For close to three decades, Union Assurance has been a trusted name in the insurance sector in Sri Lanka. As a result of its continuous growth the company, currently valued at Rs. 2.39 bn. has managed to maintain net earnings from insurance premiums between 1st January 2014 to 31st December 2014, valued at Rs. 5.9 billion.
Additionally, financial records from the varied Union Assurance verticals support this strong growth.
Assistant General Manager, Marketing and Distributions, Dharshana Amarasinghe stated, “the promise of ‘trust’ are more than just words to the Union Assurance family. It is the cornerstone of all Company undertakings, and that is the reason for the Company’s success. The insurance business is extremely complex. In order to be successful, all stakeholders need build and maintain trust among each other. We ensure that all our dealings are transparent, and we provide our customers with superior service, ease and respect – this is how we ensure that our promise of ‘trust’ is being delivered.”
Union Assurance is constantly taking steps to introduce product and service innovations to their customers, such as the recently re-introduced ‘Union Challenger’ plan. The Union Challenger Plan is an investment plan with a life insurance policy, and is a stable foundation from which to build a future.
“However, we are not satisfied with merely introducing new solutions. We are taking steps to educate the nation about the importance of insurance and investment. To this aim we are using electronic and print media, as well as external publicity campaigns. Social media is also playing a pivotal role in this regard. The fact that at this time, our Facebook page has the second largest following in the Insurance sector, is evidence of this fact,” Mr. Amarasinghe continued.
Union Assurance is constantly updating the skills and potential of their staff through various training programmes. At the same time, the Company prides itself in being able to create an environment that is conducive to growth and learning. This is a key reason behind the success of Union Assurance. In recognition of this fact, we were recognized recently, for the third consecutive time, by the prestigious Great Places to Work organization. “We are constantly striving to recruit talented members to our staff carder. Union Assurance recently launched the ‘Month of Victory’ programme is a key example,” Amarasinghe added.
All these factors considered, Union Assurance has managed to claim 14 percent of the insurance market in Sri Lanka. The Company has managed to surpass its competitors and earn an AA- rating, valued at Rs. 2.39 billion. This is evidence for the fact that Union Assurance will continue to go from strength to strength in the future.
In addition, the Company is constantly engaged in community service projects. Amongst these projects, dengue eradication, and awareness raising relating to the Thalassaemia disease, take precedent. Through these programmes the Company has played a crucial role in educating a large number of people and preventing the spread of potentially deadly diseases among many more.
“Union Assurance is not just a business. It is a part of its stakeholders’ lives. It is, as a result, an exemplary organization – a benchmark for its competitors. All things considered, there is not doubt that the value of the company will continue to grow in the future,” Amarasinghe added.
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