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Bancassurance: the one stop financial solution

As compared to Europe, Pakistan is a market with low insurance penetration and a limited variety of distribution channels. Bancassurance is on the rise, particularly in emerging markets as its outlook remains positive worldwide. In many markets, bancassurance is the primary mode of distribution of insurance products. It is also fast catching up in markets in the far-east, India and the Middle East. While insurers have been successfully leveraging bancassurance to gain a foothold in emerging markets, there is potential for banks to leverage customer base to generate risk free income from non-interest sources.

Standard Chartered Bank

Standard Chartered Bank (Pakistan) Ltd is the oldest and largest international bank in Pakistan. It is also the first international bank to be awarded Islamic banking license and the first to open an Islamic banking branch. Since 2003, SCB is providing customized life insurance and saving solutions for the customers of SCB.

Name of product:

Secure Life Plan

Habib Bank Limited

Habib Bank Limited is the largest bank in Pakistan and a thoroughly established banking chain throughout the world. Its extensive network of 1,425+ branches in Pakistan and 55 branches around the world give it unparalleled reach among local banks. HBL brings following exclusively designed products that cater to the protection, savings and investment needs of HBL’s customers.

Name of product:

  • Hifazat Plan.
  • Amaan Plan.
  • Tabeer Plan.
  • Hawwa Plan.
  • Shandur Plan.
  • Afiyah
  • Istehkam
  • Vaqar
  • Samar
  • Bancatakaful – Sahara Plans
Soneri Bank

With 237+ branches across the country Soneri Bank brings following exclusively designed life insurance products that cater to the protection, saving and investment needs of Soneri Bank customers.

Name of product:

  • Pearl Plan
  • Sunehra Savera
  • Karobar Muhafiz
  • Roshan Takmeel
  • Roshan Aghaz
Mcb Bank Limited

MCB Bank Ltd is one of the leading banks of Pakistan with a customer base of over 4 million and a nationwide distribution network of 1,026+ branches. With its extensive network and an emerging suite of bancassurance products, MCB Bancassurance provides following investment and life insurance solutions to MCB customers, making their ‘Har Pal Mehfooz’.

Name of product:

  • Prime Life Plan
  • Life Partner
  • FlexiLife
Faysal Bank Ltd

Faysal Bank Limited (FBL) is one of Pakistan’s largest private sector bank with over 220 branches and combined business assets of over PKR 250 billion. Faysal Bank aims to provide par excellence service and product range to its customers. FBL brings exclusively designed products that cater to the protection, savings and investment needs of Faysal Bank customers.

Name of product:

Savings and Saving Plus Plan

United Bank Limited

United Bank Limited is one of Pakistan’s largest private banks with a thoroughly established banking chain with over 1,300 branches and assets of over PKR 1 trillion.

Name of product:

  • BetterLife Parbat Plan
  • BetterLife Marriage Plan
  • BetterLife Retirement Plan
  • BetterLife Child Education Plan
  • BetterLife Savings Plan

 

Bank Alfalah

Bank Alfalah Limited stands among the prime banks operating in Pakistan having a widely spread network of 406 branches. Strengthened with the banking of the Abu Dhabi Group and driven by the strategic goals set out by its board of management, the Bank has invested in revolutionary technology to have following extensive range of products and services.

Name of product:

  • Kafeel
  • Kohsar
  • Rahat
  • Rehnuma
  • Sahara
  • Rida
  • Roshni
  • Nigehban
  • Kamil Takaful
Summit Bank

Summit Bank Ltd is one of the fastest growing commercial banks of Pakistan, which, in a very short span of time, has expanded its network to over 194 branches across the country. Following are its bancassurance products:

Name of product:

  • SunehraAghaz
  • SuhanaKal
Habib Metropolitan Bank

Habib Metropolitan Bank ranks within top 10 banks in Pakistan with a strong vision to be the most respected Financial Institution. The bank commenced commercial banking operations in October 1992 and has its primary focus on retail banking and trade finance and also offers highly innovative e-banking solutions and consumer banking to its customers. The bank currently operates through a growing nationwide network of 240 branches in over 60 cities.

Name of product:

Assured Savings/Education/Marriage/Retirement Plan.

Askari Bank

Since inception, the bank has concentrated on growth through improving service quality, investment in technology and people, utilizing its extensive branch network which includes Islamic and agricultural banking. Its bancassurance product is titled “Smart Savings/Education/Marriage/Retirement Plan.”

Allied Bank Limited

The Bank has a large network of over 1100 online branches in Pakistan and offers various technology-based products and services to its diverse clientele. Allied Bank brings following exclusively designed insurance products for its customers in order to fulfil their saving and protection needs.

Name of product:

  • AsaanZindagi
  • Virasat Plan
  • Alsurance
  • Ilm & Anmol Rishtey
National Bank Of Pakistan

Being one of the largest commercial banks in Pakistan, National Bank of Pakistan (NBP) has a network of over 1450+ domestic branches across Pakistan, including areas where no other bank operates, and major business operations spanning over 19 countries. NBP brings exclusively designed products that cater to the protection, savings and investment needs of NBP customers.

Name of product:

  • Mayanaz
  • Bharosa
  • Bachat Plan
  • Endowment Plan
  • Sadabahar Plan
  • 3 Payment Plan
The writer is a Karachi based freelance columnist and is a banker by profession. He could be reached on Twitter @ReluctantAhsan

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