LOLC Insurance enters into bancassurance agreement with Commercial Bank

LOLC Insurance recently entered into a strategic bancassurance partnership with Commercial Bank PLC to strengthen its Bancassurance portfolio and to offer its array of insurance products to a wider customer base. 

As a result of this strategic tie-up, Commercial Bank clientele will have the opportunity to experience the products and services offered by both LOLC General Insurance Ltd. and LOLC Life Assurance Ltd.

The Memorandum of Understanding between the two organisations were signed at the head office premises of Commercial Bank in Colombo in the presence of LOLC Group Managing Director/CEO Kapila Jayawardena, LOLC Group Executive Director Kalsha Amarasinghe and Commercial Bank CEO Jegan Durairatnam. Other senior management members of both organisations were also present.

“This collaboration is another significant step in strengthening our Bancassurance partnerships with key banks in Sri Lanka,” affirmed LOLC Group Managing Director/CEO and LOLC General Insurance Ltd. Chairman Jayawardena. 

“With the launch of this partnership, LOLC General Insurance Ltd. and LOLC Life Assurance Ltd. will be able to leverage on the strong branch network and brand presence of Commercial Bank. I am confident that this partnership will reach greater heights as both Commercial Bank and LOLC share a strong commitment to growth, customer value creation and providing exceptional service standards. The stability of both organisations will add much value to this strategic partnership,” added Jayawardena.

Speaking about the tie-up, LOLC Insurance Chief Operating Officer Nilanga Wickramasinghe said, “Our partnership with Commercial Bank adds a very important dimension to our Bancassurance channel and through this we hope to reach closer to our customers and offer them a variety of personalised protection products be it Life or General. We are truly excited to embark on this journey with Commercial Bank and hope to create value to our customers through our unparalleled expertise in the insurance industry.” “Commercial Bank is always committed to explore the possibilities of creating convenience to our customers. Being able to access insurance services from a leading firm such as LOLC whilst banking, is definitely a convenience for customers and a win-win situation for everyone involved,” commented Commercial Bank Managing Director Jegan Durairatnam.  

A fully-owned subsidiary of Sri Lanka’s largest diversified conglomerate – the LOLC Group, LOLC General Insurance Limited is currently one of the fastest growing insurance companies in Sri Lanka. The company offers a comprehensive range of insurance solutions to both individuals and businesses with products such as motor insurance, ‘Sureki Piyasa’ home insurance, engineering insurance, travel insurance, title insurance, shop insurance, and much more. Renowned as one of Sri Lanka’s fast-growing Life insurance companies, LOLC Life Assurance too is a fully-owned subsidiary of the LOLC Group. The company offers tailor-made Life Insurance Solutions ranging from ‘Sureki Daru’ Child Insurance, Life Protect, Life Protect Plus, Reality Plan, ‘Piyawara’ Pension Plan and Home Loan Protections. Both LOLC Life Assurance and LOLC General Insurance leverages on LOLC Group’s strong distribution channel. 

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for seven years consecutively, Commercial Bank operates a network of 261 branches and 759 ATMs in Sri Lanka. The bank has won more than 30 international and local awards in 2016 and 2017 and has over the years received multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank and Most Respected Bank from a number of local and international institutions and publications.