Eastern Bank launches both life, non-life insurance products

Eastern Bank has launched both life and non-life insurance products in the banking sector under its bancassurance services.

Mohammad Jainul Bari, chairman of the Insurance Development and Regulatory Authority (IDRA), attended the launching ceremony as chief guest.

Nurun Nahar, deputy governor of the Bangladesh Bank (BB), Nahid Hossain, joint secretary of the ministry of finance, and Mohammad Shahriar Siddiqui, director of the banking policy and regulation department of the BB, attended the event at Eastern Bank's head office in Dhaka on Monday as special guests.

Ala Uddin Ahmad, chief executive officer of MetLife Bangladesh, Farzanah Chowdhury, managing director of Green Delta Insurance Company, and Ali Reza Iftekhar, managing director and CEO of Eastern Bank, were also present.

"The launch of bancassurance products underscores our unwavering commitment to our customers, aiming to redefine their banking experience. Both banks and insurers should undertake marketing and educational initiatives to raise awareness about this new product," said Iftekhar.

Bancassurance is a partnership between a bank and an insurance company where a bank sells insurance products through its distribution channels.

Among others, Ahmed Shaheen, additional managing director of the bank, M Khorshed Anowar, deputy managing director and head of retail and SME banking, Ziaul Karim, head of communications and external affairs, Riad Mahmud Chowdhury, deputy managing director and head of corporate banking, Mahiuddin Ahmed, deputy managing director and head of operations, along with senior officials from the central bank, IDRA and insurers were also present.