Union Assurance wins 3 accolades at prestigious Insurance Asia Awards 2020

From left: Digital Insurance Initiative of the Year Award, Domestic Life Insurer of the Year Award, New Insurance Product of the Year Award 

• Achievements include Domestic Insurer of the Year 2020

Union Assurance announced three wins at the prestigious Insurance Asia Awards 2020, taking away the coveted Domestic Life Insurer of the Year, New Insurance Product of the Year, and Digital Insurance Initiative of the Year awards for Sri Lanka.

The awarding body, Insurance Asia Awards, aims to recognise firms that can navigate around various market challenges whilst keeping clients satisfied and maintaining fruitful revenue. Over seventy exceptional insurance companies from 22 countries were recognised at the fifth Insurance Asia Awards, held digitally for the 1st time due to the ongoing pandemic. Union Assurance is the only Sri Lankan Life insurer to be recognised at the prestigious awards. 

Expressing his views on winning three major accolades at the Insurance Asia Awards 2020, Union Assurance Chief Executive Officer Jude Gomes commented, “I’m delighted that we have been recognised in three critical categories in this prestigious annual award. We are extremely proud of our track record of investing in our people, technology, products, and innovation to deliver exceptional service standards, and I look forward to continuing this investment in the future. The award recognition is a reinforcement of our commitment to being leaders in Sri Lanka’s life insurance industry.”

This year’s nominations were judged by a panel consisting of: Richard Holloway, Managing Director for Southeast Asia & India Life at Milliman; Frank Dubois, Head of Insurance at KPMG Singapore; Steven Goh, Head of Insurance Audit at KPMG Singapore; Woo Shea Leen, Insurance Leader at PwC Singapore; and Liza Drew, FSO Indirect Tax Leader - Asia Pacific at Ernst & Young.

Union Assurance is the oldest private life insurer in Sri Lanka, and is a member of the John Keells Group, Sri Lanka’s largest listed conglomerate. Union Assurance completes over three decades of success in the industry with a market capitalisation of Rs. 18 billion, a Life Fund of Rs. 38 billion and a Capital Adequacy Ratio (CAR) of 455% as at July 2020. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover education, health, protection, retirement, and investment needs of Sri Lankans. With 76 branches and an over 3000-strong workforce, Union Assurance continues to invest in people, products, and processes to remain agile and responsive to emerging changes in the Life Insurance industry.