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Standard Chartered becomes first int'l bank to launch Bancassurance with MetLife

Standard Chartered becomes first int'l bank to launch Bancassurance with MetLife

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.

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 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. Standard Chartered and MetLife are two leading global financial institutions with a long history of serving customers in Bangladesh. Standard Chartered is the oldest bank in the country, while MetLife is the leading life insurer in Bangladesh. Together, they aim to deliver innovative and customer centric Bancassurance solutions that will enable customers to avail Life Insurance products with ease and protect their wealth.

Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said, “I have been advocating for Bancassurance since I took on the role of CEO Bangladesh – because, locally, life and non-life insurance has a 0.41% penetration to gross domestic product (GDP). This rate highlights 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, 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.”

As a steadfast partner in Bangladesh's remarkable journey of growth and resilience, Standard Chartered upholds a legacy of commitment spanning over the years. This new offering adds another “first” to the Bank’s legacy of transforming Bangladesh’s retail banking industry. Standard Chartered is the first bank to launch credit cards; ATMs; internet banking solutions; and an automated 24-hour call centre in Bangladesh. In May of 2023, the Bank pioneered the nation’s first insurance tagged credit card – the Assurance Card – in partnership with MetLife and Mastercard.

MetLife is the country’s leading life insurance company and offers a wide range of insurance solutions for various needs including education, health, savings & investments, and retirement. MetLife has outstanding track record of settling customer claims. In 2023, MetLife settled BDT 2,981 crore claims and in the last six years, the number of claims settled is over BDT 10,500 crore.

– Press release