Union Assurance strengthens its strategic partnership with Union Bank to expand Bancassurance operations

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 agreement was held at the Hilton Residencies in Colombo on 19th October 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 MOU, Union Bancassurance will be able to expand its reach and make a positive impact in the lives of a wider group of individuals.

Mr. Indrajit 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”

Mr. Dirk Pereira, Director / Chief Executive Officer of Union Assurance PLC sharing his thoughts expressed that “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 amongst the top 5 private commercial Banks in Sri Lanka in terms of market capitalization and is an innovation driven and strategically focused banking solutions provider.

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 UA’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.

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