Midland Bank, Desh General Insurance launch bancassurance service

Midland Bank PLC recently signed a partnership agreement with Desh General Insurance Company Limited to introduce bancassurance services.

Imtiaz Uddin Ahmed, managing director and CEO of the bank, and Mohammodi Khanam, chief executive officer of the non-life insurer, signed the agreement at the bank’s head office in Dhaka’s Gulshan, according to a press release.

Under the arrangement, customers will be able to easily access a range of insurance products and services offered by Desh General Insurance from any branch of Midland Bank PLC.

The service will include Insurance Development and Regulatory Authority-approved products such as car, travel, health, agricultural and crop insurance. Initially, only motor insurance has been introduced, while other products will be rolled out gradually.

These facilities are expected to make insurance services more accessible, enabling customers to avail both banking and insurance services on a single platform, thereby enhancing their financial security.

Officials at the event said such partnerships would help expand financial inclusion in the country and ensure modern, integrated financial services for customers.

They also noted that bancassurance services are gradually expanding through joint initiatives by Bangladesh Bank and the Insurance Development and Regulatory Authority, allowing customers to access insurance benefits directly through banks and boosting confidence in policy purchase and claims settlement.

Md Zahid Hossain, deputy managing director and chief risk officer of the bank; Md Nazmul Huda Sarkar, deputy managing director and chief technology officer; Md Rashed Akter, head of retail distribution division and chief bancassurance officer, attended the event.

Md Sahabuddin and Md Mehedi Rahman Fahim, bancassurance officers; Md Jahangir Alam, head of human resources and administration of the insurer; and Md Mokaddesur Rahman Sikder, company secretary, among others, were also present.