UA enters strategic partnership with NTB for bancassurance operations

Senior management of Union Assurance and Nations Trust Bank at the preferred partnership agreement signing between two companies. From left: Union Assurance Manager Legal Chandima Dharmasena, Union Assurance Senior Manager, Bancassurance Damitha Wickramathunga, Union Assurance Assistant General Manager, Bancassurance Samantha Herath, Union Assurance General Manager, Marketing and Distribution Dharshana Amarasinghe, Union Assurance Director/Chief Executive Officer Dirk Pereira, Nations Trust Bank Director/Chief Executive Officer Renuka Fernando, Nations Trust Bank Senior Executive Vice President, Consumer Banking and American Express Cards Priyantha Talwatte, Nations Trust Bank Senior Manager Bancassurance Viraj Wijedoru, Nations Trust Bank Group Company Secretary/General Counsel Theja Silva, Nations Trust Bank Senior Vice President, Branch Network Sheahan Daniel and Nations Trust Bank Senior Manager, Legal Harini Udugampola

Union Assurance (UA) recently became the preferred partner for Nations Trust 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 Memorandum of Understanding (MOU) was held at the Nations Trust Bank Head Office in Colombo on 31 May.

Union Assurance is an industry leader with a number of innovative, tailor-made life insurance solutions to suit any lifestyle requirement. Through this MOU, Union Assurance has expanded its reach and will make a positive impact in the lives of a wider group of individuals.

Nations Trust Bank is the very first bancassurance partner of Union Assurance. The operation which started in 2008 has grown to a major partnership that has made a positive impact on both organisations. The synergistic effect is expected to make strides in the bancassurance industry in years to come. 

The preferred partnership is a mutually beneficial agreement that allows the bank to provide one stop shop financial solutions for its customers across the branch network, while allowing the insurance provider to tap into a wider customer base on an exclusive basis, with industry leading customer service standards. 

Nations Trust Bank Chief Executive Officer Renuka Fernando commenting on initiating the preferred partnership stated: “Nations Trust always looks to providing our customers with holistic financial solutions at every stage in their lifecycle. We are happy to be partnering Union Assurance on this journey and are confident that together, we can meet the goals and aspirations of our valued clients.”

Union Assurance PLC Chief Executive Officer Dirk Pereira expressing his views stated: “As a pioneer in the bancassurance field, we constantly redefine our products and services to meet evolving customer needs. This strategic partnership with NTB will help us set new standards in the industry which will benefit both organisations and our respective customer bases.” 

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 true 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.