Bancassurance

Bancassurance holds immense potential to transform the insurance sector and contribute to financial stability. The recent issuance of bancassurance guidelines by Bangladesh Bank and IDRA marks a significant milestone in this journey. These guidelines aim to provide a strong regulatory framework, ensuring that banks and insurance companies can collaborate effectively while safeguarding the interests of consumers.

Bancassurance is a partnership between banks and insurance companies where banks acts as a corporate agent to sell insurance products through its distribution channels to its customer base. Bancassurance business holds immense potential for banks as there is a huge untapped growth opportunity in the insurance industry.

The bancassurance model offers significant opportunities, including tapping into unserved markets with low insurance penetration, leveraging crossselling potential through integrated financial solutions, expanding distribution via established bank channels, fostering innovative product development, contributing to financial stability for both banks and insurers, capitalizing on technological advancements for enhanced efficiency, etc. Additionally, the model promotes financial inclusion by reaching even peripheral populations through existing banking channels that have deeper penetration in rural areas. Overall, bancassurance provides a comprehensive and synergistic approach to financial services, driving growth and innovation in the industry.

At Sena Insurance, we want to lead in bancassurance. We are already focusing on forging strategic partnerships with top banks of the country, innovating tailored products for bank customers, integrating seamlessly with digital platforms, fostering collaboration through staff training and conducting thorough market research to guide strategic decision-making.

Sena Insurance PLC signed bancassurance agreement with 3 (three) banks of Bangladesh:

• Trust Bank PLC

• BRAC Bank PLC

• NRB Bank PLC

The Members of Bancassurance Committee of SIPLC are: