Union Assurance Archives

January 24, 2024

SLT-MOBITEL’s pioneering mobile money platform, mCash, has strengthened its long-standing partnership with Union Assurance PLC, Sri Lanka’s Premier Life Insurer, by introducing an exclusive array of Life Insurance solutions tailored for SLT-MOBITEL mCash customers. This collaboration marks an extension of a longstanding relationship between the two organisations initiated in 2014, which has achieved remarkable success by revolutionising Life Insurance premium collections through SLT-MOBITEL’s expansive network.

The latest milestone in this partnership is the recent signing of a Memorandum of Understanding (MoU), solidifying the commitment of both organisations, acknowledged as among Sri Lanka’s most trusted brands in Mobile Connectivity and Life Insurance. Accordingly, SLT-MOBITEL customers will now enjoy access to premium Life Insurance solutions, which are not only affordable but also come with a hassle-free registration process, powered by mCash’s robust payment infrastructure.

The Chief Operating Officer of Mobitel (Pvt) Ltd., Sudharshana Geeganage, portrayed, “It is indeed a privilege to partner up with Union Assurance to provide innovative digital solutions in the realm of the Insurance industry in Sri Lanka. This collaboration is focused on leveraging digital technologies to enhance the understanding of customers’ needs and preferences, enabling the creation of tailored solutions. The emphasis on financial inclusion and the positive impact on the Sri Lankan community suggests a commitment to making life insurance more accessible and beneficial for a broader audience.”

Moreover, this strategic collaboration guarantees that SLT-MOBITEL mCash customers will receive specialised guidance from Union Assurance’s best-in-class advisors. These expert advisors are dedicated to providing superlative services, delivering Life Insurance solutions tailored to the unique needs and preferences of everyone. This customer-centric approach underscores the dedication of both companies to providing unparalleled value and a seamless experience for customers.

Expressing satisfaction with the reinforced partnership, the Chief Executive Officer of Union Assurance, Senath Jayatilake, conveyed, “We are pleased to continue our longstanding relationship with SLT-MOBITEL. Given the economic challenges faced, there is an increased importance of addressing and narrowing the financial protection gap in Sri Lanka. As such, we are committed to leveraging innovative measures such as this partnership to offer premier Life Insurance solutions and contribute towards reducing the financial vulnerability faced by individuals in the country. Moreover, with a focus on improving accessibility and ease of use, we are working diligently to ensure that our Life Insurance solutions are not only comprehensive but also seamlessly integrated into the daily lives of our valued customers.”

October 2, 2023

Seylan Credit Cards, the Essential Card for Heartfelt Essentials, is thrilled to announce its strategic partnership with Union Assurance, one of the leading Life Insurers in Sri Lanka. This collaboration aims to provide Seylan Credit Cardholders with an innovative and convenient Easy Payment Plan for their Union Assurance Life Insurance Policies, relieving them of the burden of lump-sum payments and providing greater flexibility in managing their finances.

Seylan Credit Cardholders can take advantage of a 0% Interest Instalment Plan for their Life Insurance Policies from Union Assurance extending over a 12-month period. This unique offering empowers individuals to safeguard their future without facing immediate financial strain. Union Assurance offers a comprehensive range of Life Insurance solutions, addressing health, investment, protection, retirement, and education needs of Sri Lankans.

Eugene Seneviratne, Deputy General Manager of Retail Banking at Seylan Bank, said, “We are elated to join hands with Union Assurance to offer our valued Seylan Credit Cardholders a hassle-free way to secure their life insurance payments. With this Easy Payment Plan, we are committed to making life insurance more accessible and manageable for our customers.”

In response to the partnership, Mahen Gunarathna, Chief Marketing Officer from Union Assurance stated, “We are happy to announce our partnership with Seylan Bank to introduce Easy Payment Plans for Bank cardholders. At Union Assurance, we understand that everyone is facing challenging times, and through this collaboration, we aim to provide a practical solution that allows individuals and families to safeguard their future and stay financially protected without undue stress. We believe in standing together with our community, and this partnership reaffirms our dedication to enriching financial well-being for all.

To convert Insurance Payments into an Easy Payment Plan, Cardholders need to call the Seylan Bank hotline at 011-2008888 within 7 working days of their payment. The transaction limits for such conversions are set at a minimum of Rs. 10,000 and a maximum of Rs. 1 million.

This offer is valid until 31 December 2023. To learn more or to obtain the Essential Card for all of life’s Heartfelt Essentials, interested individuals may call the Seylan Cards hotline at 011-200 88 88.

