Janashakthi Insurance inks deal with Commercial Bank for Bancassurance

Janashakthi Insurance PLC, one of the largest insurance providers in the island and banking giant Commercial Bank yesterday penned an agreement that allows Commercial Bank customers convenient access to a multitude of Janashakthi’s insurance solutions for individuals and corporates.

The Memorandum of Understanding (MOU) was signed by Prakash Schaffter – Managing Director of Janashakthi Insurance PLC and Ravi Dias, Managing Director of Commercial Bank PLC. This strategic tie-up will enable Commercial Bank’s retail and Corporate clients access to Janashakthi policies across all Commercial Bank branches.

This unique service is now available to customers who come to Commercial Bank for all their insurance needs under one roof. Through this unique opportunity Janashakthi believes that the penetration for insurance product needs will grow significantly as Commercial Bank would help to push insurance products leveraging on the customer bases of both parties.

Janashakthi Insurance PLC is a dominant player in Sri Lanka’s insurance market with an island wide branch network of nearly 100 branches and has introduced numerous innovative policy options in the recent past, such as Janashakthi Full Option, Vehicle Emergency Policy, Hoteliers combined and Janashakthi Life Unlimited which have garnered acclaim locally and internationally. Further it covers all insurance needs for life, fire, health, all vehicles, travel and also offers the best in class retirement product in the market.

Commercial Bank is the largest private bank in Sri Lanka, and the only Sri Lankan Bank listed in the world’s Top 1,000 Banks. It operates a network of 218 service points in Sri Lanka and the country’s single largest network of 520 ATMs. The Bank has been adjudged ‘Best Bank in Sri Lanka’ for 14 consecutive years by ‘Global Finance’ Magazine and has won multiple awards as the country’s best bank from ‘The Banker,’ ‘FinanceAsia,’ ‘Euromoney’ and ‘Trade Finance’ magazines.

Janashakthis insurance PLC has served the nation for over 17 years and continues to blaze a trail in Sri Lanka’s insurance sector. The company offers both life and general insurance products and services in Sri Lanka be it individual and commercial. The company also is established as one of the most secured insurer with a highest stated capital of 1.49 billion among quoted insurance companies in Sri Lanka, with a strong track record of claims payment that now exceeds Rs. 20 billion.