Union Assurance Deepens Bancassurance Relationships with Pan Asia Bank
Union Assurance, Sri Lanka’s trailblazing Life Insurer, recently celebrated the business launch with its esteemed bancassurance partner, Pan Asia Bank, at Cinnamon Grand Colombo. Cementing its position as Sri Lanka’s No. 1 bancassurance provider, Union Assurance teamed forces with The Truly Sri Lankan Bank, Pan Asia Bank, in June 2022, to broaden the bancassurance scope and reach in the country. Through this partnership, Pan Asia Bank will be able to offer its customers a full suite of financial services, including Life Insurance solutions for savings, protection, and investments.
The business launch, which was attended by Union Assurance’s Chief Bancassurance Officer, Vindya Cooray, and Pan Asia Bank’s Chief Operating Officer, Naleen Edirisinghe, along with both companies’ management teams, provided an enjoyable forum for the teams to network and build relationships in preparation for the shared goal of providing the highest quality services to customers.
The Chief Bancassurance Officer of Union Assurance, Vindya Cooray, stated, “For the past three decades, our Company has been dedicated to empowering Sri Lankan dreams. Today, we are the bancassurance leader in Sri Lanka, and our partnership with Pan Asia Bank, one of the country’s most prestigious financial institutions, represents a significant milestone for the Company. We are thrilled to work with Pan Asia Bank to provide comprehensive Life Insurance solutions to its customers, underpinned by our digital capabilities and bancassurance expertise.”
Adding further, “At Union Assurance, customer-centricity is at the centre of all we do. We have transformed the digital landscape in the Sri Lankan Life Insurance industry by using best-in-class technology. Clicklife, our full-fledged mobile app, aims to provide customers with a digital experience like no other. As a result of this partnership, Pan Asia Bank’s customers will also be able to enjoy a host of exciting Clicklife App features, including access to rewards from over 85 partners and a lifestyle ecosystem that helps consumers better manage their health and financial wellness” she stated.
The Assistant General Manager (Retail Credit) of Pan Asia Bank, Shiyan Perera, stated, “The right partnership often propels business growth while producing mutually advantageous outcomes. Our bank has been serving the Sri Lankan community for over 27 years, with the ambition of delivering financial inclusion and world-class products and services to customers. The numerous outstanding local and international accolades we have received attest to this goal. We are pleased to partner with Union Assurance, a reputable and trusted Life Insurance provider, to offer our customers inclusive coverage designed to meet their evolving needs. We are confident that this partnership will be a game-changer for our business, allowing us to better serve our customers with cutting-edge Life Insurance solutions.”
Union Assurance is the leading bancassurance provider in Sri Lanka. It has the widest bancassurance coverage of over 600 bank branches via partnerships with nine leading bank partners. The company is a part of the John Keells Group, one of Sri Lanka’s largest listed conglomerates. It is among the most awarded Insurance companies in Sri Lanka, completing over three decades of success with a Market Capitalization of Rs. 15.7 Bn, and a Life Fund of Rs. 51.5 Bn as of June 2022. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover education, health, investment, protection, and retirement needs of Sri Lankans. With an island-wide branch network and an over 3,000-strong workforce, 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.
Naleen Edirisinghe, the Chief Operating Officer of PABC, and the Bancassurance team of PABC, along with Vindya Cooray, the Chief Bancassurance Officer of UAL, with the Channel Manager and Business Development team.