BRAC Bank to collect premiums of Prime Islami Life Insurance

BRAC Bank has signed an agreement with Prime Islami Life Insurance Limited to collect insurance premiums through its various digital and alternate banking channels.

Prime Islami Life Insurance is A+ rated life insurance company with 400+ branch offices and more than 6 lakh policyholders. With the agreement, the valued policyholders of Prime Islami Life Insurance will now be able to pay insurance premiums at BRAC Bank’s various digital channels and Agent Banking outlets across the country, the bank said in a statement.

BRAC Bank Deputy Managing Director and Head of Corporate Banking Tareq Refat Ullah Khan and Prime Islami Life Insurance Managing Director & CEO Md Apel Mahmud signed the agreement on behalf of respective companies at the bank’s head office in Dhaka recently.

Over the last couple of years, BRAC Bank has enhanced its Transaction Banking capability by providing various collection and payment solutions for the insurance industry. Direct Debit Pull, the bank’s one of the digital collection solution, has played a pivotal role in starting this new partnership.

The bank’s capacity for API integration for collection reconciliation has facilitated the bank to start this new relationship, the statement added.