Hungry for challenges and alive to possibilities, BK Sreshtha has endeavoured to experiment throughout his successful career 

 

BK Shrestha is the deputy CEO at Lumbini General Insurance. Shrestha, who was in the Office of the Attorney General, joined the insurance sector in search of a challenge. Starting from National Insurance in 1988, he now has over 30 years of experience in the insurance sector. Further, from 2008-2009, he also served as the President of Rotary Club of Dillibazar. Ashim Neupane of New Business Age sat down with Shrestha at the headquarters of Lumbini General Insurance to talk with him about his professional journey.

 

Quitting Government Job

In 1986, Shrestha was working at the Office of the Attorney General, and he used to visit different offices for auditing. While working there, Shrestha felt there were limited opportunities in the job, and that growth was stagnant. Shrestha wanted a fresh challenge, and coincidently he saw a vacancy for a position at National Insurance. He applied and got the job at National Insurance, but the salary he was offered was lower than the salary he was getting in the Office of the Attorney General. Shrestha says he used to get a paycheck of Rs 1,165 at the Office of the Attorney General, while the salary at National Insurance was Rs 1,155. Despite the lower paycheck, Shrestha quit the government job and joined National Insurance as an assistant as he felt there was room for growth. 

 

Always Ready for Challenges

Shrestha worked in the claims department after joining National Insurance. He wanted to explore different sectors and thus used to switch departments at National Insurance after a certain period. After working in the claims department, Shrestha moved to the accounts department before moving to the underwriting department. In 1991, Shrestha was asked to work in the marketing department. At first, Shrestha rejected the proposal, but later, he thought that moving to the marketing department would benefit his networking. Finally, Shrestha switched to marketing, but he was unfamiliar with the working environment. In the first year, Shrestha was handed a massive target of Rs 600,000. Switching to the department proved to be the right decision as he met the goal in just six months. There was no looking back for Shrestha thereafter. After working for almost two decades in National Insurance, Shrestha moved to Lumbini Insurance in 2008 as deputy general manager.

 

Keen on Experimenting

Shrestha always attempted to experiment and venture outside of his comfort zone. Recently, he developed a Film Project Insurance Policy. It took him over a year to develop the policy. Under the plan, the insurance covers the cost of any accident during film shooting. Shrestha says Lumbini Insurance has already collaborated with the Nepal Film Producers’ Association to insure film projects. Shrestha confirms that Beema Samiti – the insurance regulator of the country – has already approved the policy developed by Lumbini Insurance. Shrestha assures that the Film Project Insurance will formally start within a few months. 

 

The Importance of Education

Shreshta’s father was a government employee. As a result, Shrestha kept switching schools. Shreshta enrolled in grade nine in Kathmandu. When he passed his class nine exams, one of his teachers suggested Shreshta repeat the year; citing his weakness in certain subjects. Shrestha, however, was not ready to repeat classes. Much to the surprise of his teachers, he cleared his SLC examinations with good grades. Shrestha completed his intermediate and bachelors from Minbhawan Campus. He then joined Tribhuvan University to study for a Masters in Public Administration but had to drop out as he couldn’t balance his education and a full-time job. Later, he joined Public Youth Campus to study Masters of Commerce (M.Com) but dropped out again for the same reason. In 2015, the then CEO of Lumbini Insurance left the job. Shrestha was then appointed as the acting CEO of Lumbini Insurance for seven months. However, his academic qualifications restricted him from being the CEO. Beema Samiti policy only allows professionals with a Master’s Degree to become the CEO of insurance companies. Shrestha realised that he needed to continue his further studies to grow as a professional. Finally, in 2016, Shrestha joined Kasthamandap School of Public Affairs to study for a Masters in Public Administration. Shrestha is now doing his thesis work, which he plans to complete soon.

 

Family Support 

Shrestha has managed to maintain a healthy work-life balance despite a hectic corporate job. Shrestha says he has a supportive family and they understand his job requires him to work long hours. He has always been focused and dedicated to his career with the help of family members. After hectic office hours, he spends time with his family. Shrestha shares that he always has dinner together with his family and also takes breaks from work by going on small vacations with his family on weekends.

 

Also, he has three cousins who work in the insurance sector. Shrestha and his cousins discuss the insurance sector during family gatherings and meetings.

 

Satisfying Moment

In 1997, the Sher Bahadur Deuba government decided to exempt custom duty on vehicles worth up to USD 10,000 for first class government officials. Shrestha was in the marketing department during that time and had the opportunity to meet many high-level government officials wanting to insure vehicles. Shrestha shares he got a chance to share ideas and to learn from them. He says getting to share experiences and thoughts with high-level government authorities was a valuable learning process for him as a professional. During that time, he insured vehicles of over 100 government authorities. Some of his clients were KP Sharma Oli, Bhoj Raj Pokharel, Purna Bahadur Khadka, Gopal Parajuli, among others.

 

Suggestions for Graduates 

Shrestha suggests that graduates need not go overseas to seek employment opportunities. “There are immense opportunities in the country. As a significant portion of the youth population is overseas, there are high chances of succeeding in Nepal with a little hard work,” Shrestha shares. 

 

“The country has adopted a new federal structure, and a lot of new branches of banks and insurance companies are being opened in every nook and corner of the country. There are high chances for graduates to find a job,” he says.

 

Management Mantra

Shrestha doesn’t follow any specific management mantra but says being honest and credible to the organisation is an asset for any professional. Shrestha says he always motivates his juniors and tries to learn from the seniors. “A collaborative team effort is a must to succeed. I am a simple man, and I believe in simplicity. I believe in hard work, integrity and being transparent to customers,” he says.