Over nearly four decades, we have weathered diverse challenges and celebrated numerous successes that the nation has witnessed, steadfastly standing by the people we serve

Q: How would you describe your company’s journey over the last three decades? What were the most significant milestones during this time?

Senath Jayatilake (SJ): Union Assurance started its journey in 1987 as Sri Lanka’s first private insurer, and has since played an integral part in the nation’s economic and social fabric.

Over nearly four decades, we have weathered diverse challenges and celebrated numerous successes that the nation has witnessed, steadfastly standing by the people we serve. During this time, we earned the trust of generations through our unwavering commitment to delivering on our promises.

The company originally operated as a composite insurance provider, offering general and life insurance services. However, regulatory changes necessitated the separation of the two verticals.

In 2015, the general insurance business was subsequently divested to Fairfirst Insurance, which is a part of the global Fairfax Group. Since then, Union Assurance has focussed exclusively on life insurance, cementing its position as one of the leading companies in terms of profitability, financial stability and delivering excellence to our valued policyholders.

The company is particularly focussed on creating sustainable value for all. Unlike purely market share driven organisations, Union Assurance prioritises holistic value creation for key stakeholders, which include policyholders, shareholders, employees and distributors. This approach sets us apart and underscores our dedication to creating a meaningful impact in the operating landscape.

Today, backed by the strength of Sri Lanka’s largest listed conglomerate – the John Keells Group, which holds a 90 percent stake in the company – we stand as a forward-thinking life insurer, poised to meet evolving customer needs with a comprehensive and innovative suite of life insurance solutions.

Q: In your opinion, what is the role of corporates such as yours in reviving Sri Lanka’s economic and social landscape?

SJ: Individuals and corporations each play a pivotal role in the long-term recovery process, requiring meticulous management and active participation from all stakeholders. Organisations must establish a purpose that transcends mere corporate goals and embrace a broader societal impact for optimal value creation.

Our purpose centres on protecting lives and enriching the wellbeing of all Sri Lankans. By empowering individuals, we believe that we can support the collective progress of the nation and foster a society that can effectively contribute to economic recovery efforts.

The insurance sector has exemplified resilience throughout the pandemic and economic crises, leveraging innovation to navigate disruptions and enhance economic value. With growing digital adoption among customers, the sector stands on a stronger platform than ever before to deliver enhanced value and service.

We have made substantial investments in actively nurturing talent, empowering them to make meaningful contributions not only within Union Assurance but also the broader community

Q: How does your organisation view the talent in the country in the wake of the brain drain?

SJ: The brain drain has significantly affected all industries, exacerbated by the recent economic crisis, which eroded confidence in the nation’s ability to provide stable futures for individuals and their families. As a corporate entity, Union Assurance acknowledges its role in restoring this confidence and providing promising career opportunities, thereby reinforcing their prospects within Sri Lanka.

To achieve this, we are committed to providing a progressive work culture and elevating corporate standards. Central to our approach is a strong emphasis on understanding and catering to the diverse needs of our employees, particularly the younger cohort entering the workforce.

Our dedication to diversity, equity and inclusion (DEI) policies affirms our commitment to creating a workplace where everyone feels valued and can bring their best selves to work.

We have made substantial investments in actively nurturing talent, empowering them to make meaningful contributions not only within Union Assurance but also the broader community.

By investing in the development and wellbeing of our employees, we aim to not only retain talent but also cultivate a workforce that drives innovation and growth in the long term.

Q: What do you think should be the most important goals for corporates in Sri Lanka to achieve in the medium term, considering the economic context?

SJ: In the medium term, the most crucial goals for corporates in Sri Lanka should revolve around generating sustainable value creation. The lessons from the economic crisis underscore the need to move beyond short-term gains and transactional approaches, focussing instead on long-term sustainability across all facets of business operations and stakeholder engagement.

For Union Assurance and the broader Sri Lankan life insurance sector, the priority lies in addressing the significant gap in benefitting from the protection offered by life insurance compared to global and regional standards. We aim to reduce this protection gap by enhancing the affordability and accessibility of life insurance through innovation.

By redefining our solutions, transforming distribution strategies and elevating customer service standards, we seek to foster greater adoption of life insurance. Ultimately, we aim to contribute to a resilient nation where individuals and families feel empowered to pursue their goals and aspirations with peace of mind.

Q: Can you share your organisation’s philosophy regarding servicing its customers in this dynamic landscape?

Mahen Gunarathna (MG): At Union Assurance, customer-centricity is more than a philosophy – it is deeply embedded in our organisational ethos and influences every facet of our operations. We understand that in today’s dynamic landscape, the expectations and preferences of our customers are constantly evolving.

Demographic shifts, such as the emergence of Generation Z as part of the workforce and modern consumers, bring forth unique expectations and behaviours. Modern customers are inherently digital and we recognise that delivering exceptional customer-centricity means harnessing digital technology effectively.

We have invested substantially in technology to bridge this generational gap in customer expectations. By leveraging cutting-edge technology and fostering a culture of innovation, we have ensured that our offerings are not only responsive but also anticipatory of customer needs.

