In this exclusive interview, the leadership of Union Assurance and Union Bank shares insights into their collaborative journey, shaping the Bancassurance sector in Sri Lanka
SENATH JAYATILAKE – Chief Executive Officer of Union Assurance
WHAT IS THE STORY BEHIND THE INCEPTION OF UNION ASSURANCES’S BANCASSURANCE PARTNERSHIP WITH UNION BANK? HOW HAS THE COLLABORATION UNFOLDED OVER THE YEARS?
Union Assurance has been at the forefront of Bancassurance for over 14 years, with Union Bank standing as one of our esteemed founding partners. Throughout our robust journey, our collaboration with Union Bank has remained steadfast, adapting seamlessly to meet the ever-changing needs of our customers. Commencing with a traditional assurance model, we have transitioned into a dynamic lead referral model, which has continually evolved and expanded across the Bank’s extensive network. This evolution has been driven by a shared commitment to aligning with the Bank’s culture, product portfolio, and strategic vision. Today, our partnership stands as an indispensable element within both the Banks’ and our portfolios, enriching the value proposition offered to customers.
HOW DOES UNION ASSURANCE DIFFERENTIATE ITSELF IN THE MARKET THROUGH THIS COLLABORATION? COULD YOU SHARE INSIGHTS INTO THE EFFORTS BETWEEN UNION ASSURANCE AND UNION BANK TO ENHANCE CUSTOMER ENGAGEMENT AND SATISFACTION?
Union Assurance’s Bancassurance philosophy goes beyond the traditional norms, where we continually strive to create an ecosystem that seamlessly integrates well with our partners’ operations. This involves understanding the specific customer demographics and preferences targeted by the Bank, as well as the products and platforms it emphasises. We recognise that Banassurance is not a one-size-fits-all approach; therefore, at Union Assurance, we prioritise customisation. Tailoring our Banassurance proposition to each partner is something we take very seriously, and we have taken steps to meticulously craft the operating model of our partnership with Union Bank to optimise the service we create.
We also place a strong emphasis on customer experience, and our collaboration with Union Bank allows us to deliver personalised service and support across the customers’ journey. By combining our expertise in Life Insurance with Union Bank’s reputation for excellence in banking, we create synergies that drive value for Bank customers.
HOW DOES UNION ASSURANCE DIFFERENTIATE ITSELF IN THE MARKET THROUGH THIS COLLABORATION? COULD YOU SHARE INSIGHTS INTO THE EFFORTS BETWEEN UNION ASSURANCE AND UNION BANK TO ENHANCE CUSTOMER ENGAGEMENT AND SATISFACTION?
As we navigate through this period of economic recovery, the significance of financial security for households is paramount. Through our extensive partner network, we empower our affiliated Banks to seamlessly integrate comprehensive financial security solutions into their product offerings. This proactive approach is aimed at enhancing the financial well-being of all Sri Lankans. Aligned with this focus, our partnership with Union Bank is central to our mission of becoming a one-stop-shop-solutions provider for financial services. By collaborating closely, we aim to reinforce our commitment, entailing a concerted effort to enhance our product portfolio continually, and staying ahead of evolving customer demands. Also, leveraging advanced technology, we are dedicated to optimising service delivery, ensuring a seamless and efficient experience for all stakeholders involved. Together, we believe that both companies are poised to innovate and elevate the standards of financial services, ultimately fostering greater financial prosperity and security for all.
INDRAJIT WICKRAMASINGHE – Chief Executive Officer of Union Bank
GIVEN UNION BANK’S ACTIVE INVOLVEMENT IN PROMOTING BANCASSURANCE IN SRI LANKA, COULD YOU ELABORATE ON THE STRATEGIC IMPORTANCE OF BANCASSURANCE FOR UNION BANK?
Bancassurance augments Union Bank’s value proposition to customers by offering an enhanced range of financial solutions that provide convenience and access to a wide variety of cutting-edge Life Insurance solutions at attractive premiums under one roof. These offers cover the wide needs of our customers and includes investment and protection products along with expert advice to help them make prudent decisions.
WHAT ARE THE KEY FACTORS CONTRIBUTING TO THE SUCCESS OF THIS BANCASSURANCE PARTNERSHIP, AND HOW HAS IT ENHANCED CUSTOMER EXPERIENCES FOR THE BANK CUSTOMERS?
We are delighted to partner with Union Assurance who holds an excellent track record as a top service provider of bancassurance in the industry. Our partnership with Union Assurance expands across many years and as the exclusive Bancassurance partner Union Bank is able to extend to our customers an even more competitive value proposition.
From a customer perspective, through this partnership, we are able to provide customers access to a variety of best-in-class Life Insurance solutions along with expert advisory on selecting the right Life Insurance policies. The extensive knowledge shared between the teams, provides the Bank up to date information and expertise in offering Bancassurance services.
Adding more value to customers, Union Assurance products and promotions are co-branded and offer term assurance policies with investment returns. Customers also have access to attractive pricing on premiums and a personalized service in addition to other benefits such as cash-less medical reimbursements on local and global health covers.
From a Bank perspective, Bancassurance is an integral part of our product offering to our Retail, Corporate and SME customer segments. The Bank is also able to motivate the branches to actively offer the customers bancassurance as an additional product. Working as one team has enabled both organizations to achieve sustainable business growth. I am also happy to say that the Union Bank team has been able to achieve some of the best productivity and conversion rates in the industry for bancassurance products offered by Union Assurance during the year 2023.
The partnership between Union Bank and Union Assurance has increased the value of each company’s portfolios and provides a path for long-term, profitable business growth.
BANCASSURANCE SUCCESS OFTEN HINGES ON INNOVATIVE PRODUCT OFFERINGS. HOW DOES THE PARTNERSHIP BETWEEN UNION BANK AND UNION ASSURANCE CATER TO THE EVOLVING NEEDS OF CUSTOMERS IN THE DYNAMIC FINANCIAL LANDSCAPE?
Our partnership with Union Assurance provides flexibility to adapt and deliver timely solutions to the changing needs of our customers. Continuous engagement between the teams has enabled us to identify and deliver the best fit solutions to our customers whilst leveraging on the synergies of consumer insights coupled with knowledge and expertise on insurance. As a result the Bank is also able to provide a one-stop shop for all banking needs, including Life Insurance making it easier to navigate the challenges of the dynamic financial landscape.