Union Assurance (UA) 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 the Hilton Residencies in Colombo on October 19, 2018 amidst a large gathering from both organizations.
Union Assurance is well established entity within the Life Insurance industry with an array of innovative, tailor-made 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 in the lives of a wider group of individuals.
ndrajit Wickramasinghe, Director / Chief Executive Officer of Union Bank 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”.
Dirk Pereira, Director / Chief Executive Officer of Union Assurance PLC said, “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.”