Union Assurance introduces another industry first initiative in underwriting automation

From left: Munich Re India Branch Head of Claims Dr. Nilesh Dighe, Munich Re India Branch Deputy Head Client Management Deepa Bandal, Union Assurance Chief Technical Officer/Specified Officer Rumesh Modarage, Union Assurance Assistant Vice President Underwriting Anura Hettikanda, Union Assurance Senior Manager Life Operations Lachini Chithrasena and Union Assurance Manager Agency Underwriting Chaminda Peiris

In a groundbreaking move, Union Assurance, Sri Lanka’s leading life insurance provider, has introduced automation of the financial questionnaire evaluation to streamline the underwriting process. 
This cutting-edge initiative involves using automation in assessing the customer’s financial background and associated risks to offer tailored coverage that precisely meets each customer’s requirements.

This industry first initiative, launched in collaboration with the leading global reinsurance company Munich Re, marks a significant step forward in infusing advanced technology in enhancing the overall life insurance experience. This innovation also represents Munich Re’s first-ever involvement in such a partnership with a life insurer, underscoring the pioneering nature of Union Assurance’s approach.

“While heralding a new-age insurance experience, it also marks a milestone in our mission to empower the Sri Lankan dream. Traditionally, underwriting has been a manual, time-consuming and cumbersome process. However, automation transforms the entire process, offering key advantages,” Union Assurance CEO Jude Gomes said.
Munich Re India Branch Deputy Head of Client Management Deepa Bandal expressed her enthusiasm for the innovation, stating, “Munich Re is proud to be part of Union Assurance’s efforts in its novel journey of automation. We believe these efforts will drive prudence in risk management and smooth the onboarding of new customers. We hope to continue this collaboration and strive to support Union Assurance with our digital know-how also in the future.”