Union Assurance and Union Bank renew successful partnership

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 May 19 is a milestone that reinforces a very successful relationship, Union Assurance said in a media release.

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

The partnership commenced in 2016 and has been exclusive since 2018.

Chief Executive Officer of Union Assurance, 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 Mr. 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, the Chief Executive Officer of Union Bank, 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.