Janashakthi Insurance partners with Union Bank for bancassurance

Janashakthi Insurance PLC and Union Bank of Colombo PLC (UBC) have entered into an agreement that allows UBC customers convenient access to a multitude of Janashakthi’s insurance solutions for individuals and corporates.

The Memorandum of Understanding was signed at the new Union Bank Head Office premises on Thursday by Janashakthi Insurance PLC Managing Director Prakash Schaffter and Union Bank Director/CEO Anil Amarasuriya.

This strategic tie-up will enable Union Bank’s retail and corporate clients access to obtain Janashakthi policies from 15 selected UBC branches.

Schaffter stated: “Janashakthi Insurance PLC is extremely happy to collaborate with Union Bank, which is one of Sri Lanka’s fastest growing banks and are confident this initiative will be well-accepted by customers of Janashakthi Insurance  as well as Union Bank.”

Amarasuriya stated: “The bank recently moving to a new state-of-the-art Head Office signified another milestone in our promise for superior service and value, offering a range of financial solutions under one roof. As the preferred bank for small and medium enterprises, UBC continues to create value to customers and this agreement is yet another value addition to the banks comprehensive product portfolio, which provides customers a convenient solution for all insurance requirements.”

Janashakthi Insurance PLC is a dominant player in Sri Lanka’s insurance market 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.

Union Bank is one Sri Lanka’s fastest growing banks, focusing on the SME and retail sectors with diversified business interests in asset management and finance with the acquisition of National Asset Management Ltd. (NAMAL), Sri Lanka’s premier asset management company and The Finance and Guarantee Company Limited (TF&G), a pioneering asset management company with 50 years’ heritage.

Janashakthi Insurance PLC has served the nation for 17 years and continues to blaze a trail in Sri Lanka’s insurance sector. The company offers Life and General insurance products and services in Sri Lanka and provides life, health, vehicle, household, travel, and retirement insurance to individuals.

The company also offers fire, marine, motor, engineering, employee protection and other related insurance for corporate customers, in addition to other miscellaneous insurance policies such as burglary, public liability, professional indemnity, product liability, fidelity guarantee and cash in transit insurance.

Janashakthi is one of the most profitable and stable insurers in Sri Lanka with the highest stated capital of Rs. 1.49 billion among quoted insurance companies and a strong track record of claims payments that now tops Rs. 20 billion.

Spending over 30 million per annum on human capital, it aspires to be simply the best at what it does. As part of its pledge to offer the fairest and greatest value in risk mitigation to its customers, it has an exceptional track record of market delivery and pro-people-market innovation.