The MOU signing between HNB Assurance and Industrial Development Board

HNB Assurance PLC entered a new partnership with the Industrial Development Board (IDB), which will bring customized insurance solutions to more than 10,000 Micro, Small and Medium Enterprises and large corporates that are registered with the IDB. This collaboration is aimed at supporting the backbone of Sri Lanka’s economy and helping businesses thrive with the security they need to grow.

Speaking about this collaboration, Lasitha Wimalaratne, CEO of HNB Assurance, opined, “We see our partnership with the IDB as more than just a collaboration, it’s in a way a national service. Small and medium-sized businesses (SMEs) are the heart of our economy and they play a huge role in driving growth and creating jobs. By teaming up with the IDB, we are not only offering insurance products, we are providing a sense of security for business owners and their employees. As a result, these companies can focus on what they do best and help our economy thrive. My sincere thanks to the IDB for placing their trust on HNB Assurance and we look forward to a fruitful partnership”

Dr. Saranga Alahapperuma, Chairman of the IDB, emphasized the importance of this collaboration”At IDB, our mission has always been to empower Sri Lanka’s industrial sector. We operate with the ultimate goal of providing a boost to the Sri Lankan economy by creating employment opportunities, improving the standard of living and promoting overall economic development. 

Hence, this partnership with HNB Assurance is a natural extension of that mission. By offering customized insurance solutions, we’re giving our registered companies an added layer of security, which is crucial in today’s competitive market.”

The unique feature of this partnership comes in the form of a commitment to supporting the growth of local industries, where HNB Assurance has pledged to allocate a small sum to the IDB Development Fund. Which the IDB will utilize to offer business loans to entrepreneurs at the lowest possible interest rates.

 Sanesh Fernando, Chief Business Officer – Partnership Channel of HNB Assurance PLC, highlighted the benefits of this collaboration, stating, “I certainly believe that this partnership is poised to create significant benefits for everyone involved. 

For HNB Assurance, it opens up new opportunities to serve the business community. For the IDB, it creates more resources to support their mission of industrial development. For the SMEs, it means greater security and peace of mind as they navigate the challenges of today’s economy. For this collaboration, we have developed a specialized product tailored to the unique needs of IDB-registered companies andadditionally we have also pledged a sum from each policy to the IDB’s Development Fund to be given out as a loan, whereby business growth is facilitated.”