April 21, 2021

April 20, 2021: Affirming its leadership in the country’s fast-growing insurance industry, Sri Lanka’s premier life insurer Union Assurance recently celebrated a sweeping victory with six top awards at the Business Leader of the Year event organised by the World Leadership Congress. The awards ceremony was held on 6^th April 2021 in Mumbai, India.

Most prominently, Union Assurance was awarded the highly coveted Life Insurance Company of the Year and Most Admired Company of the Year titles, for its customer-centric adoption of a digital operating model to deliver a superior value proposition based on innovation and strong brand attributes.

Meanwhile, Union Assurance’s Chief Executive Officer Jude Gomes was bestowed two prestigious awards – CEO of the Year and Visionary Leader of the Year, in recognition of his exceptional leadership drive to invest in people, products and processes driving innovation and transformation in the face of the unprecedented challenges of 2020. Additionally, Senath Jayathilake, the organisation’s Chief Distribution Officer, was recognised as the Young Business Leader of the Year (under 40) for his immense contribution in equipping the sales vertical with dynamic skills and developing value-chain systems that made these skills transferrable to sales.

Commenting on their latest achievement, Union Assurance Chief Executive Officer Jude Gomes stated, “I am humbled to witness these achievements for Union Assurance. It is our colleagues who stand steadfast behind the successes we have achieved. Our promise – Your Life, Our Strength is what drives us to deliver protection to over 250,000 Sri Lankans every day. I am truly honoured to be a part of this winning team.”

Further, Union Assurance’s partnership with Nations Trust Bank was acknowledged as the Bancassurance Leader of the Year for their prolific partnership, which has paved the way to formidable and sustainable annual growth by empowering the dreams, ambitions, and lifestyles of Sri Lankans.

“These recognitions and appreciations stand for our commitment towards our customers and employees. While these awards are a reflection of our success of the past, looking ahead, we will focus on diversifying our distribution channels, optimising our bancassurance partnerships, enhancing customer service and supporting our teams to enhance our market presence and drive our digital leadership agenda,” Gomes added further.

With performance fueled by digitisation and consistent innovation, Union Assurance has continued to revolutionise the Sri Lankan Life Insurance industry with multiple initiatives, including adopting a digital operating model to introduce a simplified insurance product made available online. The company has invested a significant amount of resources into increasing employee engagement and retention rates during the difficult past year.

Amidst the challenges of COVID-19, Union Assurance was entered into the Great Place to Work (GPTW) Hall of Fame and recognised as a Great Place to Work for the 8^th consecutive year. The organisation also produced the highest number of Million Dollar Round Table (MDRT) achievers in Sri Lanka, further strengthening the credibility and quality of its salesforce with the inclusion of highly qualified insurance advisors.

Union Assurance is a part of the John Keells Group, Sri Lanka’s largest listed conglomerate, completing over three decades of success with a market capitalisation of Rs. 18 Bn, a Life Fund of Rs. 42 Bn and a Capital Adequacy Ratio (CAR) of 325% as of February 2021. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover education, health, investment, protection, and retirement needs of Sri Lankans. The company was recently recognised as LMD’s #1 Most Awarded insurance company in Sri Lanka and received the most respected international accolade for financial advisors in life insurance for producing the highest number of MDRTs (Million Dollar Round Table achievers) in 2020. With 75 branches and an over 3500-strong workforce, Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging trends in the Life Insurance industry.

April 16, 2021

April 12, 2021: Sri Lanka’s premier life insurer Union Assurance (UA) extended their long-term partnership with Nations Trust Bank (NTB) for five more years, in a strategic move to enhance portfolio value and pave the way for sustainable business growth.

The signing took place on April 9^th between Union Assurance Chief Executive Officer Jude Gomes, and Nations Trust Bank Chief Executive Officer/ Director Priyantha Talwatte.

“We are honored to extend this partnership with Nations Trust Bank. In our journey to provide services of exceptional quality and value, strategic partnerships have proved to be an absolute necessity, and it takes a collaborative effort to deliver exceptional services to customers and increase market penetration. We believe that Union Assurance’s partnership with Nations Trust Bank has been an example of how two towering organizations can come together and collaborate to satisfy the multiple needs of clients. To this end, we will also continue to intensify our use of artificial intelligence, and analytics to transform our customer experience and optimize engagement,” stated Union Assurance Chief Executive Officer Jude Gomes.

