Steering directions of many toward the importance of eternal Life coverage, Rumesh Modarage, the Chief Technical Officer/Specified Officer of Union Assurance PLC and Vice President of John Keells Holdings PLC, takes us through an elaborate story of his role so far!
Accommodating the insurance industry into his Life and career, Rumesh initiated his position in the Life Insurance trade, back in 2011. This was immediately after his CIMA qualification in 2011. He initiated his career as a management trainee in finance, eventually topping up to the position of Assistant Management Accountant, back in 2013. Accumulating his thoughts and understanding, Rumesh grasped the importance of the operational unit within an organisation. He explains, “After that, I realised the backbone or the heart of an insurance company is the operation unit of the company. And if you want to make a positive impact on the company it’s important to gain experience in operation. So, in 2014 I took that bold decision to make a shift in my career from finance to operation and that journey has taken me to where I’m today as the youngest Head of Operations and specified officer in the Life insurance industry in Sri Lanka”. Further adding to his academic qualifications, Rumesh is an associate member of the Chartered Institute of Management Accountants (ACMA-UK), a Fellow of the Chartered Insurance Institute (FCII-UK) and a Chartered Insurer. He also possesses an MBA from the Post Graduate Institute of Management (PIM) at the University of Sri Jayewardenepura.
As the Chief Technical Officer of Union Assurance PLC, Rumesh takes pride in Health 360, the latest revolution in the Life Insurance industry. As the name implies, Health 360 is a comprehensive coverage offered to customers and their loved ones following extensive research on the health needs of local and international customers. Rumesh elaborates on the subject, “Health 360 offers coverage from normal health conditions to Critical Illness conditions. The coverage is extended across three generations of the family, within Sri Lanka or internationally. The benefits of our coverage range from western medicine to ayurvedic medicine, from outdoor treatments to indoor treatments, with an array of additional benefits”. He further continues to enunciate the flexibility extended within Health 360, by its malleable benefits to reduce the customer’s premium. “Our unique deductible option can be customised from LKR 150,000 to LKR 2 Mn where the insured has an option to remove the selected deductible any time after completion of 10 years, making it an ideal option for private sector workforce” Rumesh continues. He emphasises that this health security blanket is customisable to cater to the growing protection needs of customers, creating waves within the local Life Insurance market. Amidst a surge of Life Insurance options within the insurance market, Health 360 stands out by the customisability of the rider, wider coverage, and the variety of benefits navigated towards achieving their customers’ growing health demands. Some significant characteristics showcased within this unparalleled entity entail (1) Highest Coverage; offering a maximum of 60Mn. (2) Highest Age coverage; extending the ceasing age up to 75 years, (3) Highest Deductible; for existing health coverages or additional protection during times of inflations, (4) Deductible Removal Option, at retirement or attaining a certain age. This remarkable health security jacket further provides their customers with the benefit of a (5) Unique inbuilt Critical Illness cover; covering their customers’ critical illness hospitalisation expenses. Rumesh explains this vitally, “When the Life assured is suffering from a critical illness, the annual health coverage limit may get exhausted within a very short period due to continuous treatment requirements. To overcome this gap a unique inbuilt critical illness benefit was introduced under HEALTH 360 (additional protection) to give an additional sum assured of Fifty percent (50%) of the Health 360 Sum Assured per annum within the same policy year for treatments related to critical illness”. Moreover, Health 360 offers (6) a competitive OPD coverage and pharmaceutical drugs purchased, Precautionary vaccinations and diagnostic investigations prescribed by a medical practitioner”. Lastly, with its (7) extensive coverage over 3 generations (the policyholder’s spouse, children and parents), Health 360 stands out as front runners in the market, with its unrivalled protection for its customers.
Understanding the cruciality of the current times in Sri Lanka, Rumesh elaborates on the priorities given to the health and well-being of the people during an economic crisis. Living amidst the undeniable cost of health care, health insurance can be a wise investment to safeguard one’s family and loved ones. Rumesh clarifies this professionally, “As disposable incomes decline, it is important to be protected against unforeseen expenses like medical emergencies. However, if such a situation arises, one often tends towards his/her savings. The rising cost of medical treatments due to medical inflation in recent times will affect savings furthermore. However, opting for a Life Insurance policy with a considerable and comprehensive health cover provides individuals with a fulfilling sense of assurance that their health expenses will be covered”. This statement is reinforced by the endless possibilities Heath 360 offers its customers for addressing the burden of medical expenses for their families. Under Health 360, Union Assurance has widened its capacity to provide medical coverage to Covid-19 hospitalisations and medical assistance, revolving around their health policyholders.
