Kathmandu. Rajendra Malla, chairman of Prabhu Insurance Limited, said that the company is moving ahead with its credibility, transparent, technology-friendly and customer centric.

Speaking on the occasion of the company’s 31st anniversary, Chairman Malla said that Prabhu Insurance’s more than three decades long journey is the result of faith, hard work, continuity, adaptation to changes and collective commitment. He further added that the company has been able to establish its identity in the non-life insurance sector of Nepal in a period of 31 years.

Started with a paid-up capital of Rs 50 million, Prabhu Insurance has been providing insurance services with a paid-up capital of Rs 1.70 billion, 60 branches and sub-branches across the country and a strong team of more than 267 employees. In the fiscal year 2081/82, the net worth of the company was more than Rs 3.39 billion and the net profit was more than Rs 200 million.

He said that customer confidence is the biggest asset for the company rather than financial indicators and business expansion. He said that the first priority of the company should be to maintain the trust of the customers and make the service better as the customers will trust the company, so the risk related to their property, business and future will be entrusted to the company.

Chairman Malla stressed on the need of linking the insurance business with technology in the coming days. Stating that digitalization, artificial intelligence, data analytics and automation have become essential needs of the business, he said that Prabhu Insurance should also keep technology at the center of the business.

According to him, the company needs to make digital insurance services, fast and effective claim management, customer-friendly system, modern risk assessment and data-driven decision making more effective.

He said that there is still a huge potential for expanding the access of insurance in Nepal and the need of insurance is increasing in agriculture, tourism, hydropower, industry, infrastructure, small and medium enterprises and the new technology-based businesses. He stressed the need to extend the insurance service to villages instead of limiting it to the cities.

“Our goal is not only to become a big company but also to be reliable, transparent, technology-friendly, customer-centric and provide excellent service,” said Malla.

He said that the company’s more than 30 years of history has made the company proud and it is the responsibility of the company to achieve even greater achievements in the coming days by taking inspiration from this experience and achievement.

Chairman Malla expressed his gratitude to all the shareholders, insured customers, Board of Directors, employees, agents, surveyors, reinsurance partners, regulators and well-wishers for supporting the journey of Prabhu Insurance.