BRAC Bank and MetLife have joined forces to offer bancassurance services in Bangladesh, aiming to make life insurance more accessible to the country’s population.
Under the alliance, MetLife will leverage Dhaka-based BRAC Bank’s network to distribute its life insurance products.
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The bancassurance channel is expected to open a comprehensive range of MetLife’s life insurance options to customers through BRAC Bank’s network of branches, sub-branches, and small and medium-sized enterprises units.
As per the announcement, customers will benefit from integrated solutions that cater to both their banking and insurance requirements, furthering the country’s financial inclusion efforts.
MetLife Bangladesh CEO Ala Ahmad, as reported by the Dhaka Tribune, said: “The main objective of bancassurance is to increase insurance accessibility. The partnership between MetLife and BRAC Bank, two trusted financial institutions, demonstrates a strategic fit aimed at expanding the reach of insurance among the people of Bangladesh.
“This significant collaboration supports the country’s drive to strengthen financial empowerment, allowing customers to confidently incorporate MetLife’s world-class insurance protection in their financial planning.”
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By GlobalDataBRAC Bank chairperson Meheriar Hasan added: “This alliance symbolises our shared vision for financial inclusivity and sets a new precedent in Bangladesh’s financial sector.
“By combining banking and insurance services, we aim to revolutionise accessibility and reliability in financial services, significantly contributing to the journey towards a more financially inclusive and resilient Bangladesh.”
In August 2023, MetLife teamed up with Empathy, an end-of-life platform, to enhance its beneficiary claims concierge services.
Through the alliance, employees and beneficiaries who have registered in life insurance can utilise Empathy’s grief care platform via MetLife’s beneficiary claims concierge services.
In mid-2023, the life insurer partnered with Oman-based Bank Muscat to launch insurance solutions for customers diagnosed with serious illnesses.
