Union Assurance Crowned as Best Digital Life Insurer of Sri Lanka 2024

Union Assurance, Sri Lanka’s premier Life Insurer, was awarded as the ‘Best Digital Life Insurer – Sri Lanka 2024’ at the Global Business & Finance Magazine Awards. This esteemed platform recognises exceptional achievements in business and finance worldwide, celebrating individuals, companies and organisations that have made remarkable contributions to their industries. The accolade highlights Union Assurance’s leadership in driving digital transformation and its unwavering commitment towards revolutionising the Life Insurance industry through technology and customer-centric initiatives.

Union Assurance has long been at the forefront of technological innovation in Sri Lanka’s Life Insurance sector, setting new industry benchmarks with groundbreaking initiatives that deliver exceptional customer experiences. The Company’s forward-thinking approach has played a pivotal role in bridging the protection gap across the nation, empowering individuals and communities alike.

A standout embodiment of Union Assurance’s innovative spirit is the Clicklife App, Sri Lanka’s most comprehensive Life Insurance app. Powered by cutting-edge technology, the app transformed the user experience by enabling seamless management of Life Insurance policies via smart devices. With advanced features designed to promote user well-being, the Clicklife App integrates several industry-first innovations, including an AI-driven calorie counter and a fully digital rewards system. As the latest addition to the app, Union Assurance introduced its Digital Loyalty Rewards programme, which is also the first of its kind in the sector. Through this programme, customers can earn millions in rewards by adopting active lifestyles, all while ensuring their financial well-being and that of their families.

Union Assurance has also set new benchmarks in the sector with its financial underwriting automation, which was not only the first of its kind in Sri Lanka, but in Asia as well. By automating the financial questionnaire process, the Company has significantly enhanced the speed, accuracy and customer-centricity of underwriting. In collaboration with Munich Re, this cutting-edge innovation evaluates financial backgrounds and risks, providing tailored coverage solutions that cater to the unique needs of each individual.

Further enhancing the customer experience, Union Assurance also introduced the e-MER (Electronic Medical Examination Report) and the digital medical records initiative–another first of its kind in the sector. This innovation was a complete game-changer in the medical assessment process, reducing policy issuance frequency from several days to just 15 minutes, thereby significantly boosting efficiency and customer satisfaction.

Senath Jayatilake, the Chief Executive Officer at Union Assurance, said, “We are honoured to receive the ‘Best Digital Life Insurer’ award at the Global Business & Finance Magazine Awards. This recognition affirms our unwavering commitment to leveraging technology to elevate customer experiences. Driven by our resolute purpose of protecting lives and enriching the well-being of all, we are dedicated to offering premier solutions through robust and innovative ecosystems that are both accessible and customer-centric. As we look ahead, our focus remains on advancing digital transformation and delivering world-class services that empower our customers to thrive in every aspect of their lives”.

Union Assurance is a subsidiary of John Keells Holdings PLC, the largest conglomerate listed on the Colombo Stock Exchange, operating with over 80 companies in 7 diverse industry sectors. The Company has completed over three decades of success with a Market Capitalisation of Rs. 28.6 Bn, and a Life Fund of Rs. 71.6 Bn as of end June 2024. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement, and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 3000-strong, Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.