Union Assurance goes from strength to strength

• Current brand valuation exceeds Rs. 2.39 b

Marketing and Distribution Assistant General Manager Dharshana Amarasinghe 

For close to three decades Union Assurance has been a household name in the insurance sector in Sri Lanka.The brand is positioned on the promise of trust and as a result of continuous growth, the brand is currently valued at Rs. 2.39 billion with brand rating of AA-.

Marketing and Distribution Assistant General Manager Dharshana Amarasinghe stated, “The promise of ‘trust’ is more than just words to the Union Assurance family. It is the cornerstone of all company undertakings and that is the reason for the company’s success. The insurance business is extremely complex. In order to be successful, all stakeholders need to build and maintain trust among each other. We ensure that all our dealings are transparent and we provide our customers with superior service, convenience and respect – this is how we ensure that our promise of ‘trust’ is being delivered.”

Union Assurance is constantly taking steps to introduce product and service innovations to their customers, such as the recently re-introduced ‘Union Challenger’ plan. The Union Challenger Plan is an investment plan with a life insurance policy and is a stable foundation from which to build a future. 

“However, we are not satisfied with merely introducing new solutions. We are taking steps to educate the nation about the importance of insurance and investment. In order to achieve this we are using electronic and print media, as well as external publicity campaigns. Social media is also playing a pivotal role in this regard. The fact that at this time, our Facebook page has the second largest following in the insurance sector is evidence of this fact,” Amarasinghe continued. 

Union Assurance is constantly updating the skills and potential of their staff through various training programs. At the same time, the company prides itself in being able to create an environment that is conducive to growth and learning. This is a key reason behind the success of Union Assurance. In recognition of this fact, they were recognised recently, for the third consecutive time, as a Great Place to Work. “We are constantly striving to recruit talented members to our staff cadre. The recent launch of the ‘Month of Achievers’ program is a key example,” Amarasinghe added. 

A combination of these facts enables UA to claim 13% market share in the industry. The company has earned an AA- rating, with the brand valued at Rs. 2.39 billion. The rating is evidence for the fact that Union Assurance will continue to go from strength to strength in the future. 

The company is constantly engaged in community service projects. Amongst these projects, dengue eradication and awareness raising relating to the Thalassaemia disease, take precedence. Through these programs the company has played a crucial role in educating a large number of people and prevented the spread of potentially deadly diseases among many more. 

“Union Assurance is not just a business. It is a part of our stakeholders’ lives. It is, as a result, an exemplary organisation and a benchmark for our competitors. There is no doubt that the brand value of the company will continue to grow in the future,” Amarasinghe concluded.