StanChart to sell MetLife policies under Bancassurance 

Standard Chartered Bank has entered into an agreement with MetLife Bangladesh to sell three insurance products under bancassurance to its customers through its branches.

Standard Chartered clients will now be able to take policies – MetLife 3 Payment Plan (M3PP), MetLife Child Education Payment Plan (MCEPP), and MetLife Retirement – directly from the bank.

During a programme organised at a city hotel on , officials from both companies said Standard Chartered and MetLife introduced Bancassurance – an arrangement for selling insurance products through bank branches – for the first time in the country with the approval of the regulatory authority.

Speaking on the occasion, Ala Ahmad, chief executive officer at MetLife Bangladesh, said, "We are happy to introduce Bancassurance even though it is late because through this, our scope of service will increase. Besides, people's confidence in insurance will increase."

He mentioned that currently, MetLife provides insurance facilities to more than 10 lakh customers, with 65% of collections being done digitally.

"We clear payments within seven days of policy maturity. We have been able to build this trust. In 2023, we paid almost Tk3,000 crore to policyholders," he emphasised.

Hopefully, the relationship between these two institutions will be strengthened through Bancassurance, he said, adding, "We will be able to accelerate our business and serve more people."  

Naser Ezaz Bijoy, chief executive officer at Standard Chartered Bangladesh, said individuals mainly have three thoughts or future plans: children's education expenses, life after retirement, and preparation for unexpected serious illnesses.

"From this concept, we embarked on the journey with three products from MetLife. We hope these will be very useful for customers," he said.

He said Bancassurance would support the country's banking sector and capital markets, adding, "Because banks in our country accept short-term deposits and provide long-term loans. However, long-term investments necessitate long-term deposits. Failure to do so results in a maturity mismatch. Bancassurance will play a crucial role in addressing this."

Moreover, Naser Ezaz Bijoy said if customers obtain long-term deposits, investment in the capital market would also become more accessible. Essentially, customers will receive one-stop service through Bancassurance.