2024-03-15 02:14:19
BRAC Bank has launched bancassurance services to provide direct insurance services to customers through banks. Both life insurance and general insurance customers can avail this facility from all branches of BRAC Bank nationwide.
Bancassurance service of BRAC Bank was inaugurated on Thursday (March 14).
Bancassurance is a joint venture between banks and insurance companies to sell insurance products to customers through banking channels. BRAC Bank has obtained permission and license from Bangladesh Bank and Insurance Development and Regulatory Authority (IDRA) to provide bancassurance services. Initially the bank will offer customers insurance products from MetLife Bangladesh and Green Delta Insurance Company. Based on customer demand, the bank plans to enter into bancassurance agreements with more insurance companies in the future.
Chairman of Insurance Development and Regulatory Authority (IDRA) Mohammad Zainul Bari said, we are lagging behind in the insurance sector due to lack of awareness. We could not present the insurance products properly to the people. Insurance possibilities are many. The link between banking and insurance will expand further.
Bangladesh Bank Deputy Governor Noorun Nahar said that confidence has decreased due to non-fulfilment of insurance claims. Bancassurance will increase interest in insurance. Other banks will also introduce bancassurance.
Managing Director and Chief Executive Officer of BRAC Bank Salim Reza Farhad Hossain said that due to the growing development of the country and the increase in per capita income, the demand for banking services as well as insurance products is also increasing massively. As a result of this collaborative effort between banks and insurance companies, customers can easily avail insurance products. Which will further increase their confidence and trust in financial institutions. Such initiatives in the financial sector will further accelerate the country’s insurance along with expansion of financial inclusion and increase in financial security.
MetLife Bangladesh Chief Executive Officer Mohammad Ala Uddin Ahmad said three of the victims in the Bailey Road fire were Metlife customers. One death claim has already been fulfilled. We want to expand the scope of insurance for the people of Bangladesh through bancassurance initiative with BRAC Bank PLC, one of the leading and most trusted financial institutions of the country.
Farzanah Chowdhury, Managing Director of Green Delta Insurance Company said, “We are happy to partner with BRAC Bank to bring insurance services to common people. Bancassurance will create an alternative distribution channel for insurance that will further expand insurance services. This will accelerate financial inclusion in the country and make insurance more affordable especially for women and the younger generation.
BRAC Bank Deputy Managing Director and Head of SME Banking Syed Abdul Momen said that bancassurance services will be available in 187 branches and 40 sub-branches of BRAC Bank.
Chief Bancassurance Officer Mahbubur Rahman was present on the occasion.