Shanta Life Insurance, a subsidiary under Shanta Holdings, has officially begun its operations from this month in Bangladesh.
The insurer’s head office at Shanta Western Tower in Dhaka will be the central hub for its activities.
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The company aims to provide simplified insurance products tailored to meet the diverse needs of individuals throughout the country.
The company was established by a consortium that includes FAR Asset Management, Nasah Holdings, Shanta Holdings, Shanta Lifestyle, Shanta Multiverse, Shanta Property Management and Shanta Securities.
It received its operating licence on 7 November from the Insurance Development and Regulatory Authority (IDRA).
Shanta Life Insurance’s product line includes a child educational plan, depositor’s protection scheme, endowment plan, 3PP and group life insurance.
The company appointed Nafis A Ahmed as CEO in April.
He brings more than 20 years of experience in the insurance industry, with expertise in sales management, business development, distribution, corporate sales, market expansion and strategic planning.
Before joining Shanta Life Insurance, he was the chief corporate business officer of MetLife Bangladesh and worked closely with the IDRA.
Nafis A Ahmed added: “Currently, insurance penetration in Bangladesh remains as low as 0.4%, which signifies a lack of financial security coverage through insurance. At Shanta Life, we believe all the citizens of Bangladesh have the right to come under financial inclusion with better financial security in life.
“We see a unique opportunity to bridge this gap by offering simplified and affordable solutions that meet the diverse needs of people across all regions of the country.”
