BRAC Financial institution and MetLife have joined forces to supply bancassurance companies in Bangladesh, aiming to make life insurance coverage extra accessible to the nation’s inhabitants.
Underneath the alliance, MetLife will leverage Dhaka-based BRAC Financial institution’s community to distribute its life insurance coverage merchandise.
The bancassurance channel is predicted to open a complete vary of MetLife’s life insurance coverage choices to clients by means of BRAC Financial institution’s community of branches, sub-branches, and small and medium-sized enterprises models.
As per the announcement, clients will profit from built-in options that cater to each their banking and insurance coverage necessities, furthering the nation’s monetary inclusion efforts.
MetLife Bangladesh CEO Ala Ahmad, as reported by the Dhaka Tribune, mentioned: “The primary goal of bancassurance is to extend insurance coverage accessibility. The partnership between MetLife and BRAC Financial institution, two trusted monetary establishments, demonstrates a strategic match aimed toward increasing the attain of insurance coverage among the many individuals of Bangladesh.
“This important collaboration helps the nation’s drive to strengthen monetary empowerment, permitting clients to confidently incorporate MetLife’s world-class insurance coverage safety of their monetary planning.”
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BRAC Financial institution chairperson Meheriar Hasan added: “This alliance symbolises our shared imaginative and prescient for monetary inclusivity and units a brand new precedent in Bangladesh’s monetary sector.
“By combining banking and insurance coverage companies, we intention to revolutionise accessibility and reliability in monetary companies, considerably contributing to the journey in the direction of a extra financially inclusive and resilient Bangladesh.”
In August 2023, MetLife teamed up with Empathy, an end-of-life platform, to reinforce its beneficiary claims concierge companies.
By means of the alliance, workers and beneficiaries who’ve registered in life insurance coverage can utilise Empathy’s grief care platform through MetLife’s beneficiary claims concierge companies.
In mid-2023, the life insurer partnered with Oman-based Financial institution Muscat to launch insurance coverage options for purchasers recognized with critical diseases.
