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Union Assurance is recognized at the Model Insurer Asia Awards by Celent for the Third Year

Union Assurance has continued its strong upward trajectory with another win – this time from the prestigious Model Insurer Asia Awards Programme by Celent – which highlights the year’s top technology initiatives in the insurance industry.

The awards programme – which is held every year – recognizes the outstanding and innovative IT implementation, in areas crucial to the smooth functioning of the industry, such as agent portals, document management, claims, billing, distribution management, and policy administration. This year, Celent evaluated insurance technology initiatives according to major themes being seen and researched today, which are Data Mastery and Analytics, Digital and Omnichannel, Mobile Technology, Innovation and Emerging Technologies, Legacy and Ecosystem Transformation, Operational Excellence in Non-Core Systems. In the past years the prestigious awards have recognized the contributions of several high profile Asian insurers, such as AMI Insurance, AXA Hong Kong, Birla Sun Life Insurance, IndianFirst Life Insurance, Pearl River Life Insurance, TATA AIG General Insurance, Ageas Insurance Company (Asia), Tokio Marine & Nichido Fire Insurance, Yingda Taihe Property Insurance and Cathay Century Insurance.

Union Assurance has been adjudicated the winner under the category of Operational Excellence in Non-Core Systems. The Company was recognized for the e-learning platform implemented across the company to fulfill the training requirements to foster the sustainable development of its distribution staff.

Commenting on the win, General Manager Information Technology of Union Assurance, Ruwan Bakmedeniya stated, “We are honored to be recognized at an international platform for the third year for our strive to make Insurance more efficient and accessible via ITC.” He added, “We focus on continuous improvement with innovative solutions that enhance and power-up our services for our customers and at the same time, increase the productivity of our sales force. Through achieving operational excellence, we are strengthening our brand pillars of trust, and convenience for all our stakeholders.”

Celent is a global research and consulting firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent does thorough investigations in to the high level best practices in the use of technology across the products, policyholder life cycle, and IT infrastructure & management, which a “model Insurer Asia” would use. The Model Insurer Asia Awards recognizes an insurers’ effective use of technology in specific areas. Model Insurer Asia components help insurance organizations, to improve performance and meet market demands.

Union Assurance has received a number of awards for its commitment to good governance, accountability, transparency, and its innovative use of technology, including recognition from the Asia Insurance Technology Awards (AITAs), South Asian Federation of Accountants (SAFA), the Institute of Chartered Accountants of Sri Lanka (ICASL) and Association of Chartered Certified Accountants (ACCA) during the years.