In a significant move that promises to reshape the financial services landscape in Bangladesh, BRAC Bank and Green Delta Insurance Company have signed a historic Bancassurance agreement. This partnership, sealed on 27 December 2023 at Green Delta’s head office, marks a significant milestone in providing integrated financial services in the country.

The agreement will enable BRAC Bank customers to purchase a range of non-life insurance products of Green Delta Insurance directly through the bank. These products include health insurance, motor insurance, crop insurance, and travel insurance etc., reflecting a broad spectrum of everyday needs and contingencies.

Customers can access these services across BRAC Bank’s extensive network, including its branches, SME Units, and Agent Banking outlets. A prerequisite for these selling points is the presence of Bancassurance Officers or Managers within BRAC Bank, certified by the Insurance Development and Regulatory Authority (IDRA).

The initial contract spanned three years and was officially signed by Selim R.F. Hussain, MD and CEO of BRAC Bank, and Farzanah Chowdhury, MD and CEO of Green Delta Insurance Company. The signing ceremony was graced by distinguished guests, including Nasir Ahmed Choudhury, Advisor & Founding Managing Director of Green Delta Insurance Company; Syed Abdul Momen, Deputy Managing Director and Head of SME Banking at BRAC Bank; Mahiul Islam, Deputy Managing Director and Head of Retail Banking at BRAC Bank; Syed Moinuddin Ahmed, Additional Managing Director of Green Delta Insurance; Wafi Shafique Menhaz Khan, Managing Director & CEO of Green Delta Securities Limited, and other senior officials from both organisations.

Expressing gratitude to Bangladesh Bank and IDRA for materialising Bancassurance in Bangladesh, Selim R. F. Hussain emphasised this partnership’s transformative nature: “As we partner with Green Delta Insurance Company, BRAC Bank reiterates its dedication to sustainable, inclusive banking. This Bancassurance collaboration is not just a business venture; it is a commitment to the economic empowerment of our people. By integrating banking with insurance, we are revolutionising Bangladesh’s financial landscape and fortifying our nation’s journey towards a Smart Bangladesh. Our partnership transcends traditional banking boundaries, aiming to make comprehensive financial solutions accessible to all while fostering awareness and resilience in the face of future uncertainties. We are proud to be at the vanguard of this initiative, reflecting our enduring promise to be pro-people, pro-planet, and pro-society. Together with Green Delta, we are set to build a more financially inclusive and resilient economy for Bangladesh. ”

Farzanah Chowdhury also shared her optimism about the venture and said, “This partnership between Green Delta Insurance Company and BRAC Bank PLC is undoubtedly a landmark step towards exploring the vast, untapped potential in the Bancassurance sector. This partnership would not only help us to cater to the needs of Bangladeshi people in a more inclusive manner by bundling insurance with banking products, but also will assist in making insurance more available to people through the vast distribution network of banking sector. We are excited about the prospects this collaboration holds for the insurance industry as well as for the future of integrated financial services in Bangladesh.”

Both organisations express their hopes and commitment to unlocking the enormous opportunities in the Bancassurance arena, ushering in a new era of financial inclusivity and resilience in Bangladesh.