News of Insurance – It is often said that few people realize the dreams they have in their youth. As children, most of us imagine becoming doctors, engineers, nurses, or pursuing other professions. However, due to circumstances, those dreams often remain unfulfilled. But this was not the case for Sundar Panthi, who, with the dream of becoming a banker, set his course accordingly and succeeded in his journey.

Panthi’s story reflects his belief that dedication and a clear destination are necessary to achieve one’s goals. “No matter what twists and turns life brings, if you remain honest about your goals, destiny will guide you,” says Panthi. Recently, he was appointed the Chief Executive Officer (CEO) of Rastriya Jeewan Beema Company Limited, marking a new chapter in his career, having left behind the field he knew well for a new challenge.

Born in Arghakhanchi, Panthi completed his school education at a government school in his hometown. He pursued his higher studies in Bhairahawa and later completed his undergraduate degree in Pokhara. After earning a BBS degree from PNC Campus in Pokhara, he moved to Kathmandu to pursue an MBS. Through various struggles, he completed his MBS from Tribhuvan University.

Panthi possesses strong knowledge of the financial sector. His career began in the hospitality industry, where he worked at a hotel with a good salary. He also briefly worked as a teacher, teaching English at various institutions despite his initial education in a government school.

From a young age, Pānthi was inclined toward gaining experience in various fields, and he was always open to taking risks. At the time when he entered Nepal’s banking sector, there were several challenges, including capital-related issues. However, when he joined Nepal Bank, it was undergoing reforms, and Panthi became involved in the related projects.

In 2004, when a position at Nepal Bank was advertised, Panthi applied and was selected. He entered the banking sector that year. Reflecting on his decision, he says, “I chose banking because I saw it as a growing field with potential for career growth.” Panthi worked at Nepal Bank for 20 years, serving as an assistant manager, manager, senior manager, and eventually as the chief manager. He worked across various departments of the bank. Today, as the CEO of National Life Insurance, Panthi is also recognized as a respected banker. An edited excerpt from a conversation with Pānthi for a banking news report follows:

Q: After long years in banking, you’ve now entered the insurance sector. Does it feel like a greater challenge?

Panthi: Developing the insurance market means easing the economic conditions of a country. There is a future in the insurance market. The industry is growing, with increasing use of technology. There is a growing demand for actuaries. The opportunities are vast. In other countries, the insurance market has excellent professional career opportunities, and I believe Nepal’s market will evolve in a similar direction. The insurance industry is in search of experienced professionals, which is why I transitioned from banking to insurance.

Q: What is it like working in both banking and insurance, two vital sectors of the economy?

Panthi: Working in the financial sector has been an enriching experience. I started my career in banking and became proficient through continuous learning. When I entered the insurance sector, I found that there was a demand for bankers who understood the technical aspects. Given my background, I felt equipped to make the transition. From my perspective, bankers have a role to play in the insurance sector, and my leadership experience in banking has made this transition easier.

Q: For many years, you’ve encouraged people to save through banks. How would you compare saving in banking versus investing or saving in insurance?

Panthi: Both banking and insurance serve the financial well-being of customers. In banking, saving is the main focus, but in insurance, the emphasis is on security and risk management. Life insurance isn’t just about saving or investing; it’s about providing security during tough times. The insurance policyholders are at the heart of the industry’s earnings.

Q: The insurance sector seems to be lagging behind the banking sector in Nepal. Why do you think this is the case?

Panthi: The insurance sector in Nepal is slowly improving. Neighboring countries have recently introduced technological and technical reforms in insurance. Nepal can learn from them. For some time, the market lacked competition, which hindered innovation. But now, as life insurance companies raise their capital, the market is bound to grow. In the next five years, we can expect significant improvements.

Q: There are accusations that insurance companies don’t pay claims. Do you think the lack of financial literacy is the reason?

Panthi: I believe the problem is that the general public doesn’t have enough information about how to file claims. Many don’t know the value of their policy or where to go for claims. In life insurance, the agents play a major role, and sometimes if the agents leave, policyholders can be left in the dark. Financial literacy needs to be improved so that people understand the process better.

Q: Do you think the lack of strict regulation by the Insurance Authority has led to the insurance sector’s lag compared to banking?

Panthi: The Insurance Authority is gradually improving its regulatory role. While there is room for growth, comparing it to international standards, I believe the authority is on the right path. Nepal’s banking sector, regulated by Nepal Rastra Bank, has seen improvements, and I believe the insurance sector will follow suit. The regulatory framework is strengthening, and in the near future, the insurance market will become more effective.

Panthi’s career journey is a testament to his determination, adaptability, and vision. His transition from banking to insurance marks an exciting new phase in his professional life, one that promises further contributions to Nepal’s financial sector.