Union Assurance’s ‘Motor Insurance’ reload from Commercial Bank

UNION Assurance re-defined motor insurance with the introduction of Union Motor Reload. Motor insurance was a heavy burden on most vehicle owners, as insurance had to be purchased for the full year and the annual premium had to be paid as a lump sum.  

Union Assurance CEO Dirk Pereira (left) and Commercial Bank DGM Operations Sanath Bandaranayake exchanging the agreements signed between the two organisations. Palitha Perera – Head of Operations, Pradeep Banduwansa - Manager e banking of the Commercial Bank, Nagendra - GM corporate of Union Assurance, and Indika Premathunge GM Finance are also present

Union Assurance took this burden away with the introduction of Union Motor Reload, allowing vehicle owners to purchase their motor insurance for 1 month, 3 months or 6 months, and now Reload has become one of the most preferred motor insurance policies stated Niranjan Nagendra, General Manager – Corporate, Union Assurance Plc.

Among the Reload customers, majority are vehicle owners who intend to sell their vehicles within a short period of time and who require instant insurance cover when they purchase a vehicle.

Union Assurance has made purchasing motor insurance as simple as shopping or paying your utility bills at a bank. Union Motor Reload is now at arm’s reach. With the recent tie up with Commercial Bank, we are positive that Union Motor Reload will be one of the most favoured options. With this new initiative Union Motor Reload customers could now walk into any Commercial Bank branch and reload their motor insurance. In addition to the flexible coverage period, which is easy on the wallet, the product retains the features of a standard insurance policy currently available in the market. For example, in the event of an accident, the claim will be paid similar to a standard motor policy. Another unique feature is that the premium will be fixed on an annual basis. Hence, if a customer obtains a 1 month, 3 month or 6 month insurance cover, the premium will not change during the balance period up to 12 months. In addition, customers will also be entitled to earn UA’s accelerated no claim bonuses after the 12 months are completed.

Union Assurance together with Commercial Bank Plc was the first to introduce a claim payment using mobile commerce. In the event of an accident, the customer is given the option of collecting the claim from the nearest Commercial bank branch, and the policyholder will be sent an SMS with a secret code to collect the claim payment.  

The Commercial Bank’s operations in Sri Lanka consist of 186 branches and Supermarket Banking counters and an ATM network of 395 terminals. The Bank has been adjudged Sri Lanka’s ‘Bank of the Year’ seven times by ‘The Banker,’ ‘Best Bank in Sri Lanka’ for 12 consecutive years by ‘Global Finance’ Magazine, and the Best Bank in Sri Lanka twice by FinanceAsia. It has also been rated ‘Best Local Trade Bank’ in Sri Lanka by the UK based ‘Trade Finance’ magazine.