Pragati Life Insurance signs MoU with Instasure to develop new insurance products
Corporates
Pragati Life Insurance Limited has signed the first agreement under the Insurance Regulatory Sandbox in the country's life insurance industry.
A memorandum of understanding (MoU) was officially signed with Instasure Limited, a leading insurance company, on 26 October 2023, reads a press release.
Managing Director and CEO of Pragati Life Insurance Limited Md Jalalul Azim and Managing Director of Instasure Limited Engr Rafel Kabir, signed the MoU on behalf of their respective organisations.
Additional Managing Director Chandra Shekhar Das, FCA and Head of ADC Sajadul Haque of Pragati Life Insurance, and senior officials of both organisations were also present at the ceremony.
Under this MoU, Pragati Life Insurance and Instasure Limited will work together to develop and market new insurance products using innovative approaches through technologies. This will help to make insurance more accessible and affordable for everyone.
Managing Director and CEO of Pragati Life Insurance Md Jalalul Azim said, "We are excited to be the first life insurance company in Bangladesh to partner with an insurtech company under the InsurTech Regulatory Sandbox.
"This partnership will allow us to leverage Instasure's expertise in technology to develop new and innovative insurance products for customers. We believe that this will help us to achieve our mission of making insurance more accessible and affordable for everyone in Bangladesh," he added.
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