A new bancassurance partnership between Sandhani Life Insurance Company Limited and Midland Bank PLC has officially been inaugurated, marking a significant step towards integrating banking and insurance services under a single customer experience framework.
The agreement, designed to enhance customer convenience and expand access to financial protection products, was formally launched on Tuesday (7 April) during a modest ceremony held at Midland Bank’s head office. Under this arrangement, customers of Midland Bank will now be able to access a range of life insurance policies offered by Sandhani Life Insurance directly through the bank’s branch network. In addition, policyholders will be able to pay premiums seamlessly through the same banking channels, eliminating the need for separate service points.
This integrated model is expected to improve efficiency in service delivery, broaden insurance penetration, and encourage greater financial inclusion by making life insurance more accessible to retail banking customers.
Senior officials from both organisations attended the inauguration ceremony, highlighting the collaborative nature of the initiative and its strategic importance for the financial services sector.
Key participants at the inauguration
| Institution | Name | Designation |
|---|---|---|
| Sandhani Life Insurance Company Ltd | Mr Nimai Kumar Saha | Chief Executive Officer |
| Sandhani Life Insurance Company Ltd | Mr Md Mahbubur Rahman | Chief Financial Officer (Current Charge) |
| Sandhani Life Insurance Company Ltd | Mr Abdullah Al Mamun | Head of Bancassurance Division |
| Midland Bank PLC | Mr Imtiaz Uddin Ahmed | Managing Director & CEO |
| Midland Bank PLC | Mr Mohammad Zahid Hossain | Deputy Managing Director & Chief Risk Officer |
| Midland Bank PLC | Mr Nazmul Huda Sarkar | Deputy Managing Director & Chief Technology Officer |
| Midland Bank PLC | Mr Mohammad Rashed Akhter | Chief Bancassurance Officer |
Speaking at the event, representatives from both institutions underscored the importance of bancassurance as a growing distribution channel in modern financial ecosystems. By combining the trust and reach of traditional banking with the specialised offerings of insurance providers, such partnerships are increasingly seen as a practical solution for improving customer access to financial protection products.
The initiative is also expected to strengthen operational synergies between the two organisations, enabling more streamlined processes for policy issuance, premium collection, and customer service. Industry observers note that bancassurance models have become an important driver of growth in many emerging markets, particularly in enhancing insurance awareness and uptake among banking customers.
With this launch, both Sandhani Life Insurance and Midland Bank aim to position themselves at the forefront of integrated financial service delivery, offering customers a more convenient and comprehensive approach to managing their financial security needs.