BRAC Bank Limited is poised to deploy its real-time online Branch Network and Agent Banking channels to collect insurance premium from the clients of Life Insurance Corporation (LIC) of Bangladesh Limited.
The customers can now deposit insurance premium at their doorsteps at convenient time and also get life insurance tips and benefits at the bank’s Agent Banking outlets and branches.
This is for the first a life insurance company is availing such service through the Bank’s Agent Banking platform.
Leveraging on its digital BRAC Agent Banking platform, the Bank will be able to offer premium collection service beyond the banking hours, for 365 days a year.
This came as BRAC Bank’s Head of Corporate Banking Tareq Refat Ullah Khan and Managing Director of LIC of Bangladesh Arup Dasgupta signed the agreement on behalf of their respective organizations at a ceremony in Dhaka recently.
Commenting on the agreement, Tareq Refat Ullah Khan said: “We are utilizing our Agent Banking channel in cash management service. Agent Banking adds a new dimension to our cash management solutions and enables us to serve our customers even beyond stipulated banking hours. BRAC Bank will collect premium from the customers of Life Insurance Corporation of Bangladesh as a collection bank across the country. It will help LIC bring more efficiency in its operations.”