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Union Assurance and Union Bank Renew Successful Partnership

In a move that promises to expand the bancassurance footprint in Sri Lanka, Union Assurance and Union Bank have extended their alliance for 7 years. The renewal of the exclusive partnership agreement on 19th May, 2022, is a milestone that reinforces a very successful relationship.

The agreement was signed by the Chief Executive Officer of Union Assurance PLC, Jude Gomes, and the Chief Executive Officer of Union Bank, Indrajit Wickramasinghe. The event was also attended by the Chief Bancassurance Officer of Union Assurance, Vindya Cooray, Senior Vice President, Retail Banking at Union Bank, Chaya Jayawardane, Vice President, Retail Liability Products & Alternate Channels at Union Bank, Manisha Fernando, and Channel Head of Union Assurance, Chamara Nadhishantha.

Union Assurance, a trailblazing Life insurer, and Union Bank have enjoyed a fruitful relationship that has, over the years, greatly benefitted bancassurance customers. The partnership commenced in 2016 and has been exclusive since 2018.

The Chief Executive Officer of Union Assurance, Jude Gomes said the renewal of the exclusive partnership was a win-win move. “It will enable us to continue providing a range of best-in-class Life Insurance solutions to the bank’s valued customers along with an unmatched customer-centric experience,” he emphasised.

According to Mr. Gomes, the alliance with Union Assurance further supports expanding the scope and reach of bancassurance in the country. “Our partnership will help narrow the protection gap while empowering the Sri Lankan dream,” he said. He added that service excellence, innovation, and digital convenience are integral aspects of bancassurance.

Commenting on the partnership extension, the Chief Executive Officer of Union Bank, Indrajit Wickramasinghe said that Bancassurance is a fast-growing field and it adds to the Bank’s value proposition to its customers by providing enhanced financial solutions with long-term protection and a sense of security in these uncertain times.

The Chief Bancassurance Officer of Union Assurance, Vindya Cooray said the relationship with Union Bank will continue to grow stronger. She noted that the alliance has reinforced its position as Sri Lanka’s leading bancassurance provider. “We will continue to empower banking customers with our innovative solutions coupling protection and investment, strong expertise, and sound financial advice,” she asserted. 

The Union Assurance-Union Bank partnership has enhanced the portfolio value of both companies and paved the way for sustainable business growth. It has also empowered the bank’s customer base by facilitating access to a broad range of innovative Life Insurance solutions under one roof while fulfilling their banking needs.

Union Bank is one of Sri Lanka’s highest capitalised banks with over 25 years of service and is supported by the strength of the global investment firm TPG. With a solid foundation etched with financial stability and international know-how, Union offers a full range of products and services to Retail, SME, and Corporate segments. More details on Union Bank and its products and services may be obtained by dialing its 24-hour Contact Centre on 011 5800 800 or by visiting the corporate website via www.unionb.com.

Union Assurance is a part of the John Keells Group. It is among the most awarded Insurance companies in Sri Lanka, completing over three decades of success with a market capitalisation of Rs. 17.9 Bn, a Life Fund of Rs. 49.7 Bn and an investment portfolio of Rs. 58.5 Bn as of March 2022. 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. With an over 3,000-strong workforce, the Company has been recognised as a Great Place to Work© for nine consecutive years. 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 with being the number one for Million Dollar Round Table (MDRT) in Sri Lanka in 2021.

Image caption – The agreement was signed by the Chief Executive Officer of Union Assurance PLC, Jude Gomes, and the Chief Executive Officer of Union Bank, Indrajit Wickramasinghe.

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