Furthermore, Union Assurance remains steadfast in its purpose of enriching the wellbeing of all Sri Lankans. This commitment drives us to operate within a structured framework that delivers comprehensive value to our customers, addressing their financial, emotional and physical wellbeing holistically.

This approach inherently embodies our commitment to customer-centricity, ensuring that every interaction with Union Assurance contributes positively to our customers’ lives.

Q: What is the role of technology in your organisation and its operations? And how has the role of technology evolved in your company through the years?

MG: Technology plays a pivotal role at Union Assurance – especially in meeting the needs of tech savvy digital natives who prioritise convenience and seamless interactions in every aspect of their lives. Our approach to technology is multifaceted, focussing on three key areas.

First, we leverage technology to support acquisitions. In a sector that’s traditionally reliant on conventional distribution methods, we have made substantial investments in leveraging technology to simplify insurance processes for customers.

For instance, we pioneered 100 percent digital proposal submissions, leading the way in accessibility and convenience.

We also emphasise the empowerment and upskilling of our advisers so that they can use technology to elevate their service standards. By equipping them with advanced digital tools, smart point-of-sale solutions and comprehensive digital financial needs analysis capabilities, we ensure that they can deliver exceptional service throughout the customer journey.

We’ve also looked at collaborating with our partners to enhance customer convenience at the purchase stage by integrating digitally enabled purchasing options, aimed at offering greater flexibility and ease of transactions.

Secondly, we leveraged technology to improve the efficiencies in our value chain. Union Assurance has introduced multiple innovations on this front including automated underwriting and electronic medical examination reports (e-MERs).

Our advancements in automation have boosted straight through processing rates, resulting in quicker and more accurate underwriting decisions. Moreover, we have transitioned to issuing digital documents, eliminating excessive paper usage, and aligning with our environmental, social and governance (ESG) goals.

Thirdly, we prioritise enhancing customer engagement and convenience through technology. Our focus remains on improving customer experiences and enriching their wellbeing through personalised digital platforms.

A significant milestone in our digital transformation journey has been the launch of the Clicklife App, a pioneering digital application in the life insurance sector. This app has revolutionised customer interactions by enabling policy management via mobile devices anytime and anywhere. The Clicklife App offers a range of innovative features including AI powered calorie counting and a seamless digital rewards platform.

 Our goal is to craft strategies to effectively integrate technology and human expertise in our operations, aiming to synergise both elements to deliver exceptional customer experiences

Q: And what is your outlook for Sri Lanka in the next five years?

MG: As a nation, Sri Lanka has weathered various challenges and celebrated successes along its trajectory. Through it all, we at Union Assurance have remained steadfast in our commitment to supporting the nation during these times of change.

Looking ahead, we are optimistic about the future and foresee stability on the horizon. Positive economic indicators, combined with ongoing reforms aimed at enhancing value across sectors, signal promising progress. Initiatives led by government agencies and foreign direct investments (FDI) are poised to bolster infrastructure development, particularly in the business sector, creating an environment conducive to growth.

The pathway to achieving robust economic recovery hinges significantly on increasing disposable incomes across the population. As economic conditions stabilise and incomes rise, we anticipate a corresponding increase in consumer spending and the expansion of businesses. This upward trend is pivotal in fortifying the economic landscape, and fostering sustained growth and development.

At Union Assurance, we are committed to navigating these transitions with resilience and foresight. We’re confident that by leveraging these positive shifts, we can drive growth and make meaningful contributions to Sri Lanka’s socioeconomic fabric.

Q: What are your organisation’s plans for the future?

MG: We have ambitious plans for expansion on multiple fronts. Union Assurance is actively pursuing strategic initiatives to broaden our portfolio, emphasising enhanced accessibility through a growing national presence. Our focus is on deepening our market penetration among existing customers while exploring new opportunities to serve emerging segments.

Operationally, we are steadfast in our commitment to drive efficiency across all fronts. By harnessing innovative technologies and advanced data analytics, our goal is to craft strategies to effectively integrate technology and human expertise in our operations, aiming to synergise both elements to deliver exceptional customer experiences.

We are also heavily invested in the development of customer-centric platforms that add significant value. Our ongoing enhancement of the Clicklife App exemplifies this commitment, introducing innovative features that simplify interactions, offer personalised services and provide real-time insights, to empo wer our customers to make informed decisions about their insurance needs and ways to enrich their wellbeing.

Most importantly, Union Assurance is committed to strengthening a dynamic work environment that caters to the evolving needs of today’s workforce. Building on our strong values of investing in our people, we are making significant efforts to equip employees with advanced skills that prepare them for the future of work.

Central to our approach is the enhancement of our culture, deeply rooted in the principles of DEI, where every individual can thrive and contribute meaningfully to our collective success.

– Compiled by Yamini Sequeira

Telephone: 2990000 | Hotline: 1330 | Email: info@unionassurance.com | Website: www.unionassurance.com