Despite the unprecedented challenges posed by the COVID-19 pandemic in 2020, the Union Assurance and Nations Trust Bank partnership was able to deliver robust performance to maintain undisputed market leadership, and was recognized as Bancassurance Partnership of the Year at the Business Leadership Awards.

“The signing of this partnership signifies the largest bancassurance strategic alliance in the financial industry and is indeed a true milestone for both Nations Trust Bank and Union Assurance. As the leader in the bancassurance offering, this is a natural next step for us at Nations Trust Bank in offering our valued customers holistic financial solutions with industry-leading customer service standards, and we look forward to working with Union Assurance in continuing to provide the same quality services,” said Priyantha Talwatte, Director/Chief Executive Officer, Nations Trust Bank.

With a drive to leverage digital technology to reimagine processes and deliver exceptional value for consumers, Union Assurance and Nations Trust Bank have continued to adapt and reshape their business strategies resulting in the implementation of a best-in-class digitalization process to enhance client accessibility to services and solutions, through an internationally recognized sales force.

Considering customer centricity as a core corporate value and having focused heavily on accountability and transparency through diligent governance, both entities emphasize the implementation and management of a secure governance framework to assure financial stability for all stakeholders.

April 7, 2021

Powers a fully-automated contactless and cashless insurance journey for employers and employees

April 06, 2021: Extending its dynamic portfolio of exceptional insurance solutions, Sri Lanka’s premier life insurer Union Assurance, recently launched their latest digital offering, ‘Group Health’. The holistic, fully-automated life insurance solution empowers corporates to manage their group’s policies efficiently and effectively.

The novel solution offers employers unparalleled convenience by fully automating administrative processes, eliminating manual interventions and documentation and optimizing cost control processes, while equally enabling employees to take advantage of contactless claims reimbursements and cashless payments for hospitalisations through Union Assurance’s Clicklife App.

Further, employees can benefit from 48-hour OPD claims processing solutions, 24/7 access to customer support, and exclusive conveniences negotiated with medical service providers. Corporates can also enrich their employee insurance policies with dental care and surgical covers. The comprehensive offering by Union Assurance is a move to meet the increasing demand for mobility and remote accessibility in insurance services.

“Reducing friction in the group life space is increasingly relevant in today’s virtual world. By automating the administrative processes that consume organizational resources, Group Health by Union Assurance offers comprehensive solutions through an ecosystem that benefits both employer and employee,” stated Jude Gomes, Chief Executive Officer of Union Assurance.

“These efforts are an important part of Union Assurance’s ongoing drive to leverage digital technologies to enhance the customer experience. For employees, the hassle and inconvenience associated with claims is eliminated by digitizing the claims process, which is either cashless, or reimbursable through the app, saving time and effort.” Gomes added further.

Intelligent automation is transforming the way business is done in every sector of the economy, by helping companies transcend conventional performance trade-offs to achieve exceptional levels of efficiency and quality. In the insurance sector, automation enables personalized client relationships and helps unlock disruptive business models. In such a progressive backdrop, Group Health was innovated to power growing and diverse corporate insurance needs with technologically advanced solutions.

February 11, 2021

February 10, 2021: In a remarkable win for leading local insurer Union Assurance (UA), the company achieved the highest number qualifiers for the prestigious Million Dollar Round Table (MDRT).

The Million Dollar Round Table (MDRT) is a global, independent association of the world’s leading life insurance and financial services professionals, with 66,000 members in 72 countries from more than 500 of the world’s leading companies.

In total 172 insurance brokers from Union Assurance, including 5 Top of the Table achievers, 10 Court of the Table achievers and 157 further qualifiers, were felicitated with by Union Assurance for being selected to the MDRT.

The 5 Top of the Table achievers were bestowed with brand new Mercedes Benz and Toyota Premio automobiles, while the 10 Court of the Table achievers were presented with overseas tours. The rest of the MDRT achievers were rewarded with the latest Apple iPads, while all achievers were given special commendation by Union Assurance for their outstanding commitment to providing the best service experience to Union Assurance customers.

Commenting on the milestone reached by the company, Union Assurance Chief Executive Officer (CEO) Jude Gomes said: “It is with great pride that we celebrate our team for this amazing achievement. Despite the challenging situation, our employees have stood up and excelled. They have reached great heights while meeting all Union Assurance objectives, and keeping to our values excellence, innovation, trust, ethics and integrity.

“The fact that we are also the only company to have produced the highest number of MDRT qualifiers in Sri Lanka makes this a truly remarkable achievement. The success of our employees is directly reflected in the success of our business, so we take every possible step to ensure that our valued employees are always incentivized and motivated to constantly enhance their capabilities.”

