Sonali Life's Two Insurance Products to Be Offered on Nagad's Platform Under a Digital Expansion Deal
Sonali Life Insurance PLC and Nagad have signed a strategic partnership agreement to expand digital insurance services in Bangladesh and make life insurance more accessible to ordinary people, Nagad said in a recent press release.
Under the agreement, two of Sonali Life's digital insurance products — the Quick Savings Insurance Plan and the Monthly Savings Plan — will be made available to customers through Nagad's digital platform, giving customers an easy and convenient technology-based channel for life insurance services.
Both sides say the main goals of the initiative are to expand insurance coverage by increasing cashless transactions, ensure customer convenience and provide financial protection to a larger number of people. The move is being seen as an important step for technology-driven services in the country's insurance sector.
The agreement was signed on October 14 at Sonali Life's head office in Dhaka by Md Rafiqul Islam, additional managing director and acting chief executive officer of Sonali Life, and Mohammad Shahin Sarwar Bhuiyan, chief commercial officer of Nagad.
Speaking at the event, Nagad's Mohammad Shahin Sarwar Bhuiyan said the partnership would increase customers' opportunities to receive life insurance services on a digital platform. He said Nagad has focused on simplifying daily financial transactions while adding new digital services, and expressed hope that customers would be able to buy insurance products easily through the initiative, while the scope of digital financial services in the country would also grow.
Sonali Life director Sheikh Mohammad Daniel said the strategic partnership is an important step in expanding life insurance services digitally. By adding the two insurance products to Nagad's platform, he said, the company wants to reach more customers, raise awareness about insurance and ensure financial protection for a wider section of society.
Director Fouzia Kamrun Tania said the partnership is not merely a digital collaboration, but an initiative to make the process of delivering financial protection to the people of Bangladesh simpler and more modern, combining Sonali Life's insurance experience with Nagad's extensive digital network.
Acting chief executive Md Rafiqul Islam said digital transformation is one of the company's strategic priorities for improving customer service and expanding coverage, and that the partnership gives customers a convenient digital channel to take and purchase the two life insurance products.
The event was also attended by Sonali Life's chief operating officer Mohammad Manzur Morshed, chief financial officer Mohammad Abdul Hannan and chief information officer Hasib Reza, and by Nagad's head of business sales Md Saidur Rahman Dipu, head of bank, FI, insurance and MFI Istiaque Ahmed Shawon, lead for insurance and NBFI Tapas Ahmed, and key account manager Al Timayat, among others.
Through the partnership, the two institutions expect to build a more inclusive, accessible and technology-driven insurance system in Bangladesh, with goals of raising public awareness of life insurance, expanding the coverage of financial protection and contributing positively to the development of digital insurance services.
How customers respond once the two products open on Nagad's platform, and how popular this new digital route to buying insurance becomes, remains to be seen.
