Union Assurance-union Bank expand bancassurance operations
Union Assurance recently partnered with Union Bank for a preferred partnership in bancassurance operations with the objective of strategically strengthening its bancassurance channel and to provide life insurance solutions to the extensive customer network of the bank.
Signing of the formal agreement was held at Hilton Colombo Residencies recently amidst a large gathering from both organisations.
Union Assurance is a wellestablished entity within the life insurance industry with an array of innovative, tailormade life insurance solutions to suit any lifestyle requirement. The experience the company has gained while continuing its operations for more than 30 years has made it possible to protect and safeguard lives and livelihoods across Sri Lanka.
The bancassurance distribution channel at Union Assurance has grown over the years to become the largest bancassurance operation in Sri Lanka covering over 500 bank branches of five leading bank partners. Through this strategic partnership, Union bancassurance will be able to expand its reach and make a positive impact on the lives of a wider group of individuals.
Union Bank Director and Chief Executive Officer Indrajit Wickramasinghe expressed his views on this partnership.
“We are pleased to enter into a preferred bancassurance partnership with Union Assurance who also places the same importance on serving the people with the best solutions and services that they could offer to empower and enrich their lives. This strategic partnership will help both entities to grow together, which will lead to a strong partnership.”
Union Assurance PLC Director and Chief Executive Officer Dirk Pereira sharing his thoughts expressed, “As a pioneer in the bancassurance field, this partnership will help us to have a strong corporate relationship with the bank and will also assist us to reach out to diversified customer segments to provide them with the best array of life insurance solutions and develop new relationships in untapped markets. The constantly evolving structure of our product portfolio and service models will help us set new standards in the industry, which will benefit both organisations and their stakeholders.”
Union Bank is one of Sri Lanka’s fastest growing banks. The preferred partnership is a mutually beneficial agreement that allows Union Bank to provide one-stop financial solutions for its customers across the branch network, while allowing Union Assurance to tap into a wider customer base providing them with an industry-leading customer service standard.
Union Assurance is one of Sri Lanka’s largest providers of life insurance solutions in the country backed by the strength and stability of one of Sri Lanka’s largest conglomerates – John Keells Holdings PLC.
Celebrating over 30 years of excellence, Union Assurance continues to invest in people, products and processes to become a trustworthy life-changing partner in success for all stakeholders. Bancassurance being one of Union Assurance’s diversified sales channels consists of a team of experienced, dynamic and outstanding professionals powered with the latest technology to provide a convenient and trusted service for its customers.