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

Senior Management of Union Assurance and Union Bank at the preferred partnership agreement signing between the two companies. From left: Bancassurance Senior Manager Gihan Samarasinghe, Retail Liability Products and Alternate Channels Assistant Vice President Manisha Fernando, Retail Banking Vice President Chaya Jayawardana, and Director/CEO Indrajit Wickramasinghe representing Union Bank, and Director/CEO Dirk Pereira, Bancassurance Assistant General Manager Samantha Herath, and Bancassurance Manager Jeewan Pushparanga representing Union Assurance 

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 formal agreement was held at the Hilton Residencies in Colombo on 19 October amidst a large gathering from both organisations. 

Union Assurance is a 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 strategic partnership, Union Bancassurance will be able to expand its reach and make a positive impact in the lives of a wider group of individuals. 

Union Bank Director/Chief Executive Officer Indrajit Wickramasinghe, expressing his views on this partnership, said: “We are pleased to enter into a preferred Bancassurance partnership with Union Assurance, which also places the same importance on serving people with the best solutions and services that it 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.” 

Union Assurance PLC Director/Chief Executive Officer Dirk Pereira, sharing his thoughts, stated: “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 one of Sri Lanka’s fastest growing banks. 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.