Over Rs. 1 billion claims honoured in Q1 by Union Assurance
Union Assurance is proud to announce the payment of claims worth Rs. 1 billion, including over 8.9 million in COVID-19 claims, and over 500 million in maturities during the first quarter. Furthermore, 2,102 Hospitalisation Claims, 38 Disability Claims, and over 1,120 Policy Loans were also paid, as reported in its claim performance during the first quarter of 2021.
By staying true to its ethos, ‘Your life, our strength,’ Union Assurance continued to support the Sri Lankan dream in unique and personal ways to enable the claims process through digitisation and process improvement initiatives.
Jude Gomes, the CEO of Union Assurance, stated, “The claims process is an area that generates the most dissatisfaction from customers due to cumbersome, and time-consuming workflows. For Union Assurance, this has been an important area of focus in our journey towards customer-centricity. We have implemented outward-in process improvements and adapted digital enablers to facilitate a convenient claims process to our policyholders."
Over the past 18 months, Union Assurance’s customer-centric efforts have resulted in digitized workflows to replace lengthy processes. Digital platforms such as the Company’s self-service app facilitate seamless claims submission without ever visiting a branch, or the need for physical interaction. The Company also introduced cashless settlement where policyholders can check out of hospital and have their claims settled directly by the Company eliminating a major hassle for policyholders. Improvements to back-end process flows further facilitated faster turnaround, to make the claims submission-to-payment cycle shorter and more efficient.
Despite the ambiguity of the current environment, Union Assurance forges ahead on its customer-centric transformation with tech-enabled solutions that have game-changing implications for the industry. These efforts earned the Company a prestigious recognition as Best Customer Service Insurance Provider in Sri Lanka by the International Finance Awards.
Union Assurance is a part of the John Keells Group, Sri Lanka’s largest listed conglomerate. It is among the most awarded Insurance companies in Sri Lanka, completing over three decades of success with a market capitalization of Rs. 18.2 Bn, a Life Fund of Rs. 43.8 Bn and a Capital Adequacy Ratio (CAR) of 326% as at March 2021. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover education, health, investment, protection, and retirement needs of Sri Lankans. With 76 branches and an over 3000-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.