United Commercial Bank launches bancassurance service

United Commercial Bank PLC (UCB) has launched its bancassurance services, enabling customers to access insurance directly through the bank.

Customers can now obtain both life and general insurance services from any UCB branch across the country.

Mahbubur Rahman, chairman of Eastland Insurance PLC, inaugurated the service as the chief guest at the Pan Pacific Sonargaon Hotel in Dhaka recently, according to a press release.

Speaking at the event, Rahman said the collaboration among UCB, Jiban Bima Corporation, and Eastland Insurance marks a new milestone for the country's insurance services.

"This partnership will allow customers to access insurance more conveniently than ever before," he added.

Md Muhibuzzaman, managing director and additional secretary of Jiban Bima Corporation, noted that UCB has taken strong and commendable preparations to launch bancassurance. As people's income levels rise, the demand for insurance alongside banking services is also increasing.

"With banks and insurance companies now working together, customers will find it much easier to access insurance services," he said, expressing hope that the initiative would build public trust and ensure financial protection for many families.

Mohammad Mamdudur Rashid, managing director and CEO of the bank, said the newly introduced insurance services will help people save for the future, ensure their families' financial security, and support essential expenses such as children's education and travel.

He added that customers can now receive both life and general insurance services from any UCB branch under a single platform.

The event also featured the symbolic handover of the First Premium Receipt (FPR) to two selected customers, marking the official commencement of sales operations.

Mohammed Selim, managing director and CEO of Eastland Insurance PLC, and Adnan Masud, additional managing director, along with senior officials of the respective organisations, were also present.