Union Assurance was recently recognised by leading business magazine ECHELON for rising to the challenges of COVID-19 and for its transformative journey in digitizing Life Insurance to get closer its customers. The leadership team led by Chief Executive Jude Gomes who had taken the job only months before, were well prepared for the challenges ahead. The new normal brought with it a formidable opportunity for Union Assurance to live by its promise- Your Life, Our Strength, and offer much needed support to its stakeholders to demonstrate that being a responsible insurer can be much more than a slogan. Union Assurance has been at the forefront of technology advancement in the insurance industry in its 30 years of operation. The Company is the first Life Insurer in Sri Lanka to have a 100% digital, paperless submission process to issue policies with fast turnaround, straight-through processing, digital claims submissions & servicing capabilities.
The Company also implemented the recently modernized cloud-based 4G (4th generation) insurance platform, a first in the region. Celent (a division of Oliver Wyman), a global research and advisory firm for the financial services industry, recognized this platform and awarded Union Assurance with “Model Insurer” recognition at a recent event in New York, setting a new benchmark for the industry in Sri Lanka.
The Company’s readiness in digitization augured well for promptly adapting online training for its agency force on conducting new business and servicing customers using digital platforms. An online recruitment program was launched during lockdown, allowing many individuals to take up new work and expand their sources of income. Union Assurance also implemented working from home the day following lockdown to ensure uninterrupted service to their policyholders, along with a 24/7 trilingual call centre, a web chat option, an innovative digital system to submit claim documents and other service-related documents to make engagement convenient. Engaging its workforce at different levels of the career cycle was a challenge during this time of uncertainty which activated the launch of STEP (Strive Towards Excellence Programme), a platform for career acceleration which provides exposure and interaction with the corporate management, live business projects and role modelling opportunities.
To consolidate its transformative journey, Union Assurance launched its bold new identity portraying a new logo and payoff line marking a new beginning for Life Insurance in early 2020. With the evolving consumer at the core of its repositioning strategy, Union Assurance is placed as the trusted Protector of the Sri Lankan Dream advocating that people can dream bigger if they plan better, that their children can go higher if their future is stronger, that their lives can be richer if they thought smarter.