Rena Rijal, Deputy Chief Executive Officer, United Ajod Insurance Ltd.
I began my professional journey in the early 2000s at the erstwhile Everest Insurance Company Ltd. At that time, the financial sector in Nepal was in a foundational stage of modernisation. The job market was less crowded especially in professional services but highly focused on traditional methods, requiring a strong sense of personal initiative and adaptability to navigate the evolving corporate landscape.
My time at Everest Insurance provided me with a comprehensive understanding of the non-life insurance industry from the ground up. I learned the technicalities of risk assessment, the importance of customer-centric marketing, and the discipline required to maintain operational excellence in a regulated environment.
I have garnered corporate experiences from my first job that has contributed a lot in shaping my career and equipped myself for the leadership roles. For me, my first job was a training ground where I developed my identity as a self-driven and result-oriented professional. Facing the early challenges of the insurance sector instilled in me the strategic vision and commitment to innovation that have defined my leadership style throughout my 25-year career.
Proficiency and motivation
When I began my career in the financial sector, I focused on developing deep expertise, bridging my capacity gaps, and mastering my profession rather than seeking opportunities elsewhere. I chose to broaden my proficiency within the industry by transitioning between insurance and banking.
I served in senior leadership roles at Kumari Bank Limited for over 12 years, leading departments such as Institutional Banking, Corporate Communication, and Risk Management, before returning to the insurance sector. I remained in this field because I am passionate about the financial sector’s vital role in driving sustainable economic growth in Nepal.
My motivation stemmed from the opportunity to apply the rigorous risk management and institutional banking practices I honed at Kumari Bank to the insurance industry. I recognised a significant opening where business process re-engineering and product re-alignment could transform insurance companies into more efficient, modern entities.
Banking and insurance in the eyes of an employee
Banking often operates with more immediate transactional engagement and highly standardised regulatory reporting. In contrast, non-life insurance requires a deeper focus on long-term risk cycles and complex claim settlements. However, the insurance industry now shares a critical need for digital transformation and operational excellence.
Key milestones
At United Ajod Insurance, my focus is on driving sustainable growth and long-term value for stakeholders. I am implementing practices centred on:
Business Process Re-engineering: Streamlining functional aspects to improve efficiency with major focus on customer service excellence, effective claims settlement and insurance literacy programmes.
Operational Excellence: Ensuring our internal management reflects modern corporate standards.
Product Re-alignment: Tailoring our offerings to meet the current needs of the Nepali market.
Strengths and challenges of Nepal’s insurance sector
Our strength lies in increasing regulatory transparency and the significant contribution we provide to the national economy. However, challenges include managing natural catastrophes and upholding public trust. The non-life segment specifically faces the hurdle of making insurance affordable while ensuring credible claim settlements.
The industry has remained resilient by prioritising reinsurance management and improving claim responsiveness. At Sanima GIC and now at UAIL, I have emphasised the importance of robust reinsurance strategies to ensure we can meet our obligations even during major catastrophes.
Credibility is built on transparency and the speed of claim settlements. We must move toward a more people-centric approach, where the insured views their policy as a reliable safety net rather than just a regulatory requirement.
Regulator as facilitator
We look forward to policies that incentivise insurance penetration in rural sectors and foster a more business-friendly environment for innovation. Continued support in strengthening the legal frameworks for claim settlements and reinsurance will also be key.
Moreover, prudent regulation inspires service providers toward self-regulation and dedicated efforts to achieve national sectoral targets. Thus, regulators, not only in insurance but across all industries, can guide service providers toward broader goals while ensuring fair market competition, consumer-centric approaches, and robust corporate governance. Expanding insurance penetration requires collaboration among the Nepal Insurance Authority (NIA), insurance companies, agents, and other stakeholders. The sanctity of insurance services is unparalleled in its ability to cover and transfer risks that could otherwise push people into economic shocks, hardships, and traumatic conditions.
Career tips for fresh graduates
I would encourage them to be ‘team players’ and ‘result-oriented’. The insurance sector is no longer just about selling policies. It is now about data, risk science, and management. If you have a drive for innovation, this industry offers a rewarding career path where you can contribute directly to the country’s financial stability.
