From left: Sanira Hettihewa, Channel Manager Group Life & DTAP, Allianz Life Insurance Lanka Ltd, Malaka Mihindukulasuriya, Chief Actuary & Chief Strategy Officer, Allianz Life Insurance Lanka Ltd,. Jayalal Hewawasam, Chief Executive Officer, Allianz Life Insurance Lanka Ltd exchange the partnership documents with Lasantha Mahendrarajah, AGM - Retail & SME Business, Cargills Bank Limited, Kithmini Kumaranayake, Senior Manager, Remittances & Insurance Operations, Cargills Bank Limited, Chithma Samaraweera, Junior Executive, Remittances & Insurance Operations, Cargills Bank Limited

Allianz Life Insurance Lanka Ltd, a member of the global insurance company Allianz SE, recently inked a landmark partnership with Cargills Bank, the banking arm of the Cargills Group.

Through this partnership, Allianz Life Insurance Lanka Ltd will provide Cargills Bank customers with convenient and comprehensive Decreasing Term Insurance (DTA) solutions. The partnership was formally entered into recently at a ceremony held at the Cargills Bank Head office premises. 

Senior officials from both organizations were present at the event, with Jayalal Hewawasam, CEO signing on behalf of Allianz Life Insurance Lanka Ltd, while Lasantha Mahendrarajah, AGM Retail and SME signed on behalf of Cargills Bank. 

Discussing the new partnership, Jayalal Hewawasam said, “As a stakeholder of increasing importance and influence in Sri Lanka’s insurance industry, we are constantly looking to forge new partnerships and alliances, to unlock synergies and opportunities together with our partners, where we can mutually benefit, and most importantly, provide increased value to our collective customers. We are pleased to enter into this partnership with one of Sri Lanka’s most progressive banks, as we work together to deliver exceptional financial services to all Sri Lankans.” 

The key insurance products that Allianz Life Insurance Lanka Ltd will initially offer in partnership with Cargills Bank include Decreasing Term Insurance, which is a form of insurance where the potential pay out decreases periodically until the end of the term of the policy, and Loan Protection Policies, which help to reduce the burden on loved ones and financial institutions due to the untimely death of a person with outstanding debts. 

Together, these products will help to streamline borrowing and insulate both borrowers and lenders from uncertainty and risk. As the partnership progresses, Allianz Life Insurance Lanka Ltd and Cargills Bank will work together to introduce new products and services fit for modern Sri Lankans, from all walks of life.