Sandhani Life Insurance Company Limited and Midland Bank PLC have formally launched a bancassurance collaboration aimed at offering customers an integrated platform for both banking and life insurance services.
The initiative was inaugurated on Tuesday (7 April) at a simple ceremony held at Midland Bank’s head office. Through this partnership, Midland Bank customers will be able to purchase selected life insurance policies provided by Sandhani Life Insurance directly from bank branches. In addition, they will have the convenience of paying insurance premiums through the same banking channels, streamlining the entire process within a single service environment.
The introduction of this bancassurance model is expected to significantly enhance customer accessibility to insurance products, reduce procedural complexity, and contribute to wider financial inclusion. By embedding insurance services within established banking networks, the two institutions aim to make long-term financial protection more approachable for retail and corporate clients alike.
Executives from both organisations emphasised that the collaboration represents a forward-looking step in expanding diversified financial services in Bangladesh’s banking and insurance sector. They noted that such integrated service models are increasingly being adopted globally as a means of improving efficiency and customer experience.
Officials present at the launch
| Institution | Name | Position |
|---|---|---|
| Sandhani Life Insurance Company Ltd | Nimai Kumar Saha | Chief Executive Officer |
| Sandhani Life Insurance Company Ltd | Md Mahbubur Rahman | Chief Financial Officer (Acting) |
| Sandhani Life Insurance Company Ltd | Abdullah Al Mamun | Head of Bancassurance Division |
| Midland Bank PLC | Imtiaz Uddin Ahmed | Managing Director & Chief Executive Officer |
| Midland Bank PLC | Mohammad Zahid Hossain | Deputy Managing Director & Chief Risk Officer |
| Midland Bank PLC | Nazmul Huda Sarkar | Deputy Managing Director & Chief Technology Officer |
| Midland Bank PLC | Mohammad Rashed Akhter | Chief Bancassurance Officer |
Industry participants highlighted that bancassurance partnerships are becoming an increasingly important channel for insurance distribution, particularly in markets where insurance penetration remains relatively low. By leveraging the extensive branch networks and customer bases of commercial banks, insurers can reach a wider segment of the population more efficiently.
For Midland Bank, the arrangement strengthens its portfolio of value-added services, allowing it to provide customers with financial planning tools beyond traditional deposit and lending products. For Sandhani Life Insurance, the partnership opens up a scalable distribution channel that is expected to improve policy sales and premium collection efficiency.
The collaboration is also anticipated to enhance operational coordination between the two institutions, particularly in areas such as policy issuance, customer onboarding, and digital payment integration. Over time, both organisations are expected to explore additional product offerings under the same framework, further deepening the scope of their strategic partnership.
With this launch, Sandhani Life Insurance and Midland Bank have positioned themselves to capitalise on the growing demand for bundled financial services, signalling a broader shift towards integrated banking and insurance solutions in the country’s financial sector.