UCB Launches Bancassurance Services for Customers Nationwide

United Commercial Bank PLC (UCB) has officially launched its bancassurance services, allowing customers across the country to access life and general insurance products directly through any UCB branch. This marks a significant step for the bank in expanding its service offerings to include comprehensive financial protection solutions.

The launch event, held on the evening of November 20 at the Padma Hall of the Pan Pacific Sonargaon Hotel in Dhaka, was attended by notable figures from both the banking and insurance sectors. Among the distinguished guests were Mahbubur Rahman, Chairman of Eastland Insurance PLC; Md. Muhibuzzaman, Managing Director of Jiban Bima Corporation; UCB Managing Director & CEO Mohammad Mamdudur Rashid; and senior officials from Eastland Insurance and UCB.

A New Milestone for Insurance Services in Bangladesh

The collaboration between UCB, Jiban Bima Corporation, and Eastland Insurance is seen as a milestone for the country's insurance sector. Mahbubur Rahman, Chairman of Eastland Insurance, emphasized the importance of this partnership in making insurance services more accessible to the public. He noted that the combination of banking and insurance services would create greater convenience for customers looking to secure their financial future.

Md. Muhibuzzaman, Managing Director of Jiban Bima Corporation, also highlighted the increasing demand for insurance as people’s income levels rise, making this bancassurance initiative a timely response to the growing need for accessible financial protection. He expressed confidence that this collaboration would enhance public trust in the financial system and provide crucial protection for families across the country.

Benefits of the New Service

UCB Managing Director & CEO Mohammad Mamdudur Rashid discussed the benefits of the new bancassurance offerings, noting that the services would help individuals save for their future, provide financial security for their families, and assist with essential expenses like children’s education and travel. Customers can now conveniently obtain both life and general insurance from any UCB branch, under a unified platform, making insurance more integrated into their everyday banking experience.

The event also saw the symbolic handover of the First Premium Receipt (FPR) to two selected customers, marking the official start of insurance services at UCB. This symbolic gesture underscores UCB’s commitment to enhancing customer satisfaction by offering holistic financial solutions in one place.

Conclusion

This move by UCB is set to make a significant impact on the financial landscape of Bangladesh by increasing the accessibility and convenience of insurance services. As more individuals seek ways to safeguard their financial future, the ability to access both banking and insurance services under one roof will likely prove to be a game-changer for customers looking for comprehensive financial solutions.