Issue 3 2021

16 CEO MONTHLY / ISSUE 3 2021 , Nov20561 Turnaround Insurance Player in Sri Lanka Union Assurance is a leading Life Insurance solutions provider of Sri Lanka that has been empowering people and offering peace of mind in dealing with their financial plans and the future for more than thirty years. Operating across more than seventy branches throughout Sri Lanka, Union Assurance’s teamof dynamic professionals who share a customer-centric mentality are leading the way in innovating the country’s growing life insurance industry. We take a closer look at the firmand its award-winning CEO, Mr Jude Gomes. Established in 1987, Union Assurance is one of the largest providers of life insurance solutions for Sri Lanka, committed to providing protection, financial security, and creating wealth for their clients, whilst also adding values to its employees, field staff, business partners, shareholders, and community. Offering a comprehensive range of solutions that encompass investment, protection, retirement, education, health, and employment, Union Assurance seeks to support the dreams of Sri Lankan people by providing them customized solutions to meet the uncertainties of life. Since its inception, Union Assurance ethos has evolved to become the protector of the Sri Lankan dream under the brand’s philosophy, ‘Your Life, Our Strength’. The Company has positioned itself to protect the lifestyles, relationships, and ambitions of its clients, regardless of the inevitable complications that arise throughout a lifetime. Caring remains an integral value of Union Assurance, alongside Trust, Excellence, Ethics and Integrity, Innovation, and a customer-centric mentality that encompasses all of these values. As consumers around the world become more digitally aware and attuned to the rapid evolution of economic and social landscapes, Union Assurance’s customers are also becoming more aspirational, with clearly defined goals of what they want for themselves and their families, now and in the future. A key part of Sri Lankan culture is the creation of inheritances, and the firm’s diverse clientele across the country and socio-economic backgrounds are becoming more aware of life insurance as an alternative investment opportunity to achieve their financial ambitions. While Sri Lanka has trailed behind in innovating its products, servicing capabilities, and distribution in this market, it is clear that the potential for growing and innovating the financial services sector is ready to be maximised. Union Assurance is stepping out of the norm in its market and driving forward innovation, making it its mission to bridge the gap between its tech- savvy customers and the less advanced industry. By transforming itself to become a more digitally enhanced, customer-centric life insurer with better, tech-enabled products, services, and platforms, Union Assurance is leading the way for the Sri Lankan market in helping its customers to achieve their financial goals and live comfortable, protected lives. However, as an industry that requires long term commitments in a developing market, this is largely viewed as an impediment. Moreover, the concept of mitigating ‘pure risk’ is also misunderstood, with many consumers demanding immediate returns on premiums they have paid, making the whole concept a significantly more expensive proposition. All of this is compounded by the aggravation caused by issues in transparency, complexity, and tedious processes, as well as uncertainties in the stock market caused by over-dependence on stock market-related products and short term, fly-by-night operators. Dealing with such problems has been somewhat impeded in latter months as a result of the ongoing Covid-19 pandemic, which has not only created challenges in operating in this environment, but also had significant impact on the livelihoods, and therefore the paying capacities, of consumers. However, Union Assurance’s strong foundations, innovative mindset, and digital preparedness meant the firm was able to proactively adapt to the pandemic, not only surviving as a business but thriving and growing. Over the past year, Union Assurance has been recruiting more than ever, welcoming Financial Advisors and Insurance Officers in large numbers, as well as talents across other industries who are able to provide fresh perspectives and ideas for growth. Insurance is fundamentally a sector that centres around people and as such, a defining feature of an exceptional insurance provider as opposed to a good one is the quality of its people. For Union Assurance, its people are its greatest asset. CEO Mr Jude Gomes states that it is his job to empower them, giving them the platform and resources to develop and maximise their potential. Only in an environment where each member of the team feels safe and trusted can the innovation that is vital to Union Assurance’s success flourish, even in the face of adversity or complications. The result is an internal culture that gives individuals the space to make their mistakes and learn from them, giving them the drive to outperform their key deliverables and exceed expectations of their clients. “The remarkable results are a tribute to our winning team, which I am proud to be part of,” says Mr Gomes. Mr Gomes himself joined Union Assurance in December 2019, bringing with him nearly thirty years of rich experience in financial services accrued working across key Asian