Union Assurance

Q: Union Assurance has been in operation for over 30 years. How would you describe this journey?
A: Established in 1988, Union Assurance is the first private insurer in Sri Lanka. Since then, we have been protecting lives, empowering people to achieve their dreams and providing peace of mind with our solutions.

Under the banner ‘Your life, Our strength,’ we have nurtured the Sri Lankan dream in unique and personal ways, to support our policyholders and the people they love.

Q: What is the mission of your company?
A: In 2020, Union Assurance revitalised its brand promise with a new logo depicting the circle of life under the new theme ‘Your Life, Our Strength.’

Our mission is to encourage customers to plan their finances better and smarter, based on three pillars: protecting relationships, protecting growing ambitions and protecting progressing lifestyles.

There are many reasons underpinning the large protection gap and low insurance penetration; therefore, Union Assurance will also focus on bridging the protection gap of life insurance in order to protect Sri Lankans.

Q: What is your assessment of the impact of the pandemic?
A: The perception of life insurance changed dramatically during the pandemic – people realised the importance of life insurance, particularly health insurance.

Union Assurance was quick to recognise changing consumer trends, adapt to the crisis and meet the growing demand with cutting-edge infrastructure.

However, as the pandemic required us to be restricted and people were hesitant to meet agents in person, the company implemented its digital strategy to meet this challenge.

Union Assurance was prompt to launch a versatile digital payment link enabling customers to settle their new business and renewal premiums from the safety of their homes during the pandemic. This enabled over 90 percent of renewals to take place via digital payment platforms and bank transfers.

Uninterrupted service to policyholders was assured with a 24/7 trilingual call centre, WhatsApp and the Clicklife App, enabling customers to resolve matters from the comfort of their homes.

Q: What role can brand investments play in accelerating business recovery in the prevailing corporate environment?
Despite the challenges, Union Assurance remained focussed and relevant to its customers. We invested in a number of CSR initiatives to create a more informed and better tomorrow through meaningful interventions in our communities.

During the pandemic, we continued our CSR programmes in collaboration with the Ministry of Health, Ceylon Deaf and Blind School, and SOS Children’s Villages Sri Lanka. As part of our efforts to assist the government in managing the pandemic, we launched a co-branded campaign with the Ministry of Health to raise public awareness and donated vital medical equipment.

Q: In your assessment, how can brand loyalty be built and increased through experiences?
A: Union Assurance has harnessed the power of digitalisation to provide end-to-end digital solutions and a seamless digital experience to our customers. To stay connected and relevant to the new-age consumer, the company unveiled the ‘Clicklife’ app and a 24/7 trilingual call centre.

Clicklife was the first comprehensive app to enter the life insurance sector, and is our broader digital vision to reimagine traditional life insurance and build a digital native insurance ecosystem. These services allow customers to transact with the company at any time and from any location.

We also have programmes such as the Lifestyle Bonus – together with other customer engagement programmes – available through the Clicklife App to incentivise customers.

Our historic achievement of producing the highest number of qualifiers in the Million Dollar Round Table (MDRT) in the history of Sri Lanka’s life insurance sector is a testament to our superior customer service.

Furthermore, Union Assurance’s ninth year as a Great Place to Work® demonstrates that it is an engaging and enjoyable workplace, as well as an environment in which employees feel safe and trusted to provide the best service to customers.

Union Assurance also provides a fast claims settlement process. Our one day health claim settlement ratio is 93 percent, which is a significant figure. This enables us to gain the trust of our customers.

Q: What other measures have you taken to make life insurance more accessible to customers?
A: We are in the process of further improving our digital infrastructure. Union Assurance was prompt to adapt and provide services through digital platforms in order to protect customers throughout the pandemic.

We offer a digital life insurance product that can be purchased online in less than five minutes and is 100 percent paperless, making it the easiest and most affordable way to buy insurance. The product offers up to Rs. 4 million protection, starting from only Rs. 23 a day.

Moreover, we have agents and branches throughout the country, as well as branches of six leading bank partners to provide Bancassurance services. This enables Sri Lankans to easily access life insurance.

Telephone 2990990 Email info@unionassurance.com Website www.unionassurance.com