Brac Bank signs agreement with Jiban Bima Corporation to collect insurance premium through bKash

Brac Bank has signed an agreement with the country's sole state-owned life insurance entity, Jiban Bima Corporation (JBC), to collect insurance premiums through Brac Bank's various physical and digital channels along with the bank's subsidiary, bKash.

Under the arrangement, the JBC policy-holders across the country can now pay insurance premiums through bKash app and USSD code *247#, said a press release.

In addition, JBC can collect the premium from its policy holder's bank account through the 'Direct Debit Pull' service of Brac bank. The arrangement enables JBC with real-time accounts reconciliation as Brac Bank and bKash have established API connectivity with JBC's central accounts management system.

bKash and 'Direct Debit Pull' solutions were launched at a ceremony at The Westin, Dhaka on 15 June. Other solutions under this arrangement, such as Brac Bank's Agent Banking, Branch/Sub-Branch Network, Payment Gateway and Mobile App 'Astha" will soon become available.

Sheikh Mohammad Salim Ullah, secretary, Financial Institutions Division, Ministry of Finance, was the chief guest. Md Asadul Islam, chairman (former senior secretary), Jiban Bima Corporation, was present as the special guest.

Md Saiful Islam, managing director (additional secretary), Jiban Bima Corporation, Selim RF Hussain, managing director & CEO, Brac Bank, Major General Sheikh Md Monirul Islam (Retd), chief external & corporate affairs officer, bKash Limited, and Tareq Refat Ullah Khan, deputy managing director and head of Corporate Banking, Brac Bank, were also present at the event.

About the partnership, Selim RF Hussain, managing director of Brac Bank, said, "Over last couple of years Brac Bank has enhanced its Transaction Banking capacity by developing various value-adding collection and payment solutions, especially for the insurance industry. Our partnership with Jiban Bima Corporation will greatly benefit the valued customers as they can pay their premiums from anywhere anytime. The customers do not have to visit JBC office anymore to deposit the premium, rather they can use an app to pay with just a few clicks. We thank JBC for making Brac Bank, and its subsidiary bKash Limited a partner of the digital initiative that is aligned with the government's vision of Digital Bangladesh. As a customer-centric bank, Brac Bank always explores new ways to provide a delightful customer experience."

Sheikh Mohammad Salim Ullah, secretary, Financial Institutions Division, Ministry of Finance, said, "In the insurance sector, the most important thing is to establish trust among the customers. Through this initiative of Brac Bank, Jiban Bima Corporation and bKash, the customers will be benefited as there will be opportunity to pay premium anytime from anywhere. This is a boon of digitalisation. I hope this joint initiative will facilitate people to enjoy insurance service more safely and conveniently."

Major General Sheikh Md Monirul Islam (Retd), chief external & corporate affairs officer of bKash, said, "We are glad to partner with the government owned largest insurance service provider Jiban Bima Corporation, in collaboration with Brac Bank. The opportunity for policy-holders to deposit their premiums through bKash from anywhere during any time of the day or night will increase convenience and bring more dynamism in the insurance industry. bKash, as a compliant organisation, will extend all its support to make insurance more popular among its 62 million customers."