In a transformative move set to redefine Bangladesh’s financial services landscape, Brac Bank and Green Delta Insurance Company have officially inked a Bancassurance agreement, a pact that holds immense promise for integrated financial services within the nation. The historic partnership, formalized on December 27 at Green Delta’s headquarters, signifies a significant milestone in the provision of comprehensive financial services across Bangladesh.
As reported, under the terms of the agreement, Brac Bank customers will gain direct access to a diverse portfolio of non-life insurance products offered by Green Delta Insurance. These encompass health insurance, motor insurance, crop insurance, travel insurance, and more, addressing a wide range of everyday needs and unforeseen contingencies. The accessibility of these insurance services will extend across Brac Bank’s extensive network, encompassing its branches, SME Units, and Agent Banking outlets.
Crucial to the effectiveness of this collaboration is the presence of Bancassurance Officers or Managers within Brac Bank, duly certified by the Insurance Development and Regulatory Authority (IDRA). The initial contractual period spans three years, with the formal signing ceremony conducted by Selim RF Hussain, Managing Director and CEO of Brac Bank, and Farzanah Chowdhury, Managing Director and CEO of Green Delta Insurance Company.
Reportedly, Selim RF Hussain highlighted the transformative nature of this partnership, emphasizing Brac Bank’s commitment to sustainable and inclusive banking. He noted that the collaboration goes beyond a mere business venture, representing a dedication to the economic empowerment of the nation. By integrating banking with insurance, the initiative aims to revolutionize Bangladesh’s financial landscape and enhance the country’s resilience in the face of uncertainties.
Farzanah Chowdhury expressed optimism, describing the partnership as a landmark step toward exploring the vast potential in the Bancassurance sector. She emphasized the collaborative effort’s goal to make insurance more inclusive and accessible to the Bangladeshi population through the extensive distribution network of the banking sector. The collaboration is seen as a pivotal development for the insurance industry and the future of integrated financial services in Bangladesh.
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