Wednesday, September 27, 2023

Allianz Life Lanka Forges Partnership with Cargills Bank

Allianz Life Insurance Lanka Ltd, a member of the global insurance giant Allianz SE, recently inked a landmark partnership with Cargills Bank, the banking arm of the Cargills Group, one of Sri Lanka’s oldest and largest diversified conglomerates. Through this partnership, Allianz Life Insurance Lanka Ltd will provide Cargills Bank customers with convenient and comprehensive Decreasing Term Insurance (DTA) solutions. The partnership was formally entered into recently at a special ceremony held at the Cargills Bank Head office premises to mark the occasion. Senior officials from both organizations were present at the event, with Jayalal Hewawasam, CEO signing on behalf of Allianz Life Insurance Lanka Ltd, while  Lasantha Mahendrarajah, AGM Retail and SME signed on behalf of Cargills Bank.

Discussing the new partnership, Jayalal Hewawasam, CEO at Allianz Life Insurance Lanka Ltd said, “As a stakeholder of increasing importance and influence in Sri Lanka’s insurance industry, we are constantly looking to forge new partnerships and alliances, to unlock synergies and opportunities together with our partners, where we can mutually benefit, and most importantly, provide increased value to our collective customers. As a member of a global insurance giant, we are in a position to provide exceptional value, convenience and service, coupled with some of the best policy arrangements in the industry. Thus, we are pleased to enter into this partnership with one of Sri Lanka’s most progressive banks, as we work together to deliver exceptional financial services to all Sri Lankans.”

The key insurance products that Allianz Life Insurance Lanka Ltd will initially offer in partnership with Cargills Bank include Decreasing Term Insurance, which is a form of insurance where the potential pay out decreases periodically until the end of the term of the policy, and Loan Protection Policies, which help to reduce the burden on loved ones and financial institutions due to the untimely death of a person with outstanding debts. Together, these products will help to streamline borrowing and insulate both borrowers and lenders from uncertainty and risk. As the partnership progresses, Allianz Life Insurance Lanka Ltd and Cargills Bank will work together to introduce new products and services fit for modern Sri Lankans, from all walks of life.

“At Cargills Bank, we are committed to harnessing the spirit of progress in every Sri Lankan,” added Lasantha Mahendrarajah, AGM Retail and SME at Cargills Bank, as he explained the significance of the partnership, stating that, “This partnership will provide an opportunity for both our organizations to work together to serve customers better and grow together. As Sri Lanka’s most progressive bank, and one heavily involved in financing agri-businesses and other SMEs and MSMEs, at the grassroot level, we are keen to partner with a global insurance provider, to help meet our collective goals and objectives, which is the delivery of fast, efficient, reliable and innovative financial solutions to our customers. We are also pleased to note Allianz Life Insurance Lanka Ltd’s commitment to digital service delivery, an area in which we are pioneers in the industry, and we look forward to innovating and designing new solutions, together.”

About Cargills Bank

With a vision to be the most inclusive bank in Sri Lanka, Cargills Bank, a member of the Cargills Group, offers customers a full range of products and services including savings accounts, investment planner accounts, credit & debit cards, consumer loans, agriculture and micro financing, SME & Business Banking solutions and trade facilities. The Bank also provides a range of flexible and convenient digital banking services, ensuring 24/7 access and absolute convenience.

About Allianz Lanka

Allianz Insurance Lanka Ltd. and Allianz Life Insurance Lanka Ltd., known together as Allianz Lanka, are fully-owned subsidiaries of Allianz SE, a global financial services provider with services predominantly in the insurance and asset management business, headquartered in Munich, Germany. The global strength and solid capitalization of the Allianz Group, coupled with local expertise and business know-how, have been Allianz Lanka’s powerful formula for success.

Image Caption: (L to R) Mr. Sanira Hettihewa, Channel Manager Group Life & DTAP, Allianz Life Insurance Lanka Ltd, Mr. Malaka Mihindukulasuriya, Chief Actuary & Chief Strategy Officer, Allianz Life Insurance Lanka Ltd, Mr. Jayalal Hewawasam, Chief Executive Officer, Allianz Life Insurance Lanka Ltd exchange the partnership documents with Mr.Lasantha Mahendrarajah, AGM – Retail & SME Business, Cargills Bank Limited, Mr.Kithmini Kumaranayake, Senior Manager, Remittances & Insurance Operations, Cargills Bank Limited, Ms.Chithma Samaraweera, Junior Executive, Remittances & Insurance Operations, Cargills Bank Limited.

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