Union Assurance PLC was recognized as the Fastest Growing Life Insurance Brand, Most Innovative Life Insurance Brand, Digital Insurance Company of the Year, and Digital Insurance Innovation of the Year, in Sri Lanka for 2021 awarded by the Global Brand Awards.
The Global Brand Award identifies organizations that best demonstrate a growth strategy that has achieved outstanding levels of sales, profit, and market share improvement by means of expansion, the introduction of new products and services, new market creation, the development or expansion of product and service ranges, thus advancing the development of the industry.
Jude Gomes, CEO of Union Assurance commented on the achievement, “This sweeping victory speaks volumes about our commitment to driving change and innovation in a legacy industry. We have addressed the needs of our customers by establishing a digital presence and offering solutions that enhance customer experience. We have introduced products that expand the scope of offerings in the life insurance segment, addressing salient customer needs and enabling market creation. Moreover, we support our teams to deliver an above-par service with tech-enabled solutions. All these efforts have culminated in a growth trajectory for Union Assurance. We are proud to be spearheading change in this industry.”
Despite the challenges posed by the COVID-19 pandemic, Union Assurance has harnessed the power of digitization to provide revolutionary end-to-end digital solutions and a seamless digital experience to its customers. To stay connected and relevant to the new-age consumer, the company’s customer-centric approach drove a vigorous overhaul of its operating model, enhancing digital infrastructure, transforming transactions and training to a 100% digital platform, and implementing customer-centric initiatives. The company’s readiness in digitization enabled customers to transact with the company from the safety of their homes during the pandemic and beyond. The Company has been a trailblazer in the life insurance industry, pushing boundaries with innovative solutions and processes under the Brand’s philosophy of protecting Sri Lankan relationships, ambitions, and lifestyles.
The Global Brand Awards is an annual event hosted by the Global Brands Magazine, an international publication headquartered in the UK. The Awards aims to recognize brands that have achieved excellence in performance across a broad range of sectors.
Union Assurance is a part of the John Keells Group, Sri Lanka’s largest listed conglomerate. It is among the most awarded Insurance companies in Sri Lanka, completing over three decades of success with a market capitalization of Rs. 18.2 Bn, a Life Fund of Rs. 43.8 Bn and a Capital Adequacy Ratio (CAR) of 326% as of March 2021. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover the education, health, investment, protection, and retirement needs of Sri Lankans. With 76 branches and an over 3000-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.