Union Assurance has been a trusted name in the Life Insurance sector for many decades. How does the company plan to maintain its reputation for reliability and customer-centricity?
At the heart of our business model are customer centricity and simplicity. Our primary objective is to deliver a precise and comprehensive protection solution that aligns with our customers’ needs. Our service proposition, product offerings, and overall value proposition are all centered around this core principle.
Looking at macro trends and the Life Insurance landscape both locally and globally, we see a shift in customer needs and preferences. Therefore, we are invested in leveraging our operational capabilities with continuous innovation, to actively foster alignment between customer requirements and our offerings. The entirety of our ecosystem is meticulously crafted to cultivate customer-centricity, which in turn fuels our business growth and evolution. This approach has been instrumental in establishing our service reliability and positioning us as a leader in the Life Insurance sector in Sri Lanka. As the first private Life Insurance company of Sri Lanka, this customer-centric foundation has propelled us to be among the largest in the country today.
How does Union Assurance differentiate itself from other players in the industry?
Our competitive edge is founded on customer-centricity and proactive innovation, as I highlighted earlier. Our unique selling proposition (USP) revolves around these principles of encompassing innovative product offerings coupled with state-of-theart systems and processes to deliver superior customer service excellence. This proactive approach, coupled with a deep understanding of customer needs, drives us to continuously innovate and enhance our offerings, which in turn positions us to meet evolving customer requirements effectively and comprehensively.
Our differentiator is how we do things and how we operate. We are a customer centric company, and we challenge the status quo to keep ourselves one step ahead. We are fueled by digital innovation and a unique culture that is focused on protecting the lifestyles of Sri Lankans by providing them with financial stability and security, while enriching them to improve their well-being and live life to their fullest.
Could you shed light on the company’s approach to positively impacting society and the environment?
As a company that is deeply rooted in Sri Lanka, we understand that we have a role to play in upholding the holistic well-being of the environment and society surrounding us. We place great importance on leading with a comprehensive ESG framework to guide our efforts in this aspect.
Our dedication to social responsibility extends to all our stakeholders. Presently, we are placing a stronger emphasis on advancing our CSR strategy in the realm of improving the well-being of people and communities. Our commitment to this cause is evident through a variety of programs we have introduced. These initiatives span across a spectrum, encompassing support for communities during the health and economic crises, as well as the well-being of our own team members. We will continue to deliver on our commitments to society, by proactively pursuing our ESG priorities.
With the Life Insurance sector constantly evolving, how do you envisage Union Assurance transforming itself to meet the changing needs and preferences of customers?
Our transformation journey is focused on revolutionizing our entire value chain of product solutions, insurance distribution, management, and customer engagement and servicing. The digital transformation of our entire agency distribution operation was an industry first and we transformed the entire sales journey into a completely paperless and sustainable operation that is also focused on offering the best customer experience during the purchase journey.
From an operational standpoint, all our underwriting operations and processes are seamlessly carried out via state-of-the-art digital platforms. This has enabled us to significantly outperform both local and regional benchmarks in speed of service and quality of service. The rapid growth of our new business also underscores these capabilities.
Maintaining our status as a digital innovator in the insurance space remains an integral component of our overarching strategy. We empower our customers through our Clicklife digital ecosystem, offering easy access to their policies and a range of other benefits that facilitate seamless interactions and self-service capabilities. The introduction of this innovative service platform has revolutionized how customers interact with their Life Insurance policies and service provider, further strengthening the long-term service experiences of Union Assurance customers.
Can you share Union Assurance’s strategic vision in the coming years?
Our strategic focus centers on long-term value creation, a critical aspect for insurance companies operating within the context of long-term service commitments. The sustainability of our enterprise hinges on our ability to consistently generate long-term value. This entails generating value for our diverse stakeholders: including our shareholders, policyholders, distributors, and employees.
The existing ecosystem that our organization has cultivated over time provides an optimal foundation for us to perpetuate this value-driven commitment. This integral element has been woven into our strategy since its inception, and it remains a pivotal focal point as we progress strategically.
Our presence in the insurance market is characterized by our aspiration to play a pivotal role in reducing the protection gap of Sri Lankan households and communities. Being in a heavily underpenetrated and high potential market, our purpose as an organization is to leverage our growth potential and momentum to offer the best protection solutions to Sri Lankan households and thus create a truly protected society.