Standard Chartered Bangladesh (SCB) has launched its Bancassurance services as a strategic initiative aimed at providing comprehensive financial solutions to valued customers, in partnership with MetLife Bangladesh.
The launching event of Bancassurance (insurance through the banking system) was held in a city hotel on Sunday.
Speaking at the event, Naser Ezaz Bijoy, Chief Executive Officer, SCB said that this partnership will enable Standard Chartered’s clients to access a wide range of insurance products and services through the bank's extensive network of branches and digital channels.
As the first international bank SCB to launch Bancassurance in Bangladesh, he said.
“I have been advocating for Bancassurance since I took on the role of CEO Bangladesh – because, locally, life and non-life insurance has a 0.41 percent penetration to gross domestic product (GDP). This rate highlights immense potential for growth and development,” he pointed out.
Through Bancassurance, trained and certified colleagues of SCB will bring a one-stop financial service to the trusted clients and customers, he said.
“High uptake of Bancassurance will result in risk diversification, lower premiums, capital market development, and overall GDP growth. With the insurance sector poised to double in size by 2031 across the world, we are proud to partner with MetLife to implement Bancassurance in Bangladesh,” said the CEO of SCB.
Ala Ahmad, Chief Executive Officer, MetLife Bangladesh, said, “Our Bancassurance partnership with Standard Chartered reflects our long-term dedication to responsibly meeting the evolving needs of customers and strengthening their trust in insurance.”
He is confident that Bancassurance will emerge as an effective approach to financial security because it empowers Bank’s customers to manage their life priorities with MetLife’s trusted insurance solutions.
Standard Chartered and MetLife are two leading global financial institutions with a long history of serving customers in Bangladesh. Standard Chartered is the oldest bank in the country, with over 119 years of presence, while MetLife is the leading life insurer in Bangladesh.