News of Insurance – Rina, who began her insurance career with Everest Insurance in 2000, is now proving herself as a leader in the insurance sector. After nine years of experience in the insurance industry, she transitioned to the banking sector, where she accumulated 12 years of experience. Born in Kathmandu, Rina initially dreamt of becoming a doctor in her childhood. However, she later worked with Sanima JIC and is currently serving as the Deputy Chief Executive Officer (DCEO) of United Ajod Insurance.

Rina aims to change the public perception that insurance companies do not settle claims. In a conversation with Banking News, she shared her insights on the current state of the insurance sector, its potential, and the roles of related entities. Here is an edited excerpt from that discussion with Rina:

Q: What is the current state of Nepal’s insurance sector, and why is it still not as effective?

A: The insurance sector is operating at a slow pace, despite its potential. While there have been improvements compared to the past, our main objective is to increase insurance accessibility. The primary reason the insurance sector has not seen major improvements is a lack of awareness. Both insurance companies and regulators need to implement more effective awareness programs. If the government educates customers about the mandatory nature of insurance, similar to how motor insurance became mandatory, we can see significant improvements in the sector.

Q: You transitioned from working in insurance to banking, then returned to the insurance sector. What differences have you noticed between these two industries?

A: Working in both the banking and insurance sectors has been an excellent learning experience. The banking sector is much more organized compared to the insurance sector, which still has a long way to go. Our goal is to bring the insurance sector up to the same level as the banking sector. While the banking sector is now well-organized digitally and in terms of service offerings, the insurance sector can expect to see similar improvements in the coming years.

Q: There is a perception that insurance companies collect premiums but do not pay claims. Has this issue been addressed?

A: Insurance companies are required to collect premiums according to the policy terms. When an insured person faces an issue and files a claim, companies do not deny payments. The claims process is based on the policy’s terms, and all relevant documentation and conditions are explained upfront to the insured. However, delays in claim payments occur when the required documentation is incomplete or misunderstood by the insured. It’s important for policyholders to fully understand the terms when purchasing insurance, as this ensures a smooth claims process when needed. We are working to dispel the misconception that insurance companies do not settle claims.

Q: As a leader in your company, what changes do you foresee in the insurance sector under your leadership?

A: I am passionate about advancing the insurance sector internationally. There is minimal participation and understanding of insurance in Nepal’s market, and it is essential for the government to address this. The government must take deeper steps to improve the sector and promote awareness, rather than treating insurance as something that only comes into play when taking loans. The insurance companies also need to improve their awareness efforts. In the coming years, we can expect significant reforms in the sector. It’s crucial that people understand that insurance is a reliable companion during tough times.

Q: You are proving that women can hold leadership roles in any sector. What advice do you have for other women to empower themselves?

A: To excel in any field, self-confidence is key. Women who truly believe in themselves can accomplish anything. Nature has equipped women with multitasking abilities, allowing them to manage responsibilities effectively. Women need to trust in their capabilities and realize that there are equal opportunities for everyone. The important factor is who seizes those opportunities and moves forward.

Q: How challenging is it for women to take on leadership roles?

A: There are challenges for women in every field. However, I view challenges as opportunities. Whether you are a man or a woman, the way work is done and the responsibilities are the same. The challenge lies in balancing work and family responsibilities, but it’s essential to face these challenges head-on and find solutions.