ECONOMYNEXT – Sri Lanka’s Union Assurance, a unit of John Keells Holdings said it had started online platform which makes it easy to purchase life insurance without paper work.
Branded ‘Clicklife’, the service offers policies in a user friendly digital environment, simplifying the process of buying insurance, without physical intervention, paper work or medical reports, the firm said.
“Clicklife is a fully digital end-to-end solution offering a seamless user experience from purchase to policy issuance, and servicing, and is available for anyone, anywhere at any time,” Jude Gomes, Chief Executive Officer of Union Assurance said in a statement.
The first 1,000 customers would get free Covid-19 cover. A cover of up to two million comes at a around 23 rupees a day, the firm said.
A self-servicing app will provides real-time updates on policy information including dues, balances, and claims status, and has also allows digital policy loan submissions.
The App also includes a health tracker linked to a rewards scheme for instant redemption of vouchers and discount coupons.
With the effects of Covid-19 expected to continue to the foreseeable future, the firm says it has adapted to provide life insurance and brought globally evolving practices to the country.
Union Assurance has a market capitalization of 18 billion rupees, a life fund of 40 billion rupees and capital adequacy ratio of 461 percent the firm said. (Colombo/Dec16/2020)