2011 - year of opportunity for Union Assurance

Union Assurance concluded 2010 on a positive note.

Union Assurance (UA) stepped into 2010 with a new brand promise and a number of innovations in service delivery as well as internal processes, and it's all about making the best of the opportunities opening up in 2011, assures Chief Executive Officer UA Dirk Pereira.

In overall business terms, 2010 has been a very good year for Union Assurance.

Dirk Pereira

Pereira says that the upbeat outlook in the post-war setting and improved macro conditions and economic circumstances have led to sharp growth in life and general insurance segments of the business.

General insurance is also expected to improve further, thanks to duty reductions and infrastructure developments taking place in the country.

"At the same time, we've done a lot of work to raise our skill levels, improve our processes and enhance training and development. On the back of a very positive macro scenario, we've really worked on the fundamentals of the business, in order to accommodate growth.

We also initiated many innovations internally in 2010, to improve workflow and processes via technology," Pereira comments. These innovations will help UA gear up for higher volumes and greater opportunities in 2011.

General Manager - Marketing and Distribution Rukman Weeraratne said that the awards and recognition that UA has received in 2010 reflects business growth and customers' regard for the brand.

"Among other accolades, we were endorsed with an AA Brand Rating from Brand Finance.

We also won the Gold Award in the insurance sector and the Silver for management practices at the National Business Excellence Awards conducted by the National Chamber of Commerce of Sri Lanka.

We won top awards from the South Asian Federation of Accountants and Institute of Charted Accountants of Sri Lanka.

These awards confirm our position as one of the most trusted insurers in the country and reflect also the care we put into our internal practices and processes," said Weerarathne.

UA's innovations in 2010 include Union Challenger, a product designed to challenge ageing, and Motor Reload, which uses mobile technology to deliver services.

"Distribution is the key in growing the business; we will further invest on our distribution channels to exploit the opportunity for 2011, along with further expansion island wide. We were the first private sector company to move into Jaffna during the ceasefire in 2004.

We predicted good times ahead always, so we've been investing heavily in the North and East. We will continue to do that, while expanding throughout the rest of the country," he ssid.