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Union Assurance, Sri Lanka’s premier Life Insurer, and the Department of Insurance and Valuation at the Wayamba University of Sri Lanka, announced a significant milestone in their collaboration by signing a Memorandum of Understanding (MOU) on January 22, 2024.

The MOU was formalised at a ceremony held at the Wayamba University of Sri Lanka and marked the beginning of a strengthened partnership, with Imtiyaz Aniff, Chief People Officer at Union Assurance, and Senior Prof. Udith Jayasinghe, Vice Chancellor of Wayamba University of Sri Lanka, representing their respective organisations at the signing ceremony.

The key objective of this collaboration is to create a dynamic platform for undergraduates, allowing them to gain practical experience and exposure within the Life Insurance sector. Union Assurance, through this partnership, commits to providing internships that align with academic curricula, offering real-world insights and opportunities for undergraduates to apply their theoretical knowledge in a professional setting.

Expressing his enthusiasm for the collaboration, Imtiyaz Aniff, the Chief People Officer of Union Assurance, stated, “We are excited to partner with the Wayamba University of Sri Lanka in shaping the future of young talents in Life Insurance sector. This collaboration reinforces our commitment to nurturing the next generation of industry leaders and providing them with the skills and experiences necessary for success.”

Senior Prof. Udith Jayasinghe, Vice Chancellor of Wayamba University of Sri Lanka, also expressed enthusiasm for this partnership, saying, “This collaboration with Union Assurance opens up new avenues for our undergraduates, providing them with practical exposure and enhancing their employability. We believe that such partnerships are integral in bridging the gap between academia and industry.”

Union Assurance is a subsidiary of the John Keells Group, one of Sri Lanka’s largest listed conglomerates. The Company has completed over three decades of success with a Market Capitalisation of Rs. 23.9 Bn, and a Life Fund of Rs. 63.9 Bn as of end September 2023. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement, and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 4,000-strong, 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.