Union Assurance and Union Bank strike bancassurance deal

Union Assurance Plc (UA) one of the largest life and general insurance providers in Sri Lanka has signed a Memorandum of Understanding with Union Bank an innovative banking partner to the small, medium and personal financial segments in order to facilitate insurance solutions to their bank’s clientele.

The MoU was signed between Union Assurance CEO Dirk Pereira and Union Bank Chief Manager Operations Anil Amarasuriya.

Bancassurance an increasingly popular feature in the banking/insurance industry which is gaining significant growth is a profitable venture to all its stakeholders which entails selling of insurance and banking products through the same channel.

Commenting on the agreement Pereira said: “We’ve been promoting bancassurance predominantly as it has much potential for growth in Sri Lanka as we have seen in our previous tie ups. We hope to work in unison with Union Bank to ensure the best of outcome to all its patrons.” Building this venture on the fundamental pillars of Union Assurance in being the most consistently trustworthy insurer and providing convenience  and ease to their stakeholder while being transparent in all their transactions perfectly translates to the values Union Bank holds which will ensure superior services to all its clientele.

UA has previously tied up with seven backs in providing similar bancassurance services and is looking forward to revolutionizing the industry as one of its key players.