Five goals help Allianz Lanka meet market needs

The market is expected to climb at a CAGR of 8% which insurers need to take advantage of.

In February, a new leader assumed the helm of Allianz Insurance Lanka (Allianz Lanka): Prashant Grover. As chief executive officer (CEO) and country manager of Allianz Lanka, Prashant revealed five key priorities for insurers to keep pace with the upward trajectory of the sector.

In 2023, the gross written premium of the Sri Lanka insurance market was estimated at $776.7m. The industry is projected to achieve a compound annual growth rate (CAGR) of over 8% from 2024 to 2028, revealed GlobalData.

For Prashant, this is an opportunity for Allianz Insurance Lanka to address emerging needs in insurance as the economy recovers. His strategic priorities focus on fostering a performance-oriented culture, growing revenue, improving productivity, providing consistent customer service, and increasing brand awareness.

What is your vision for leading the company into its next phase of growth and development?

Currently in Sri Lanka, due to the crisis over the past couple of years and the current economic situation, there is a stagnation or non-growth scenario. With that context, what we need to do is ensure our strategies and how we approach the market and business — have a significant focus on the end customer.