Official signing of MOU between Fairfirst Insurance and Commercial Bank
Fairfirst Insurance recently partnered with Commercial Bank – the largest private bank in Sri Lanka, as the official insurance partner for Flash, Sri Lanka’s first fully fledged digital bank account. Designed to meet the digital evolution of financial services and financial wellness, Flash expects to bring a simple, seamless banking experience to Commercial Bank users, wherever they are.
Fairfirst, being at the forefront of digitalising insurance will be the exclusive insurance partner for this platform offering a ‘per day’ health insurance cover with each app download during this initial phase. The cover compensates in the event of hospitalisation due to sickness or accident and will be offered to users free of charge for a period of one month. Going forward Fairfirst will give Flash users access to a full shelf of novel and relevant insurance solutions in line with their lifestyle choices.
Speaking at the MOU signing was Fairfirst Insurance Managing Director/CEO Dr. Sanjeev Jha. “We are pleased to be partnering with Commercial Bank for the launch of their unique Digital Bank Account – Flash. At Fairfirst we are constantly evolving with our policyholders and business partners to offer insurance that’s relevant to people and this is one of many ways we are doing so,” he said.
“Offering never-before-seen personal financial management tools, Flash encourages and empowers users to better engage with their finances and make wise choices about spending and saving. At Commercial Bank we believe in introducing technology that create significant convenience to our customers and Flash is just one such example,” Commercial Bank Chief Operating Officer Sanath Manatunge said.
Fairfirst being a leading general insurer in the market is continuously assessing new avenues and partnerships that augment their growing distribution network in the country. Already the insurer with the highest share of wallet with brokers, Fairfirst is also home to a comprehensive branch network, leading affinity partners, growing agency force, strong key account management team and a fully-fledged online insurance purchasing platform.
Elevating General Insurance offerings and challenging the conventional business operation norms, Fairfirst is home to several customer relevant propositions like Dengue insurance, Cyber Risk Insurance, Click2Claim, the AI chat bot ‘Machan’ and Pet insurance.
The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for eight years consecutively, Commercial Bank operates a network of 266 branches and 830 ATMs in Sri Lanka. The Bank has won multiple international and local awards in 2016 and 2017 and over 40 international and local awards in 2018.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.