LOLC Life Assurance signs up with BOC

LOLC Insurance Chief Executive Officer Kithsiri Gunawardena and Bank of Ceylon DGM C. Amarasinghe exchanging the MOU. Also in the picture are LOLC Life Assurance Chief Operating Officer Nadika Opatha and Bank of Ceylon AGM Y. A. Jayathilaka 

LOLC Life Assurance, recently entered into a strategic Bancassurance partnership with Bank of Ceylon (BOC) to strengthen its Bancassurance portfolio and to offer its array of insurance products to a wider customer base. As a result of this strategic tie-up, the clientele of Bank of Ceylon can experience the exceptional range of products and services offered by LOLC Life Assurance Ltd.

The Memorandum of Understanding between the two organisations was signed at the Head Office premises of BOC in the presence of LOLC Insurance Chief Executive Officer Kithsiri Gunawardena, LOLC Life Assurance Chief Operating Officer Nadika Opatha, Bank of Ceylon DGM C. Amarasinghe and Bank of Ceylon AGM Y. A. Jayathilaka along with other senior management members of both organisations.

Boasting Sri Lanka’s second largest bank branch network, Bank of Ceylon has 642 branches covering 10 regions island wide. The bank will be provided with an online quotation system (ISF BANCA) to generate quotations and issue confirmations independently by the auto underwriting feature (FCL) which covers up to Rs. 3 m for Non-Housing and Rs. 6 m for Housing. The auto underwriting feature is an additional benefit for the bank as the credit officer is in a position to close the bank customer’s loan facility in real time without any delay. 

To minimise the usage of paper, LOLC Life underwriting has accommodated the facility of uploading the policy schedule and document to the BANCA system so that it will simplify and fast track the process and also make it possible for branches to directly access the documents in order to facilitate top-up loans without contacting LOLC Life.  LOLC Life Assurance is a fully-owned subsidiary of one of Sri Lanka’s largest diversified conglomerates, the LOLC Group. It is currently one of the fastest growing Life Insurance companies in Sri Lanka that offers tailor-made life insurance solutions ranging from ‘Sureki Daru’ Child Insurance, Life Protect, Life Protect Plus, Reality Plan, ‘Piyawara’ Pension Plan, Triple Protection plan that covers six major critical illnesses, Fund Builder Investment plan to obtain the highest return in short term and Home Loan Protection plans.  

LOLC Life Assurance leverages on LOLC’s strong distribution channel of 173 outlets to expand its market share. Since its inception in 2011, the company has been experiencing rapid and sustainable growth. The company boasts of a professional life insurance sales force that is poised to further penetrate the market in the years ahead via all channels.