Explaining a unique characteristic of Health 360, Rumesh enunciates its international coverage, “HEALTH 360 offers the overseas treatment cover for all sums assured levels. Customers have an option to obtain coverage for 5 countries, up to the assured sum of 1 Mn and beyond, which is compulsorily covered in these countries. Further, the worldwide cover (excluding the USA and Canada) can be obtained from 2 Mn to 60 Mn, sum assured”. He also mentions the cashless claim settlement facility, which will help their customers with their overseas medical expenses. Affirming the reliability, Union Assurance’s Health 360 has acquired a list of accolades over the years. From being recognised as Sri Lanka’s Best Health Insurance Plan at the Insurance alerts Excellence Awards 2021, Health 360 was also awarded the Health Insurance Initiative of the Year – Sri Lanka at the Insurance Asia Awards 2021.
Looking at the Sri Lankan insurance industry as a whole, Rumesh believes that as a country, the insurance trade has prospered over the years, protecting the lives and dreams of many customers, despite numerous challenges faced by the industry. Yet, Rumesh believes that there is still potential and room to grow, opening up the many untapped market segments within the trade!
Rumesh analyses, “Traditional Life Insurance products sold in traditional ways will not be enough to serve the growing protection needs of our customers. As an industry, we need to be more creative in designing products and should explore different channels to reach underserved audiences. This will require pushing existing boundaries in product design and close association with reinsurers and regulators.”
Balancing the core domains of any venture, Rumesh suggests that insurance entities must find the perfect balance between understanding technology and showing empathy to their customers. Technological adaptations stand as an integral part of the company’s future performance, as “undoubtedly technology plays a major role in the insurance industry and the regulatory requirements also have been amended accordingly to satisfy the emerging requirements of customers. COVID-19 has further highlighted the need for insurers to streamline, improve and digitise operations, while closely considering customer onboarding and claiming functions”.
Union Assurance recognises the significance of providing customer-centric Life Insurance solutions, covering educational needs, medical demands, investment ideas, protection and retirement needs for Sri Lankan citizens. Rumesh further justifies this statement, “The Company’s customer-centric approach and service excellence have always been taken to new heights through the Company’s innovative digital strategy”. Introducing their novel Clicklife App, Union Assurance seeks to connect Life Insurance to consumers. The comprehensive lifestyle app has “revolutionised Life Insurance services in Sri Lanka, boosting customer engagement by enabling them to conveniently manage their insurance from any location. The Clicklife App facilitated the acquisition of insurance products, and digitised policy servicing and claims interactions while providing a holistic health and lifestyle ecosystem”, continues Rumesh.
He delves deeper into the operations of Clicklife App, explaining an intriguing facet called the Calorie Counter, designed to help customers navigate their time and energy towards physical activities. This unmatched, state-of-the-art feature includes a dashboard and a calorie log, to track an individual’s calorie intake on par with their calories burnt over physical exercise. Union Assurance takes pride in being the first Life Insurer “ to introduce an innovative fitness solution, combining calorie counting and physical activity trackers, to reward healthy living”. Similarly, Union Assurance hopes to mend the mentality of the Sri Lankan citizens by emphasising the power of technology within the Life insurance industry.
Being an aspiring leader in his trade, Rumesh ends his account with a ground-shattering piece of advice “Until you reach the age of 30, gain experience in different areas of the business and back yourself with differentiated professional qualifications, along with an industry-specific qualification. One day, once you reach the top of the investment you made in your twenties, you would be able to visualise the entire process of the organisation from the top to the bottom”. He continues, “Your awareness in the trade will alert you if something is going wrong, and also help you make crucial organisational decisions and understand the impact it has on the entire organisation. Incorporating these steps and practices into my career has helped me add value to my journey and my role within the organisation.”