Allianz Life Lanka forges partnership with Cargills Bank

From left: Allianz Life Insurance Channel Manager Group Life and DTAP Sanira Hettihewa, Chief Actuary and Chief Strategy Officer Malaka Mihindukulasuriya, Chief Executive Officer Jayalal Hewawasam, Cargills Banks AGM Retail and SME Business Lasantha Mahendrarajah, Remittances and Insurance Operations Senior Manager Kithmini Kumaranayake, Remittances and Insurance Operations Junior Executive Chithma Samaraweera

Allianz Life Insurance Lanka Ltd., recently inked a landmark partnership with Cargills Bank, the banking arm of the Cargills Group, one of Sri Lanka’s oldest and largest diversified conglomerates. Through this partnership, Allianz Life Insurance Lanka Ltd. will provide Cargills Bank customers with convenient and comprehensive Decreasing Term Insurance (DTA) solutions. The partnership was formally entered into recently at a special ceremony held at the Cargills Bank Head office premises to mark the occasion. 

Allianz Life Insurance Lanka CEO Jayalal Hewawasam said: “As a stakeholder of increasing importance and influence in Sri Lanka’s insurance industry, we are constantly looking to forge new partnerships and alliances, to unlock synergies and opportunities together with our partners, where we can mutually benefit, and most importantly, provide increased value to our collective customers. “As a member of a global insurance giant, we are in a position to provide exceptional value, convenience and service, coupled with some of the best policy arrangements in the industry. Thus, we are pleased to enter into this partnership with one of Sri Lanka’s most progressive banks, as we work together to deliver exceptional financial services to all Sri Lankans.” 

The key insurance products that Allianz Life Insurance Lanka Ltd. will initially offer in partnership with Cargills Bank include decreasing term insurance, which is a form of insurance where the potential pay-out decreases periodically until the end of the term of the policy and loan protection policies, which help to reduce the burden on loved ones and financial institutions due to the untimely death of a person with outstanding debts. 

Together, these products will help to streamline borrowing and insulate both borrowers and lenders from uncertainty and risk. As the partnership progresses, Allianz Life Insurance Lanka Ltd. and Cargills Bank will work together to introduce new products and services fit for modern Sri Lankans, from all walks of life. 

“At Cargills Bank, we are committed to harnessing the spirit of progress in every Sri Lankan,” Cargills Bank AGM Retail and SME Lasantha Mahendrarajah said. “This partnership will provide an opportunity for both our organisations to work together to serve customers better and grow together. 

“As Sri Lanka’s most progressive bank, and one heavily involved in financing agri-businesses and other SMEs and MSMEs, at the grassroot level, we are keen to partner with a global insurance provider, to help meet our collective goals and objectives, which is the delivery of fast, efficient, reliable and innovative financial solutions to our customers. We are also pleased to note Allianz Life Insurance Lanka Ltd.’s commitment to digital service delivery, an area in which we are pioneers in the industry, and we look forward to innovating and designing new solutions, together,” he added.