He added that training and development would always remain a key pillar of the Union Assurance strategy. In order to maintain these high standards of personal development, the company offers tailor-made training and facilitates independent recognition programmes that keep them engaged throughout their career at Union Assurance.

MDRT focuses on networking, education, personal and professional growth, while adhering to ethical client service standards. Members must meet strict requirements for membership, including satisfying certain levels of production, and must reapply for membership annually to ensure they continue to meet MDRT standards. Top of the Table membership allows members to access the highest level of member benefits and recognition.

Union Assurance is a part of the John Keells Group, Sri Lanka’s largest listed conglomerate. It is among the most awarded Insurance companies in Sri Lanka, completing over three decades of success with a Market Capitalization of Rs.18.2 billion, a Life Fund of Rs.41.3 billion and a Capital Adequacy Ratio (CAR) of 447%, as at November 2020. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover Education, Health, Investments, Protection, and Retirement Needs of Sri Lankans. With 76 branched and an over 3,000-strong workforce, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.

August 25, 2020

Leading insurance solutions experts, Union Assurance unveiled Sisumaga+, a unique protection-based plan specially designed to ensure uninterrupted education from childhood through to university.

Sisumaga+ is for parents who wish to make provision for their child’s academic expenses for University or tertiary education, ensuring that the higher education costs are met, even in the unfortunate circumstance of a possible demise of the parent.

The new policy was launched at a special ceremony hosted at the Cinnamon Grand Colombo, and graced by a distinguished gathering of dignitaries including Secretary to the Ministry of Education, Prof. Kapila Perera, John Keells Group Chairman, Krishan Balendra, Lanka Impact Investing Network (Private) Ltd Founder and Chairman, Chandula Abeywickrema and, celebrity entrepreneur Bathiya Jayakody.

“Education Protection is a relatively new concept in Sri Lanka and Union Assurance is pleased to be a forerunner in establishing Sisumaga+. Through a combination of savings and investment, this plan will provide essential support for children to actively pursue their ambitions for higher education while providing a buffer against the continuing escalation in associated costs. In this way, we are able to guarantee that your children will have the funds they need to grow when they need it the most,” Union Assurance Chief Executive Officer, Jude Gomes stated.

Sisumaga+ offers a fund build-up for continuous growth of the education fund, an additional 15% Loyalty Benefit paid upon completion of all due premiums of the policy term, and in the event of a demise of a parent, an immediate payment of 5 times of the basic annual premium and a consistent monthly income to take care of education expenses up to the maturity of the policy.

“Especially at a time when Sri Lanka and the entire world is faced with severe economic disruptions, many can expect to face difficulties in establishing savings sufficient to lay a strong financial foundation for their child’s educational aspirations. Given the rising costs of everything from tuition to text books, boarding fees and transport, this can be a source of serious concern for parents and families. Sisumaga+ is a plan that can directly address these concerns effectively,” Gomes added.

Particularly given the drastic mismatch in availability of positions in local universities, the cost of higher education overseas, and even the cost of foreign affiliated colleges and private institutions locally have presented real challenges to parents seeking to fund their children’s higher education.

All 15 of Sri Lanka’s state universities are only able to admit a maximum of 25,000 students annually, out of around 220,000 who qualify for university entrance at the Advanced Level examinations every year. In 2018, approximately 15,000 Sri Lankan students reportedly sought university education abroad while a significant number enrolled in foreign affiliated colleges and private institutions in the Country.

Acknowledging the many children who are lesser privileged and challenged for resources for the continuity of their education during the launch event, Union Assurance also pledged support for SOS Children’s Villages in Nuwara Eliya and Monaragala and also announced the establishment of five scholarships for students of the Ceylon Schools for the Deaf & Blind at the event.

SLT-MOBITEL mCash and Union Assurance Join Forces to Redefine Life Insurance Accessibility in Sri Lanka

Seylan Credit Cards and Union Assurance Join Hands to Offer Hassle-free Life Insurance Payment Options

Union Assurance awarded Life Insurance Company of the Year at Business Leader Awards

Union Assurance Cements Partnership with Nations Trust Bank to continue Bancassurance Leadership in Sri Lanka

Union Assurance introduces Group Health: a holistic, automated insurance solution for corporates

Big rewards for best performers as Union Assurance tops MDRT qualifiers

Union Assurance Introduces Education Protection Through Sisumaga+