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Union Assurance disrupts the future of life insurance with Clicklife

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Union Assurance PLC, a John Keells Company, announced the launch of Clicklife, a turnkey product that offers protection plans in a secure, streamlined, and user-friendly digital environment, providing users the unprecedented experience of obtaining protection in just a few clicks.

 “Clicklife reinforces our core philosophy and commitment to Protect the Sri Lankan Dream, thus making insurance simpler and affordable for everyone, considering consumer lifestyles as well as the current reality,” said Jude Gomes, Chief Executive Officer of Union Assurance.

“We are disrupting life insurance as we know it by eliminating legacy systems, paperwork, and physical interventions, to simplify the process of buying protection. Clicklife is a fully digital end-to-end solution offering a seamless user experience from purchase to policy issuance, and servicing, and is available for anyone, anywhere at any time”.

 Considering the realities of the current environment, Clicklife offers a free Covid-19 cover for the first 1,000 customers to purchase the product online. With simplicity and affordability at the core of the product, Clicklife provides seamless and convenient user journeys and attractive pricing for as low as Rs. 23/- per day for a cover of Rs. 2 million.

 Further augmenting the customer’s digital journey, Union Assurance uses cutting-edge digital technology to power a Self-servicing App that eliminates the complex and time-consuming follow up process of staying up to date on policies after purchase. The app provides real-time updates on policy information including dues, balances, and claims status, and goes a step further in enabling digital policy loan submissions. The App also includes a health tracker linked to a rewards scheme for instant redemption of vouchers and discount coupons.

 With the effects of COVID-19 expected to continue to the foreseeable future, innovation, adaptability, and resilience are at the core of the Company’s digital transformation. The ability to buy life insurance with no paperwork, no physical interventions, and no medical reports is a novel concept for Sri Lanka where the process of obtaining insurance online is a relatively new concept.

In introducing Clicklife, and a Self-servicing App, Union Assurance offers consumers the next level of insurance aligning to globally evolving practices that give customers control in managing and staying updated on their protection needs.

 Union Assurance is the oldest private life insurer in Sri Lanka, and is a member of the John Keells Group, Sri Lanka’s largest listed conglomerate. Union Assurance completes over three decades of success in the industry with a market capitalization of Rs. 18 Bn, a Life Fund of Rs. 40 Bn and a Capital Adequacy Ratio (CAR) of 461% as at October 2020.

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HNB promotes cashless transactions; joins CBSL’s ‘Rata Purama LANKAQR’ campaign

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Chief Guest for the event Money and Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal, CBSL Deputy Governor and National Payments Council chairperson Yvette Fernando, and CBSL Payments and Settlements Director D. Kumaratunge with HNB Executive Director and Chief Operating Officer Dilshan Rodrigo as he completes a transaction via HNB SOLO at a merchant stall

HNB PLC, partnered with the Central Bank of Sri Lanka to promote the Colombo-leg of ‘Rata Purama LANKA QR’ campaign at Diyatha Uyana, to raise awareness and encourage the public towards cashless payments.

Having already linked LANKA QR to its digital payment app HNB SOLO, the bank was among other financial institutions and telecommunication partners in joining efforts to make cashless QR-code based payments the standard for mobile phones and digital payments countrywide, in moving towards a cashless and digitally-savvy Sri Lanka.

“We are entering a new era of financial technology, where almost all of our daily transactions will require no physical banknotes, but just a smartphone and internet connection with our bank account integrated to a digital payment app.

The Central Bank’s national directive for banks and financial institutions to adopt and integrate LANKA QR into their existing digital payment solutions has prompted an aggressive onboarding of merchants to the new payment solution across the country. With our extensive customer base, SOLO is no doubt a significant contributor to this innovative initiative,” HNB Deputy General Manager – Retail and SME Banking, Sanjay Wijemanne said.

The Colombo-leg of the ‘Rata Purama LANKA QR’ campaign raised awareness regarding SOLO’s many facilities, including zero human interaction, efficiency, and eliminated risks that influenced many vendors to come on board.

 

(HNB)

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Sri Lanka Insurance posts a staggering revenue of Rs. 55.2 billion during 2020

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Amidst the turbulent and challenging year Sri Lanka Insurance has closed year 2020 on a positive note recording phenomenal revenue growth with exceptional service innovations.

Sri Lanka Insurance the premier insurer to the nation recorded stellar performance in 2020 to record Rs. 55.2 billion revenue for the year, a marked improvement on the Rs.48.6 billion in the year 2019, a press release said.

It adds – In the year of 2020 Sri Lanka Insurance reported 30 % growth in life insurance premium increasing to Rs.19.2 billion whilst general insurance reported 7% growth in premium grew to Rs. 20.1 billion. The company achieved a combined Gross Written Premium (GWP) growth rate of 17 % during the year. General insurance contributed 51% towards the total GWP whilst Life Insurance contributed 49 %.

‘In continuing with its tradition of leadership, Sri Lanka Insurance in 2020 surpassed its own record to declare a sum of Rs.8.2 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past 10 years tops a massive Rs.54 billion making the SLIC bonus payout unmatchable.

‘As the national insurer we have witnessed yet another challenging year and the consequences brought out by pandemic outbreak urged us to conduct our business operations in a more empathetic manner. SLIC has always taken the lead to protect the nation and during this difficult time Sri Lanka Insurance launched many initiatives to sustain country’s health defenses while ensuring our customers receive uninterrupted insurance service.

‘As the pioneering insurance company in Sri Lanka we are in the forefront to inculcate the importance of insurance to the masses as a national responsibility on our shoulders. We will further strengthen internal capabilities to serve the nation through innovative and affordable insurance solutions which cater to all Sri Lankans under the ‘Insurance for All” concept. Even though the times are defining we will continue protecting our nation turning obstacles into opportunities.’ noted .Jagath Wellawatta, chairman of SLIC.

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Bank of Ceylon empowering nation with Lanka Q

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The Bank of Ceylon in its mission to assist the government initiative to empower Sri Lanka through digital technology is joining the customer awareness campaign of Central Bank of Sri Lanka’s Lanka QR digital platform.

Bank of Ceylon had its most recent major awareness programs in Borella and Maharagama along with the other branches in Colombo District in line with the Central Bank’s main program held in “Diyatha Uyana” with the participation of all Lanka QR certified banks on the same day.

Central Bank of Sri Lanka (CBSL) has organized a series of awareness and promotion campaigns for popularizing Lanka QR with the participation of all Lanka QR certified financial institutions throughout the country with the aim of speeding up the customer adaptation process towards digital banking.

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