Union Assurance and Union Bank renew successful partnership

Union Assurance Chief Executive Officer Jude Gomes (left) and Union Bank Chief Executive Officer Indrajit Wickramasinghe 

In a move that promises to expand the bancassurance footprint in Sri Lanka, Union Assurance and Union Bank have extended their alliance for seven years. The renewal of the exclusive partnership agreement on 19 May 2022, is a milestone that reinforces a very successful relationship. 

The agreement was signed by the Union Assurance Chief Executive Officer Jude Gomes, and the Union Bank Chief Executive Officer Indrajit Wickramasinghe. The event was also attended by the Union Assurance Chief Bancassurance Officer Vindya Cooray, Union Bank Senior Vice President - Retail Banking Chaya Jayawardane, Vice President, Union Bank Retail Liability Products and Alternate Channels Manisha Fernando, and Union Assurance Channel Head Chamara Nadhishantha.

Union Assurance PLC, a trailblazing Life insurer, and Union Bank have enjoyed a fruitful relationship that has, over the years, greatly benefitted bancassurance customers. The partnership commenced in 2016 and has been exclusive since 2018. 

Union Assurance Chief Executive Officer Jude Gomes said the renewal of the exclusive partnership was a win-win move. “It will enable us to continue providing a range of best-in-class Life Insurance solutions to the bank’s valued customers along with an unmatched customer-centric experience,” he emphasised. According to Gomes, the alliance with Union Assurance further supports expanding the scope and reach of bancassurance in the country. “Our partnership will help narrow the protection gap while empowering the Sri Lankan dream,” he said. He added that service excellence, innovation, and digital convenience are integral aspects of bancassurance.

Commenting on the partnership extension, Union Bank Chief Executive Officer Indrajit Wickramasinghe said that Bancassurance is a fast-growing field and it adds to the Bank’s value proposition to its customers by providing enhanced financial solutions with long-term protection and a sense of security in these uncertain times.

Union Assurance Chief Bancassurance Officer Vindya Cooray said the relationship with Union Bank will continue to grow stronger. She noted that the alliance has reinforced its position as Sri Lanka’s leading bancassurance provider. “We will continue to empower banking customers with our innovative solutions coupling protection and investment, strong expertise, and sound financial advice,” she asserted.  

 The Union Assurance-Union Bank partnership has enhanced the portfolio value of both companies and paved the way for sustainable business growth. It has also empowered the bank’s customer base by facilitating access to a broad range of innovative Life Insurance solutions under one roof while fulfilling their banking needs.