50 Best Companies to Watch 2021
Since its inception three decades ago, Union Assurance PLC has strived to redefine Life Insurance with the goal of inspiring the lives of Sri Lankans through a diverse range of new and unique insurance products. To protect the dreams and aspirations of thousands of Sri Lankans, the company is committed to providing peace of mind and a financial safety net in the event of unexpected uncertainties. With a mission of simplifying insurance and empowering customers, Union Assurance is leading the charge on personalisation and digitalisation in the insurance industry to make it easier to understand and purchase Life Insurance, as well as to service and settle claims.Despite the challenges posed by the COVID-19 pandemic, Union Assurance harnessed the power of digitisation to provide revolutionary end-to-end digital solutions and a seamless digital experience to its customers. Uninterrupted service to policyholders was assured with a 24/7 trilingual call centre, WhatsApp, an online chat bot service and the Clicklife app enabling customers to resolve matters with ease from the comfort of their homes.
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% digital platform, and implementing customer-centric initiatives.
The company’s readiness in digitisation enabled customers to transact with the company from the safety of their homes during the pandemic and beyond. The Company has been a trailblazer in the Life Insurance industry, pushing boundaries with innovative solutions and processes under the Brand’s philosophy of protecting Sri Lankan relationships, ambitions and lifestyles.
The company’s origin story
As a member of the John Keells Group, Union Assurance celebrates more than 30-years of providing the best Life Insurance propositions in the market through innovative and empowering Life Insurance solutions. Buoyed by a team of dynamic professionals, a strong capital base, and highly rated global reinsurers, the company offers tailor-made insurance products and services catering to the needs of the Sri Lankan population and meet best in class international standards. As part of a rebranding exercise, Union Assurance unveiled its new logo last year, depicting the circle of life, while the new tag line ‘Your Life, Our Strength’ reflects the symbiotic relationship shared with customers.
Despite the challenges of the pandemic, Union Assurance has harnessed the power of digitization and proudly acclaims its leadership as a catalyst in the Life Insurance landscape, providing customers revolutionary end-to-end digital solutions and a seamless digital experience. In recognition of its achievements, the company was named LMD’s #1 Most Awarded Insurance Company in Sri Lanka for 2020.
Union Assurance is also leading the way in digital adoption in the insurance industry; through a comprehensive transformation journey focusing on digitising operations, building capability, and adopting disruptive technology. The company launched Clicklife, a fully digital solution that offers protection plans and self-service capabilities in a secure, streamlined, and user-friendly digital environment, providing users the unprecedented experience of obtaining protection in just a few clicks as a Straight Through proposition.
The company’s efforts in its digital journey were recognised and awarded the ‘Most Innovative Digital Insurance Company of Sri Lanka’ and the ‘Most Innovative Digital Initiative of Sri Lanka in 2021’ by world-renowned Business and Financial Journal International Business Magazine.
Helping protect lives and empower people
Under the brand’s philosophy, ‘Your Life, Our Strength’ Union Assurance is dedicated to protecting its customers’ lifestyles, relationships, and ambitions, regardless of the inevitable uncertainties that arise in life’s journey. Caring, trust, excellence, ethics, integrity, innovation, and a customer-centric mentality are integral values of Union Assurance. These are seamlessly built into the relationships established internally among employees, externally towards customers and other stakeholders.
To live by this promise, the company thinks differently about its products, services, platforms, people, and processes with the aim of offering customers a best-in-class experience fulfilling their countless aspirations. Furthermore, Union Assurance has a team dedicated to empowering Sri Lankans through CSR campaigns and people development initiatives. Such initiatives include the SOS mentoring programme, in which youth build on lessons learned, a public service message campaign that addresses lesser-known guidelines of using, storing and disposing of face masks, along with reinforcement of general health guidelines, as well as the distribution of meals to those affected by inclement weather, offering of vital medical equipment to combat the COVID-19 pandemic, and thalassemia awareness and screening programmes.
Areas covered under Life Insurance Solutions
Union Assurance offers a range of Life Insurance solutions covering areas such as protection, education, health, investment, retirement, and savings designed to meet the needs of a wholesome life.
Policy holders can also purchase rider covers to receive additional benefits. A rider is an insurance policy provision that adds benefits to or amends the terms of a basic insurance policy.
About the CEO
Jude Gomes took the reins as Chief Executive Officer of Union Assurance PLC, one of Sri Lanka’s largest Life Insurance solutions providers. in 2019. He has acquired nearly three decades of industry expertise, combined with a proven track record of setting up and transforming business across key Asian markets. Prior to joining Union Assurance, Jude was the CEO and President at Manulife China Bank Life Assurance Co. Philippines. Jude was instrumental in pioneering Bancassurance in Vietnam, core team member to set up HDFC Standard Life Insurance and founding member of HSBC Life in India.
Jude has achieved a plethora of accreditations and awards to his name throughout his career, including Manulife’s Global Star of Excellence Award in 2013 and 2015, HSBC’s Excellence in Life Insurance and Standard Chartered Bank’s Regional Award in 1999. Testament to his leadership, he was recently awarded ‘CEO of the Year’ and ‘Visionary Leader of the Year’ by the World Leadership Congress.