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UCB signs bancassurance agreement with Janata Insurance Company Limited

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United Commercial Bank PLC (UCB) has recently signed a bancassurance agreement with Janata Insurance Company Limited with a view to offering insurance products to its customers.

An agreement signing ceremony was held at UCB Corporate Head Office. Officials from both the concerns were present at the event. From United Commercial Bank PLC (UCB), Syed Faridul Islam, Managing Director & CEO (CC); ATM Tahmiduzzaman FCS, Additional Managing Director & CS; Alamgir Kabir, Deputy Managing Director & Head of Corporate Banking Division; S.M. Mainul Kabir, Deputy Managing Director; Md. Sekander-E-Azam, SEVP & Head of BDCU and ATM Tajmilur Rahman, Chief Bancassurance Officer, were present. On the other hand, on behalf of Janata Insurance Company Limited, Md. Abu Bakkar Siddique, Managing Director & CEO; Md. Iqbal Rashidi, Additional Managing Director and Md. Ahsan Habib, Company Secretary, graced the event with their presence.

Bancassurance is a relatively new concept in the country. It is some kind of arrangement between a bank and an insurance company which makes way for the bank to sell insurance products to the clients. This kind of facility is gaining currency in the current context. To offer more benefits to its customers and provide financial protection, UCB PLC has joined hands with Janata Insurance. This kind of partnership could be beneficial to bring more people under financial coverage. 

This agreement is expected to benefit both the companies. Under this agreement, UCB PLC will be selling non-life insurance products of Janata Insurance whereas it will help JICL to reach new prospective customers.

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