Premier Bank signs Bancassurance agreements with LIC and Pragati Insurance

The Premier Bank PLC has signed Bancassurance agreements with two leading insurance companies in Bangladesh: Life Insurance Corporation of Bangladesh (LIC) and Pragati Insurance Company Limited.

This strategic move expands Premier Bank PLC’s suite of financial products and services, offering customers greater convenience and access to comprehensive insurance solutions, according to a press statement. 

Through these partnerships, the bank's extensive network of branches will now offer a broader range of life insurance products from LIC and a variety of non-life insurance products from Pragati Insurance.

This enhanced product portfolio caters to the diverse needs of Premier Bank PLC’s growing customer base, allowing them to secure their financial well-being and protect their assets, the statement says.

Mr M Reazul Karim, FCMA, Managing Director and CEO of The Premier Bank Limited, Mr Saswata Ray, Managing Director and CEO of the Life Insurance Corporation of (LIC) Bangladesh Ltd and Mr Syed Sehab Ullah Al-Manjur, Managing Director and CEO of Pragati Insurance Limited, signed the agreement on behalf of their respective organisations.

Mr Shamsuddin Chowdhury, Additional Managing Director of The Premier Bank PLC presided over the meeting and extended a vote of thanks to all the distinguished guests.

The Chief Bancassurance Officer (CBO) of The Premier Bank PLC, Mr Nurul Alam conducted the signing ceremony.

Among others, Mr Mamun Mahmud, SEVP and Chief HR Officer, Mr Md Naquibul Islam, SEVP and Head of Operation, Mr Md Tareq Uddin, Head of Brand, Marketing and PRD and Mr Mohammad Akram Hossain, Company Secretary of The Premier Bank PLC and the high officials of Life Insurance Corporation of Bangladesh (LIC) and Pragati Insurance Company Limited, were present at the event.

This move by The Premier Bank PLC signifies a growing trend in Bangladesh's financial landscape, where banks are increasingly partnering with insurance companies to offer Bancassurance products.

This collaboration benefits both institutions by allowing banks to leverage their customer base and distribution channels, while insurance companies gain access to a wider market, the statement adds.