Bancassurance is a relatively novel concept in the financial services industry of Sri Lanka. It enables consumers to fulfill both financial needs and insurance needs under one roof through their preferred banking partner. Customers who visit a bank can obtain life insurance solutions that cover education, health, retirement, and protection, along with their general banking services. As Sri Lanka’s oldest private life insurer, Union Assurance has forged partnerships with leading banking institutions in the industry, to bring life insurance solutions closer to the consumer.
In an interview, Vindya Cooray, the Chief Bancassurance Officer of Union Assurance PLC, explained the concept of bancassurance and what it means to the consumer.
“Bancassurance, as the name implies combines banking and insurance services to offer consumers a holistic financial solution within the framework of their trusted banking partner. Union Assurance has partnered with Nations Trust Bank, Commercial Bank, Seylan Bank, and Union Bank to establish Sri Lanka’s largest bancassurance footprint across 400 branches.”
“Let us consider how bancassurance benefits the consumer,” she continued. “As the bank has a deep relationship with its customers, it offers tailor-made solutions based on their income, family size, obligations, and future plans.
“Providing insurance solutions through bank partners also brings the proposition closer to consumers in an environment where consumer demand is growing as people become more aware of the concept of protection. All it takes is a visit to the bank or a call to your relationship manager, who will provide you with customised solutions and the convenience of a face-to-face or digital experience.”
Vindya further explained that life insurance provides a safety net in times of uncertainty, reducing the financial and psychological stress that results from an impact on one’s financial plans in the event of a crisis. “Having suitable solutions in place can effectively quell the immediate impact of a crisis while also ensuring that future plans such as children’s education, savings for key milestones, hospitalisation expenses, protection if you become critically ill, and retirement can remain on track.” She added, “All these solutions are available through your nearest banking partner under one roof.”
Vindya also noted that as a futuristic, digitally savvy life insurer, Union Assurance led the charge in digital advancement, enabling 100% digital submissions for bank customers. During the pandemic, the Company was swift to transform its operations to a digital operating model, develop infrastructure for remote working and customer engagement and launch the Clicklife app in which policyholders can self-service with ease.
She concluded that with the mutual interest of delivering the best for their customers, Union Assurance and its respective Bank Partners offer consumers the opportunity to expand their financial horizons through comprehensive financial and protection solutions under one roof. Thus, a one-stop shop for all insurance needs and banking solutions.
Union Assurance lives by the ethos of protecting the lifestyles, dreams and ambitions of Sri Lankans and continues to expand its position as a leading bancassurance partner. The Company has over three decades of experience and is a part of Sri Lanka’s largest listed conglomerate, the John Keells Group. Union Assurance was recognised as the Bancassurance Leader of the Year awarded by the Business Leader of the Year 2021, and has received many accolades including Life Insurance Company of the Year, and recognitions for its digital advancements.
Vindya Cooray, the Chief Bancassurance Officer of Union Assurance, is a Chartered Accountant, Lecturer, and Researcher with a career in the fields of finance, hospitality, and insurance.