Seylan Bank and LOLC Insurance to offer bancassurance

Seylan Bank recently signed an MoU with LOLC Insurance Co. to offer its customers across Sri Lanka, a wide range of insurance products. As part of this strategic tie-up, Seylan Bank branches around the country will host a representative from LOLC Insurance, who will attend to the insurance needs of the bank's customers.

Seylan Bank General Manager and CEO Kapila Ariyaratne (fifth from right) exchanges the MoU with Chairman of LOLC Insurance Kapila Jayawardena. From left: Manager, Business Development, LOLC Insurance, Charitha Jayasingha, Head of Sales, LOLC Insurance, Nadika Opatha, AGM, Technical and Operations, LOLC Insurance, Saliya Dias, Chief Executive Officer, LOLC Insurance, Gehan Rajapakse, Executive Director, Seylan Bank, R. Nadarajah, DGM Marketing, Seylan Bank, Tilan Wijeyesekera Deputy General Manager, Corporate Banking, Ms. Shalini Perera and Chief Manager, Consumer Finance Unit, Eranga Lankatilaka look on.

Seylan Bank General Manager and CEO Kapila Ariyaratne said, "Seylan Bank always strives to give customers, the best of convenience and value for money. As we celebrate 25 years of banking this year, we are happy to join LOLC and enhance the portfolio of services available to customers through our branch network."

"They will have the convenience of attending to their banking and insurance needs, under one roof, thereby making their visit to Seylan Bank more convenient and rewarding," he said.

"In the Life Insurance category are products with more emphasis on protection. 'LOLC Guaranteed' is a simple endowment product with a guaranteed sum assured for a minimum premium, while 'LOLC+10' is where the basic sum assured increases by 10% every year," a spokesman for the company said.

All these long term policies have additional comprehensive riders for the insured, spouse and child. Among the short term life covers are Divi Saviya and Isuru Sahana which target loans, leases and the SME sector. In the General Insurance category are products which cover fire, title and marine.

LOLC's Group MD and Chairman LOLC Insurance Co, Kapila Jayawardena said, "We are happy to join Seylan Bank and share the excellence of our products with as many Sri Lankans as possible. This will no doubt be an easy task, given Seylan Bank's constantly growing customer base, coupled with its presence across the country".

"Seylan Bank has over the years developed excellent capabilities in Bancassurance and the tie-up with LOLC, with its branch network over the island, will take this line of business to a higher level," he said.

"This is just the beginning of Bancassurance with Seylan Bank. We are expanding this service area and will continue to improve the options open to customers to fulfill their insurance needs," Ariyaratne said.