A Decade in Insurance: 10 Invaluable Lessons Learned.

This is a post/article which is 06 months overdue because I realised it had passed at the end of last year.

As I reflect on a decade in the dynamic world of insurance, I find myself compelled to share some of the vital lessons I've learned along the way during the past 10 years.

I commenced my career in insurance at HNB Assurance PLC, assuming the role of 'Assistant Underwriter' situated at the 'HNB Towers Branch.' This assignment was integral to the company's Corporate Business Development initiative for its parent entity, 'Hatton National Bank.' Progressing through the ranks, I transitioned to HNB General Insurance following the companies' segregation. In this role, I took charge of a strategic sales initiative aimed at HNB Bank's Corporate Clientele, fostering robust relationships between the two entities. Additionally, I served as the liaison for the bank's Private Banking clients.

Upon joining 'Reliance Insurance Brokers,' I continued my trajectory by spearheading a sales/underwriting initiative. This initiative focused on the company's most significant client—a dynamic commercial and development bank in Sri Lanka. The collaboration centred around an exclusive bancassurance partnership arrangement, further enhancing the client's insurance portfolio.

At IIRM Holding Group, I have expanded my expertise as an Associate Manager with a focus on the Maldivian market under IIRM Maldives Private Limited since mid-2023. In this role, I bring my extensive sales acumen to the forefront, leading successful initiatives targeting both corporate and individual clients in the Maldives. Notably, although based in the Maldives, my role extends beyond geographical boundaries. Through the IIRM Lankas office, I provide valuable advice to customers in Sri Lanka, ensuring a seamless and comprehensive service that transcends borders.

These insights, and exposure gained through both triumphs and challenges, are my contribution to those navigating the labyrinth of the insurance industry.

1. Embrace Challenges and Risks: Growth is synonymous with embracing challenges and risks in the insurance arena. If you can envision it, you can achieve it. Constantly push yourself, reinvent your strategies, and watch your professional horizons expand.

2. The Power of Asking Questions: Never underestimate the strength of curiosity. Whether seeking insights from a customer, collaborating with a colleague, or consulting a seasoned professional, asking questions is a gateway to innovation. Understand your clients' pain points, address industry-specific concerns, and propose inventive solutions. Questions not only seek answers but pave the way for ground-breaking solutions.

3. Listen to Reply: In a world where conversations often overlap, the ability to genuinely listen sets you apart. Listening to reply, not just to respond, is a skill that catapults you ahead of your competition. It fosters better understanding, better relationships, and ultimately, success in the insurance industry.

4. Communication Is Paramount: Patience is a virtue, especially when it comes to conveying complex concepts to customers or convincing underwriters. Effective communication lies at the core of building trust and ensuring seamless transactions in the insurance business.

5. RFP - Read the Fine Print: This skill of reading the fine print can minimise any unwelcome surprises. Learning this the hard way, I've saved clients and myself from embarrassing situations. It is essential before passing on a quotation or policy to a customer, to take the time to read and understand the intricacies and clarify or have it corrected. Unfortunately, I notice that this is a diminishing skill in the insurance industry.

6. Think Outside the Box: Creating value and delivering a 'Wow' effect is crucial in the insurance landscape. Thinking outside the box allows you to innovate, providing unique solutions and enhancing the overall customer experience.

7. Leave Your Ego at the Door: Regardless of your expertise, humility is a virtue. Acting like the smartest person in the room won't win you favours. It's essential to foster positive relationships by leaving ego behind.

8. The Customer is Key: In the insurance industry, clients are akin to gods. Cater to their needs, be transparent, and admit mistakes when they occur. Building a relationship based on trust and authenticity ensures longevity in the business.

9. Bridge the Gap: Not every risk can be covered, nor can every policy detail be explained comprehensively. Meetings, presentations, and knowledge-sharing sessions are critical to bridge the gap. Ensuring your customers understand their policies is an investment in your future success.

10. Go the Extra Mile: In a competitive landscape, going the extra mile is not just a recommendation; it's a necessity. Be creative in your ideas and strategies, exceed expectations, and watch your efforts translate into long-lasting relationships and success in the insurance industry.

I hope that these lessons serve as beacons for those traversing the diverse landscape of the insurance industry.

I have been fortunate enough to work with some of the greatest minds in insurance, some of whom have known me from the day that I was born which also includes my father.

Here's to the next decade of growth, learning, and unparalleled success!

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