recognized for its excellence in transparency, accountability, governance, and sustainability (TAGS) with a Gold Award from the Institute of Chartered Accountants of Sri Lanka. This recognition is based on the annual report and overall organizational performance.

In addition, we were awarded by CMA Sri Lanka on integrated reporting. Although Sanasa Life Insurance has been awarded for many achievements, these awards particularly are related to accounting and financial accomplishments. I was directly involved in accomplishing these goals. 

During my tenure, I will be looking forward to accomplishing many more milestones that encompass the true nature of our organization’s excellence in performance and delivery of service. This no doubt will be paving the way for even more recognition and awards for Sanasa Life Insurance PLC.

Q:. What is your thinking on sustainability work ethics

I’m a strong advocate of going paperless. I have carried out green audits on wind power, solar power and hydro power. And through this involvement, I see the importance of having environmentally friendly measures implemented in any organization. As the new Chairman at Sanasa Life Insurance, I’m proud to champion our commitment to sustainability through a paperless work environment. 

Our ERP system streamlines daily operations like fund transfers, procurement, and more – all without a single sheet of paper.  Even board meetings are conducted electronically using ‘Boardpack,’ enabling real-time interaction, document sharing, and approvals for our board members. 

Q:. What takes you away from your normal work duties?

I have been elected as a council member since 2021 for The Institute of Certified Management Accountants of Sri Lanka (CMA Sri Lanka). Being a National Professional Management Accounting Body in the Country, the whole council comes under the leadership of the Founder and Current President Professor Lakshman R Watawala. Under his leadership, we can provide the Management Accounting Qualification even to rural parts of the country at a reasonable cost. This gives me great satisfaction since I am part of the team that helps the younger generation to develop their knowledge and skills.

I am also actively involved with the Rotary Club of Colombo Port City, and I’m honored to be serving as President-elect from the month of July this year.  In July 2025, I’ll have the privilege of taking the helm as President.  This role allows me to give back to the community in a meaningful way, addressing society’s needs and making a positive impact – something I’m deeply passionate about.

Q: Following the Founder’s Vision and securing a robust future of Sanasa Life Insurance

Inspired by the visionary leadership of Dr. P.A. Kiriwandeniya, who supported rural communities and helped Sanasa Life Insurance become an industry leader, I’m committed to carrying that ethic forward.  

Under my guidance, we will continue to expand our outreach to underserved communities, particularly farmers and fishing communities.  Sanasa Life Insurance’s core principles have always been rooted in helping those most in need, and we will further this mission by ensuring all segments of society, especially those with lower and unstable incomes, have access to our services.

I’m deeply grateful for the trust placed in me, by our valued stakeholders.  I’m committed to fulfilling the responsibilities entrusted to me, all while upholding the founder’s vision and ethical principles.  For Sanasa Life Insurance, this means achieving sustainable growth not just through profitability, but also by empowering those in need and investing in a brighter future for all.

New horizons with Sanasa Life Insurance PLC 

Along with the appointment as the new Chairman of Sansa Life Insurance, there is much to look forward to. Creating new boundaries and conquering old ones is what innovative and transformative organizations do. Sanasa Life Insurance is no exception to that rule. Mr. Gajendra takes on many challenges along with his appointment spearheading the company’s path using his prowess as a financial guru. 

‘Helping those who cannot help themselves’, stands as one of the most important organizational values at Sanasa Life Insurance PLC. This inculcated culture and trend of thought disseminated by Founder Chairman Dr. P A Kiriwandeniya assures current and prospective customers of Sanasa Life Insurance extended care and support when they embark on a life insurance policy. 

Unconventionally different, but aligning with Sri Lankan values and providing exceptional care, this organization brings communities, societies, and people together. In the words of Mr. P. Gajendra ‘Sanasa Life Insurance has been continuously improving and we will be reaching unprecedented heights in upcoming years. Better and greater options for life insurance and the value it provides for life itself is our commitment to our customers’.