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14 April 2024

Standard Chartered becomes first international bank to launch Bancassurance with MetLife

Staff Reporter

Published: 17:25, 4 March 2024

Standard Chartered becomes first international bank to launch Bancassurance with MetLife

Photo: Courtesy

Standard Chartered Bangladesh has announced the launch of its 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, according to a press release.

Leveraging the synergies between banking and insurance, Bancassurance offers a one-stop solution for customers seeking efficient and carefully tailored financial products and services. Standard Chartered customers who avail of Bancassurance will enjoy customised insurance plans; easy-to-navigate claims processes; the ability to pay necessary fees via the Bank’s digital channels, and access to dedicated relationship managers.

Naser Ezaz Bijoy, chief executive officer, of Standard Chartered Bangladesh, 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 percent penetration to gross domestic product (GDP).

“This rate highlights the immense potential for growth and development. 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 protection, and long-term planning.

“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.”

Ala Ahmad, chief executive officer, of 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.”