Union Assurance, Commercial Bank promote bancassurance

Chief Operating Officer, Commercial Bank, Ravi Dias receives the first Bancassurance proposal from Manager, Commercial Bank, Mount Lavinia branch Rajanthi Jayasinghe. Also in the picture are CEO Union Assurance, Dirk Pereira, DGM Personal Banking, Nimal Luxshman, Senior Manager Bancassurance, Lalith Karunadasa, AGM Personal Banking, Sandra Walgama.

Union Assurance PLC launched its bancassurance operation together with Commercial Bank PLC to provide life insurance solutions targeting the Commercial Bank customer base. With the launch of the initiative, Commercial Bank and Union Assurance will offer life insurance products based on four main needs viz Education, Investment, Retirement and Protection.

Commercial Bank PLC has an extensive branch network of over 180 branches islandwide. "With this network we will be able to take the concept of bancassurance across the island" said General Manager, Union Assurance PLC, Niranjan Nagendra. "This concept is popular world over and will undoubtedly be a winner in the Sri Lankan market" he said.

"Commercial Bank customers have shown an interest in this initiative and during the first three months since bancassurance was introduced, an encouraging number have purchased insurance policies.

All that a customer has to do is to visit his Commercial Bank branch and a Bancassurance Executive will be on hand to serve his needs. When a policy is purchased, a standing order could be arranged for better life protection,"concluded Nagendra.