UA in the forefront of insurance - Rukman Weeraratne

Union Assurance PLC (UA), has prided itself on being in the forefront of insurance field transforming insurance into an instrument of accelerated national economic expansion in Sri Lanka. General Manager-Marketing and Distribution Rukman Weeraratne said, "The reigning entity in any field is morally obliged to take on the reins of leadership in a responsible manner. That obligation defines UA's destiny".

An outstanding growth in 2010 - despite a lagging industry - of 25 percent and 14 percent in Life and General Insurance, yielding significant profit; and having the UA brand scaled five places up - on Brand Finance's Most Valuable Sri Lankan Brands ranking after recording a brand valuation of Rs 1.22b and the ultimate brand rating - AA+.

"We were always more upbeat than others", Weeraratne said referring to UA's strong confidence in Sri Lanka's economy - the solid foundation that consolidated its dominant position and defining role as an industry catalyst, besides making UA an engine of economic growth. Confidence built on an acute understanding of the market and customer needs, the meeting of which has made it the repository of public and corporate confidence as the most trusted entity in the field.

"It's this confidence and our vision of a resurgent Sri Lanka, "that prompted us four years ago to initiate a series of process, product and people enhancements to prepare a firm foundation to support the national growth we envisioned, and accelerate our future growth", said Weeraratne.

General Manager-Corporate Insurance Niranjan Nagendra said, "We foresaw the exponential potential for Sri Lanka". Nagendra said the corollary scope for the Insurance industry years before the nation entered the era of peace.

And we acted upon it with a bold initiative to gear ourselves to face future challenges and to meet market opportunities".

Weeraratne said, "These proactive strategic initiatives to enhance every conceivable component of UA's value chain continues to yield a rich harvest.