Banking and Insurance industry high officials at an event on Sunday pointed out that high uptake of Bancassurance will result in risk diversification, lower premiums, capital market development, and overall GDP growth.
The event was organised by Standard Chartered Bangladesh to announce the launch of Bancassurance services, a strategic initiative aimed at providing comprehensive financial solutions to valued customers, in partnership with MetLife Bangladesh.
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. Standard Chartered Bangladesh is the first international bank to launch Bancassurance in Bangladesh.
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 leadinglife insurer in Bangladesh.
Together, they aim to deliver innovative and customer centric Bancassurance solutions that will enable customers to avail Life Insurance products with ease and protect their wealth. Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, while addressing the ceremony said, “I have been advocating for Bancassurancesince I took on the role of CEO Bangladesh – because, locally, life and non-life insurance has a 0.41% penetration to gross domestic product (GDP). This rate highlights immense potential for growth and development".
He said through Bancassurance, our trained and certified colleagues will bring a one-stop financial service to our trusted clients and customers. Bancassurance will serve as a crucial bridge across various aspects– including risk management, financial protecton, and long-term planning. 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. I am 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.”
As a steadfast partner in Bangladesh's remarkable journey of growth and resilience, Standard Chartered upholds a legacy of commitment spanning over 119 years. This new offering adds another “first” to the Bank’s legacy of transforming Bangladesh’s retail banking industry. Standard Chartered was the first bankto launch credit cards; ATMs; internet banking solutions; and an automated 24-hour call centre in Bangladesh. In May of 2023, the Bank pioneered the nation’s first insurance tagged credit card – the Assurance Card – in partnership with MetLife and Mastercard.