Transforming Sri Lanka’s Insurance Industry: An Inside Look at InsureMe’s Vision and Innovation

1. How Did the Vision for InsureMe Begin and What Has Your Journey Been Like?

My journey with InsureMe started in 2016 when, together with my co-founder, I left secure jobs in the insurance and financial sector to build something new. Our backgrounds in marketing, accounting, and insurance gave us unique insights into the industry. What sparked us was the recognition that Sri Lanka’s insurance market was still very traditional, lagging far behind regional peers in technology adoption and customer accessibility.

While working in accounting and insurance finance, I developed a passion for insurance and observed firsthand the inefficiencies and limitations faced by customers. Inspired by digital advances in places like Hong Kong, Singapore, and India, we envisioned a platform that would democratize insurance giving consumers the power to choose and buy policies online with transparency, convenience, and education.

Launch was not without challenges. Sri Lanka's market instability, economic hardships, and a lack of digital infrastructure posed barriers. Yet, this fuelled our determination rather than deterred us. Over the last eight years, though the dream is still unfolding, InsureMe has become a game changer in making insurance more accessible and innovative.

2. What Life Lessons and Advice Do You Offer the Younger Generation and Entrepreneurs?

I firmly believe success comes from matching passion with expertise and relentless dedication. For young people especially Gen Z, I advise that you must truly understand what you want to do. It is not enough to mimic popular trends or ideas you see on platforms like YouTube. You must invest in learning deeply, be it through formal or informal education.

Master your craft to stand out. There are very few experts who truly excel in any field because it requires persistent effort and going beyond surface-level knowledge. Beyond that, turning ideas into reality demands practical thinking understanding the market, how to sell your product, and how to build a sustainable revenue model.

Whether you start your own venture or grow your career in an organization, excellence and strategic execution matter equally. Identify what you do best, then find a way to monetize it successfully.

3. How Does Sri Lanka’s Insurance Industry Compare Regionally, and What Changes Would You Like to See?

Compared to neighboring countries like India and the East Asian markets, Sri Lanka’s insurance industry is still nascent. While banking and financial services have embraced digital transformation, insurance remains predominantly paper-based and manual. For example, opening a bank account today is a fully digital experience, but buying or managing insurance still involves physical paperwork and in-person visits.

This hampers customer convenience and limits insurance penetration. The mindset towards insurance also differs; in more developed or larger markets, insurance especially health and life, is a core financial product people prioritize early. Sri Lankan consumers often view insurance as expendable until a crisis arises.

I imagine a future where Sri Lanka’s insurance industry is as tech-savvy and customer-centric as banking, where people can buy policies, upload documents, make claims, and get support entirely through digital channels. Innovation here should go beyond convenience to truly change the perception and increase insurance coverage nationwide.

4. What are the Main Challenges Faced by InsureMe and Sri Lanka’s Insurance Sector?

For the past several years, the insurance market has faced instability due to economic hardships affecting consumers’ ability to buy insurance. When people struggle for daily needs, insurance is not a priority. This reality has been the biggest challenge for us and the industry overall.

Additionally, a negative perception of insurance in Sri Lanka is deeply entrenched. Many see it as a wasteful expense rather than an essential financial protection tool. Changing this mindset requires ongoing education, transparent products, and trustworthy service.

Our challenge at InsureMe is not only to build a digital platform but also to nurture this cultural shift. As economic conditions improve and people increasingly recognize the importance of protection for themselves and loved ones, especially among younger generations, we see opportunities for growth.

5. How Has InsureMe Incorporated Digital Innovation to Differentiate Itself?

Digital innovation is at the heart of InsureMe's business model. We have invested heavily in developing solutions like DigiEye and DigiMed for automated motor and medical claims, improving speed and accuracy for customers and insurers alike.

Unlike traditional players who mostly sell physical documents, we provide a platform that lets customers compare, select, purchase, and manage policies with a digital-first approach. This convenience, combined with transparency on pricing and coverage, empowers consumers to make better decisions.

We also integrate digital claims handling that allows customers to receive claims remotely without needing to visit offices or hospitals. This transformation helps us change customer perceptions by making insurance easier, faster, and more trustworthy.

6. What Role Does Sri Lanka’s Economic Environment Play in Insurance Growth, and What Are the Opportunities?

The recent credit expansion and rebound of businesses in Sri Lanka are positive signs for insurance growth. As people’s incomes stabilize and buying power improves, demand for all types of insurance increases.

However, the long-term growth of the insurance sector depends highly on political and economic stability. Issues like fluctuating inflation, interest rates, and governance directly affect consumers’ confidence and insurers’ ability to innovate and invest.

Despite these obstacles, the potential is substantial. We anticipate that within a decade, insurance penetration could be doubled, fueled by improved incomes, urbanization, and a growing understanding of financial protection.

7. What Is the Vision and Strategy for InsureMe Moving Forward?

Our core mission remains unchanged: to make insurance easy, accessible, and truly beneficial for every Sri Lankan. We are focused on extending our digital capabilities to build a fully integrated insurance ecosystem, where payments and claims can be processed automatically and seamlessly throughout the insurance value chain.

We aim to reduce friction and eliminate cash handling in all types of insurance claims, following global best practices in InsurTech. Our strategy is technology-led growth, supported by a strong team of over 100 skilled professionals combining insurance, finance, and technology expertise.

With government initiatives supporting digital economy growth and rising public awareness, InsureMe aspires to be at the forefront of transforming Sri Lanka’s insurance landscape bringing protection, transparency, and peace of mind to millions.