- Given your background in understanding consumers, how will you shape Union Assurance’s approach to consumer engagement in 2025? Are there emerging trends or unique insights you plan to leverage to create a distinctive mark in the insurance sector?
Placing customers at the centre of your efforts is paramount, and the Life Insurance market is no exception. With my background in marketing, brand building, and communications, I’ve developed a strong foundation that enables me to understand and meet the needs and preferences of customers effectively.
In Sri Lanka, compared to more developed markets, the penetration of Life Insurance remains significantly low, less than 1% of GDP. This is largely due to a lack of awareness and limited access to Life Insurance products. However, with the economic recovery underway, there is a growing need for financial security, especially considering the rising health-related expenses that have depleted household savings.
To address these challenges, it’s crucial to focus on developing Life Insurance products that cater to the evolving needs of the market. This requires a deep understanding of customer preferences, by listening to feedback, as well as innovating and refining products to meet their needs which will lead to building customer loyalty and retention.
- How do you plan to expand Union Assurance’s market reach through strategic partnerships? What regions or markets are you prioritizing for growth?
Like many players in the Life Insurance industry in Sri Lanka, Union Assurance relies heavily on the agent-led distribution model. However, we’ve observed a trend in other markets, particularly in the Western and Southeast Asian regions, where diversification of distribution channels is taking place. One such channel gaining traction is bancassurance, which leverages the bank branch networks to increase reach and create awareness about protection products.
Union Assurance has been at the forefront of bancassurance for the past 14 years, establishing itself as the leading bancassurance partner in Sri Lanka. This achievement is attributed to strategic partnerships that have expanded our reach significantly. Currently, we boast the highest number of bank partnerships nationwide, with a reach that spans 300 bank branches across the island. This extensive network enables us to educate more individuals and promote the importance of financial protection.
However, forming partnerships alone is not sufficient. To truly derive value from these alliances and serve our customers effectively, understanding their needs is crucial. Therefore we have adopted a customer segment-centric strategy which enables us to obtain a deep understanding of the different customer segments we serve ensuring that we meet all needs of our existing customers while also uncovering untapped needs, opening up new areas for expansion.
In addition to bancassurance, we are also collaborating with many others including telecommunication companies and hospitals enabling us to reach a broader audience and diversify our distribution channels further.
- Given the advancements in technology, how do you envision leveraging emerging technologies to enhance and streamline Union Assurance’s partnership and distribution strategies?
One of the key lessons learned from the COVID-19 pandemic was the need to rapidly embrace and adapt technology. Today, especially among younger audiences, there is a significant reliance on digital platforms and mobile applications. In response, Union Assurance has recognised the importance of strengthening our digital capabilities and has made substantial investments in this area.
We have implemented various initiatives to enhance our digital presence, allowing customers to customise their protection needs according to their requirements. Our Clicklife App, for instance, provides customers with a range of functionalities, including policy management, premium payments, product purchases, and claim submissions. Furthermore, we have also integrated innovative features such as calorie counters and fitness trackers to foster ongoing engagement and provide additional value to users to improve their well-being.
Overall, technology and digital innovation are central to our strategy across various fronts, including distribution diversification and customer relationship management. Through these initiatives, we are committed to staying ahead of the curve and meeting the evolving needs of our customers in an increasingly digital world.
- Union Assurance has been praised for its wide network of partners. How does the company adapt its partnership and distribution strategies to remain agile and responsive to market dynamics?
Today, the market is undeniably more dynamic than it was just a few years ago. At Union Assurance, we place significant value on partnerships, recognising that for such collaborations to thrive, both partners and customers must derive tangible benefits. Like any relationship, partnerships require commitment, hard work, innovation, and ongoing nurturing.
In our case, particularly in bancassurance, successful partnerships hinge on seamless integration into each other’s ecosystems. This involves gaining a deep understanding of our partners’ cultures, values, and operational frameworks ensuring that our collaboration is mutually beneficial.
Additionally, it’s essential to comprehend the diverse customer segments we serve and align our strategies with both partners’ offerings and the evolving needs of these segments. By effectively embedding these considerations into our partnership strategies, we can better meet the demands and expectations of our customers.
- What steps do you take to inspire and empower women within your teams and the broader industry? In 2025, do you foresee specific opportunities for women’s leadership growth in the insurance sector, and how do you plan to contribute to this empowerment?
The Life Insurance industry is perceived to be a male-dominated industry. However, in recent years, we’ve witnessed a significant shift with more women entering the insurance sector, and at Union Assurance we have a female workforce participation of 51%.
Despite the changes in market dynamics, deep-seated gender biases persist within the industry. It’s crucial for women in leadership roles, supported by their companies, to actively challenge and break these stereotypes, fostering an inclusive culture where women feel valued and empowered to contribute meaningfully. At Union Assurance, we prioritise creating an inclusive environment that encourages women across all functions to empower themselves and excel.
In terms of opportunities, as women, we sometimes limit ourselves due to perceived responsibilities as wives, mothers, and caregivers. However, with a supportive ecosystem, including understanding families and flexible work arrangements, women can break free from these constraints and pursue their professional aspirations to the fullest.
As female leaders, it’s essential to support and mentor other women, ensuring they have the guidance and resources needed to advance in their careers. Overcoming the stereotype of women not supporting each other is crucial for driving progress in gender equality. Additionally, companies should offer flexibility in work arrangements to accommodate the multifaceted roles of women, fostering loyalty and commitment among employees.
Ultimately, embracing fearlessness, seizing opportunities, and embracing challenges are essential for women to thrive in their careers. These factors, combined with supportive environments and a commitment to breaking gender barriers, are key to empowering women in the workplace.