HNB Assurance’s Insurance Distribution initiative garners global recognition

CEO Lasitha Wimalaratne

 Chief Business Officer 

– Advisor Distribution Channel Harindra Ramasinghe

HNB Assurance clinched the prestigious “Insurance Distribution Initiative of the Year” at the Insurance Asia Awards 2023 for its groundbreaking branch expansion strategy.

This initiation has propelled HNBA's growth trajectory, setting a new industry benchmark. The innovative branch expansion strategy, deployed by the Advisor Distribution Channel, focused on expanding its presence through four concepts: Incubator Model Branch, the City Branch, the Metro Branch and Virtual Business Hubs. This approach, which eliminates the need for expensive infrastructure and resources, has enabled HNB Assurance to expand its reach even further, tapping into new markets and attracting new customers in an extremely cost-effective manner.

CEO Lasitha Wimalaratne said: “We are deeply honoured to receive the Insurance Distribution Initiative of the Year award from Insurance Asia Awards. At HNB Assurance, we remain committed to fostering innovation that benefits our customers and strengthens our position as a company. This recognition certainly underscores our efforts in creating a smart, customer-centric solution that drives growth. I believe that the Virtual Business Hubs represents the future of insurance distribution. By eliminating the need for physical locations, we can serve a wider audience while maintaining operational efficiency.”

Chief Business Officer – Advisor Distribution Channel Harindra Ramasinghe said: “This recognition is a result of our efforts as a team, where we constantly seek avenues to improve our customer touch-points efficiently. Our City Branch strategy allows us to leverage on our current infrastructure, enabling us to connect with new customers while our Metro Branch helps us approach smaller cities and towns, extending HNB Assurance's reach beyond major urban cities. 

“Additionally, we have also introduced a new concept called the Virtual Hub Business Development Unit, which is a first in the Sri Lankan insurance industry. As a young company that continues to make impressive strides within the industry, we will continue to innovate and improve our position as the most trusted insurance services provider in the country.”