Jun 2019

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Sri Lanka: A bancassurance union

Source: Asia Insurance Review | Dec 2018

Union Assurance (UA) recently entered into a preferred bancassurance partnership with Union Bank (UB) to provide life insurance solutions to the customer network of the bank. The preferred partnership is a mutually beneficial agreement that allows UB to provide one-stop financial solutions for its customers across the branch network, while allowing UA to tap into a wider customer base.
Union Assurance CEO Dirk Pereira said, “This partnership will help us to have a strong corporate relationship with the bank and will also assist us to reach out to diversified customer segments to provide them with the best array of life insurance solutions and develop new relationships in untapped markets.” 
UB is amongst the top five private commercial banks in Sri Lanka in terms of market capitalisation. The bancassurance distribution channel at UA has grown over the years to become the largest bancassurance operation in Sri Lanka covering over 500 bank branches of five bank partners. A 
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