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Union Assurance empowers its policyholders by introducing free COVID-19 life coverage

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Union Assurance PLC being one of the largest insurance solution providers in Sri Lanka has further established their commitment towards the nation by staying true to its promise, ‘Your Life, Our Strength’. In turbulent times such as COVID-19, the company has taken initiative to persevere and adapt by responding to customers’ needs irrespective of the unanticipated circumstances presented.

The free COVID-19 cover has been reinstated to support both existing and new policyholders to ensure additional protection during these uncertain times. The cover provides a free death cover up to a maximum of LKR 1 million per policyholder. This free cover is valid for a period of one month commencing from 02nd November 2020 to 01st December 2020.
Union Assurance was also recognized as one of the first life insurance companies to offer hospital cash benefits for quarantine treatments since the outbreak of COVID-19 in Sri Lanka. The company therefore assures all its valued policyholders this initiative would be continued in which hospitalization per day claims directly resulting from COVID-19 will be considered from 20th October to 31st December 2020.

Amidst grave adversity Union Assurance strives to provide its unwavering commitment in offering the best in class protection coverages to its policyholders while ensuring that their families are financially empowered to face any challenge and uncertainty.

Jude Gomes, Chief Executive Officer of Union Assurance stated, “The COVID-19 pandemic is a global health, economic and social crisis and has affected people from all walks of life. We offer this timely protection cover free of charge to provide our policyholders the added peace of mind that the future of their families will be secured during these uncertain times. The specialty of this cover is that it is not just limited to our existing policyholders but is also offered to new customers and thereby giving Sri Lankans access to secure the future of their families.”

To obtain more information about this free COIVD 19 cover, call the Union Assurance 24-hour hotline on 1330, email: info@unionassurance.com; or chat with the company on www.unionassurance.com
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. 38 Bn and a Capital Adequacy Ratio (CAR) of 434% as at August 2020. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover education, health, protection, retirement, and investment needs of Sri Lankans. With 76 branches and an over 3000-strong workforce, Union Assurance continues to invest in people, products, and processes to remain agile and responsive to emerging changes in the Life Insurance industry.



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SLT-MOBITEL AkazaLMS enables corporate employee capability development

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As SLT-MOBITEL, the National ICT solutions service provider, continues to play a pivotal role in driving Sri Lanka’s digital transformation through its Cloud-managed offering, SLT-Mobitel AkazaLMS takes centre-stage as the nation’s leading Learning Management System (LMS). SLT-Mobitel AkazaLMS offers a unique, locally developed, comprehensive enterprise learning solution designed to cater to diverse training needs without compromising on quality.

Commenting on the initiative Chief Enterprise & Wholesale Officer of SLT, Lakmal Jayasinghe said “Especially in today’s competitive environment where human capital is more important than ever, companies need to create a learning strategy that aligns to robust curricula, employing relevant and available learning methods and technology. Addressing this need, SLT-Mobitel AkazaLMS Cloud is an enterprise e-learning solution hosted in Sri Lanka on the top of a private cloud, providing corporate and institutional customers the ability to deliver their own learning material to their users with zero cost infrastructure. With greater convenience and without additional IT resources, customers have access to their own training needs via a simple web browser”.

Empowering corporates and educational institutes, SLT-Mobitel AkazaLMS is a comprehensive locally developed platform, containing a self-portal where the user develops their own e-learning and purchase it as a SaaS product. Especially during these challenging times, when classroom lectures are not possible and distance learning methods vital, the SLT-Mobitel AkazaLMS facilitates exams, assignments, quizzes, etc. tailor-made and customised for corporates and educational institutes targeting their own specific needs.

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LIOC shows stability in earnings and margins compared to volatility during previous years

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First Capital expects stability in LIOC earnings and margins ahead, compared to the significant volatility witnessed during the previous years.

“With the new pricing formula, we expect a stable outlook for LIOC which is currently trading at a TTM PER of 7.5x on FY22 earnings while also trading at a PBV of 1.5x”, they said.

“The government’s implementation of the new fuel pricing formula on 24th May 22 includes all costs incurred in importing, unloading, distributing to the stations and taxes. With that, fuel prices will be revised on a monthly basis, and if necessary, it will be reviewed every two weeks. Accordingly, the next price revision was scheduled for 24th Jun 22. Considering the price revision, In addition to that, Sri Lanka’s Cabinet has approved a bill to impose a 2.5% tax on companies with an annual turnover of LKR 120.0Mn, which will only have a marginal effect on company margins.”

“With regards to investment in joint venture, LIOC has invested in Trinco Petroleum Terminal (Pvt) Ltd (TPT) in Jan-22 and acquired 49% of the stake with CPC which holds 51% of the ownership of TPT in order to develop 61 tanks at the Trincomalee Oil Tank Farm and allied facilities in the Upper Tank Farm of the China Bay Oil Tank Farm. Also, LIOC has entered into a Lease of State Land with the Government of Sri Lanka for a term of fifty years to develop the Lower Tank Farm of the China Bay Oil Tank Farm,” First Capital said.

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Apprenticeship programme in partnership with Hatch MakerStudio and Vocational Training Authority

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From left: : Krishantha Pathiraja, Chairman at Palmyrah Development Board, Florian Manderschied, Head Maker at Hatch MakerStudio, Brindha Selvadurai, CEO and Co- Founder, Hatch, Eranga Basnayake, CEO and Chairman of Vocational Training Authority, Mahesh Ariyarathne, Vice Chairman of VTA

The next generation of Sri Lanka’s industry workforce is currently studying at Technical and Vocational Education and Training institutes (​​TVET) all over the country. Since the manufacturing technology is under permanent development, the requirements for TVET graduates have also evolved. In order to address the industry’s needs for skilled and competent workers, the Vocational Training Authority and Hatch MakerStudio have joined forces to pilot an innovative apprenticeship programme.

The apprenticeship programme is designed for students in the field of mechatronics, robotics, automation and CNC-technologies and is focusing on the upskill, entrepreneurial mindset and problem solving capabilities. Together with industry partners, the selected apprentices will undergo a one month training programme at Hatch MakerStudio before being placed in the companies. The programme comprises of:

Product development training

Software and rapid prototyping training

Problem solving and design thinking exercises

During the course of the apprenticeship, Hatch MakerStudio will provide supervision and support for both the apprentices and companies, in order to ensure effective skills development and utilization of working power. Students with their own specific product ideas and business models can choose Hatch MakerStudio as their place of apprenticeship.

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