Pragati Insurance and Midland Bank Settle First Motor Insurance Claim under Bancassurance Partnership. Dhaka, Bangladesh – 2025: Pragati Insurance Limited, in collaboration with Midland Bank PLC, has successfully processed its first non-life motor car insurance claim under their ongoing bancassurance partnership, marking a significant milestone in the integration of banking and insurance services in Bangladesh.
Ceremony Celebrates First Claim Settlement
A formal ceremony was held at Midland Bank’s Gulshan branch to commemorate the settlement. Mohammad Kutubuddin, the policyholder, was presented with a cheque as part of the claim settlement, symbolising the efficiency and reliability of the newly established bancassurance framework.
Key Attendees
The event was attended by senior officials from both organisations, reflecting the strategic importance of the partnership:
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Md Rashed Akter, Head of Retail Distribution Division & Chief Bancassurance Officer, Midland Bank PLC
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Md Manjur Hussain, Head of Bancassurance & Branch Control Department, Pragati Insurance Limited
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Khondoker Imran Hossain, Bancassurance Manager, Midland Bank PLC
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Rajib Dev, Customer Service Manager, Gulshan Branch, along with other team members from Midland Bank
Strengthening Bancassurance Collaboration
The successful settlement underscores the shared commitment of Midland Bank and Pragati Insurance to enhancing customer trust and accessibility in Bangladesh’s insurance sector. By leveraging the bancassurance model, both institutions aim to offer transparent, customer-focused services, making insurance solutions more readily available to bank clients nationwide.
The collaboration also reflects a broader trend towards digitally enabled, integrated financial services, where banks and insurers work together to simplify processes, speed up claim settlements, and improve customer experience. This milestone not only demonstrates the operational effectiveness of the partnership but also serves as a blueprint for future expansions in non-life insurance services, including motor, property, and health insurance products.
Looking Ahead
With this first successful claim settlement, Midland Bank PLC and Pragati Insurance Limited are poised to broaden their bancassurance offerings, ensuring that customers across Bangladesh can access reliable and comprehensive insurance solutions directly through their banking network. The initiative is expected to strengthen confidence in the sector while promoting a more secure, efficient, and customer-centric financial ecosystem.