Union Assurance received the internationally acclaimed Celent Model Insurer Award for legacy and ecosystem transformation at the recently concluded event in New York, making the company stand out from many global insurers and setting a new benchmark within the Sri Lankan Life Insurance Industry on digital led capabilities.
Celent is a global research and advisory firm for the financial services industry and a division of Oliver Wyman. Celent’s annual award program recognizes insurance carriers as ‘model insurers’ for their outstanding technology initiatives. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence.
Mr. Jude Gomes, CEO of Union Assurance PLC expressing his views shared “I am extremely delighted Union Assurance has been bestowed with such an internationally acclaimed award for our innovative digital strategies and implementation. It showcases our digital capabilities transcends geographical boundaries. Our Digital First innovations empowered by digital-led strategies will create market leading benchmark for the Life Insurance industry in our journey of serving the Sri Lankan communities.”
The award was received by Union Assurance for the implementation of ‘Project Electric’ which was launched to transform its legacy system to a new future proof platform which is enabled with new digital capabilities and smooth execution of back-end to front-end processes. This allows us to make our service standards better for our customers. This system has been implemented to maintain a digital platform across over 4000 sales force and 70 branches located island-wide to cater the customers with uninterrupted services.
According to Nicolas Michellod, Senior Analyst at Celent: “The Model Insurer Awards recognize how insurers are using technology to change the face of insurance. These insurance carriers should serve as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall. The entry from 2019 clearly demonstrated this.”
Union Assurance has over 30 years of experience within the Sri Lankan Life Insurance Industry and with the future proof technology platform it is poised to drive innovative business strategies empowered with digitally-led initiatives to provide better products and services for protecting Sri Lankan lives – Your Life. Our Strength.