In a groundbreaking move, Union Assurance, Sri Lanka’s leading life insurance provider, has introduced automation of the financial questionnaire evaluation to streamline the underwriting process. This cutting-edge initiative involves using automation in assessing the customer’s financial background and associated risks to offer tailored coverage that precisely meets each customer’s requirements.
This industry first initiative, launched in collaboration with the leading global reinsurance company Munich Re, marks a significant step forward in infusing advanced technology in enhancing the overall life insurance experience. This innovation also represents Munich Re’s first-ever involvement in such a partnership with a life insurer, underscoring the pioneering nature of Union Assurance’s approach.
Union Assurance’s financial questionnaire automation promises to redefine the underwriting landscape, setting new industry standards for efficiency, accuracy, and customer-centricity. By embracing automation, the company reaffirms its commitment to delivering exceptional insurance services and continually advancing technological solutions for the benefit of its valued customers.
The Chief Executive Officer of Union Assurance, Jude Gomes said automation in the underwriting domain has game-changing implications for the industry. He also emphasized that the company is proud to partner with a renowned reinsurer such as Munich Re in this strategic initiative. “While heralding a new-age insurance experience, it also marks a milestone in our mission to empower the Sri Lankan dream. Traditionally, underwriting has been a manual, time-consuming and cumbersome process. However, automation transforms the entire process, offering key advantages,” he added.
The Chief Technical Officer/Specified Officer of Union Assurance, Rumesh Modarage said automated underwriting will transform the life insurance industry. He also noted that it will deliver better underwriting services to customers as it is underpinned by a strong emphasis on convenience, ease, and seamlessness. “This initiative will automate over 90% of the financial underwriting process within the company, resulting in considerable efficiency increase within the operational unit,” he stated.
The Deputy Head of Client Management of Munich Re India Branch, Deepa Bandal, expressed her enthusiasm for the innovation, stating, “Munich Re is proud to be part of Union Assurance’s efforts in their novel journey of Automation. We believe these efforts will drive prudence in risk management and smooth the onboarding of new customers. We hope to continue this collaboration and strive to support Union Assurance with our digital know-how also in the future.”
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. 19.4 Bn, and a Life Fund of Rs. 57.7 Bn as of end March 2023. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that meet the protection, health, retirement, education, and investment needs across all communities. With an island-wide branch network and an over 4,000-strong workforce, 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.