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Union Assurance wins Celent Model Insurer Asia Award 2014

Union Assurance is once again recognized at the Celent Model Insurer Asia Award 2014 for developing the Digital Application Tool kit (DAT) for the life sales distribution team. The UA IT team introduced a laptop and tablet supported quotation and proposal digital toolkit for its Personal Financial Advisors (PFAs), to increase productivity and transform to a digitalized sales process.

Commenting on the achievement, General Manager IT of Union Assurance, Ruwan Bakmedeniya said, “We are honoured to be recognized at an international platform for the second time for our efforts in the IT field”. Further he added, “We are continuously improving our systems and processes to enhance our services for our customers and increase the productivity of our sales force. Such initiatives give us the opportunity to support our brand pillars of trust, convenience and transparency”.

The Digital Advisor Toolkit is a laptop and tablet (TABs) supported solution for the sales teams to identify the customer’s need, generate quotations & illustration and proposals at the sales point itself. This makes the sales process more convenient and transparent to both customer and advisors. Financial Need Analysis, generating online quotations and issuing digital proposals are the main functions of the DAT application The DAT application replaced the paper based sales processes and documents with e-based solution which are accessible from any place at any time. During the year 2013 over 3,000 advisors have successfully completed the required training and are effectively using the DAT kit in the field.

Celent is a global research and consulting firm focused on the application of information technology in the Banking, Securities & Investments, and Insurance verticals. Celent research at high level best practices in the use of technology across the products, policyholder life cycle and IT infrastructure & management that a “Model Insurer Asia” would use. The Model Insurer Asia Awards recognize insurers’ effective use of technology in specific areas. Model Insurer Asia components help insurance organizations, to improve performance and meet market demands.

The company has received a number of awards for its commitment to good governance, accountability, transparency and 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.