Union Assurance celebrates the Success of 2020
Union Assurance PLC held its Annual Awards on a grand scale on 9 October2021. For the second year in a row, the Company took the virtual event to the next level by honouring top achievers in the Agency, Bancassurance, and Corporate sales forces at a glittering gala.The event, which drew over 3,000 people, was graced by a distinguished leadership team that included Krishan Balendra, Chairman of John Keells Holdings, Suresh Rajendra, President– Financial Services, John Keells Holdings and Jude Gomes, Chief Executive Officer of Union Assurance.
The virtual Annual Awards celebrated the success of 2020 and recognised the exceptional performance of over 700 award-winners comprising Advisors, Insurance Relationship Officers, Team Leaders, Regional Managers, and Zonal Managers from the islandwide Agency, Corporate and Bancassurance network. Addressing the team, Jude Gomes, the CEO of Union Assurance, stated, “The year 2020 was one of the most challenging years with the pandemic surging across Sri Lanka. Despite the challenges, this team delivered exceptional results and made it an extraordinary year for Union Assurance recording remarkable achievements.
Today, we have become the fastest growing life insurance company in regular new business premiums among the top five players in Sri Lanka, the Company surpassed GWP of 13 billion, establishing Union Assurance as the 4th largest on Regular New Business Premium Production, and recorded 172 MDRT qualifiers - the highest in the history of Union Assurance. Moreover, the Bancassurance distribution channel of the Company has grown over the years to become the No. 1 Bancassurance provider in Sri Lanka.
The achievements we are celebrating are the result of great teamwork at Union Assurance. Thank you from the bottom of my heart, and my sincere congratulations to all our team members.” The year 2020 was significant for Union Assurance as the Company won 24 prestigious awards, making the Company the Most Awarded Life Insurer of the Year by LMD. Most significantly, Union Assurance was recognised as the Life Insurance Company of the Year, Best Customer Service Insurance Provider, and Most Innovative Digital Insurance Provider.
Furthermore, in 2020, the Company was transformed into a modern, customercentric, digital life insurer. Despite the challenges posed by the COVID-19 pandemic, Union Assurance harnessed the power of digitisation to provide revolutionary end-toend 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 per cent digital platform, and implementing customer-centric initiatives.
The virtual event was not short on entertainment with guest performances by the sensational Yohani and Satheeshan, and show hosts Niranjani Shanmugaraja, Saranga Disasekara and Stephanie Siriwardhana. The Union Assurance Annual Awards 2020 concluded on a note of celebration as it acknowledged the achievers’ making waves in a journey to Empower the Sri Lankan Dream. Union Assurance is a part of the John Keells Group, one of Sri Lanka’s largest listed conglomerates.
It is among the most awarded Insurance companies in Sri Lanka, completing over three decades of success with a market capitalisation of Rs16.6 billion, a Life Fund of Rs45.3 billion and a Capital Adequacy Ratio (CAR) of 300 per cent as at June 2021. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover education, health, investment, protection, and retirement needs of Sri Lankans. With 76 branches and an over 3,000-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.