Business and Economics
Union Assurance named Life Insurer of the Year at Insurance Asia Awards 2020

Union Assurance won three 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 first time due to the ongoing pandemic.

Union Assurance is the only Sri Lankan Life insurer to be recognized at the prestigious awards.

Expressing his views on winning three major accolades at the Insurance Asia Awards 2020, Jude Gomes - Chief Executive Officer of Union Assurance commented, “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.

Domestic Payment Cards drive Economic, Social Benefits

A groundbreaking research carried out in five major continents across the world by Anthemis Group has found that domestic card schemes and infrastructure are beneficial to the local economy despite the globalization trends. In addition, they also drive significant social benefits. Anthemis Group is a leading digital financial services investment and advisory firm focused on re-inventing financial services for the 21st century.The research found sound reasons why a number of markets will choose to operate domestic payment card schemes as the preferred option for in-country payments. According to the “National Payments Scheme Report” published based on the above research, such domestic payments contributes to more than 95% of the transactions. Routing domestic card transactions via a local switch has the potential to lower the costs, create services more suited to local market needs and minimize significant outflow of foreign exchange.

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SLIC insurance service facilitator for AASL

The national insurer Sri Lanka Insurance once again becomes the insurance service facilitator for the Airport and Aviation Services (Sri Lanka) Limited (AASL) the state owned company that operates, maintains and develops all civil airports in Sri Lanka.

The official handing over of the insurance agreement and policies took place at AASL premises with the presence of Chairman of AASL, Major General G.A. Chandrasiri, Chairman of SLIC Jagath Wellawatta and the corporate management of both entities.

As the insurance service facilitator, Sri Lanka Insurance provides protection to AASL under Airport operator’s liability Insurance, Motor Vehicle Fleet Insurance, Plant and Heavy Machinery Insurance and Personal Accident Insurance. SLIC has been providing protection for the AASL since a decade proving the magnanimity of the state insurer to provide protection for national entities.

Equipped with technical expertise and financial strength to cater to requirements of corporate insurance needs Sri Lanka Insurance has been the insurance facilitator for many national level projects in Sri Lanka and the insurance giant is on a mission to provide innovative insurance solutions to safeguard the nation.

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