Midland Bank signs insurance deal with MetLife
Business Desk :
Midland Bank PLC has signed an agreement with MetLife Bangladesh to provide insurance coverage for its employees and their dependents.
Under the partnership, nearly 600 permanent employees of Midland Bank will be covered against accidents, disabilities and loss of life. In addition, their dependents will receive in-patient, out-patient and maternity insurance coverage.
The agreement was signed by Md Ahsan-uz Zaman, managing director and chief executive officer of Midland Bank, and Ala Ahmad, chief executive officer of MetLife Bangladesh, on behalf of their respective organizations.
MetLife Bangladesh recently conducted a survey titled “Employee Benefit Trends Study (EBTS)” among private-sector employees in Bangladesh.
According to the survey, more than 56 percent of employees said financial worries reduce their productivity, while 41 percent linked financial stress to mental health challenges. The study also found that 78 percent of employees believe insurance and wellness benefits, including mental health support, increase employee loyalty.
Midland Bank selected MetLife as its insurance provider citing the insurer’s track record in claims settlement, customized solutions, advanced digital dashboard, cashless hospitalization and ambulance services, and strong financial capacity.
Speaking on the occasion, Md Ahsan-uz Zaman said, “We strongly believe that insurance benefits for employees will enhance their sense of belonging and loyalty. The long-anticipated group insurance facility will ensure affordable and quality treatment for our employees and their dependents, providing protection against unexpected medical expenses and financial security.”
Ala Ahmad said, “At MetLife, we are committed to helping organizations create a secure and supportive environment for their employees. This partnership with Midland Bank reflects our shared vision of prioritizing employee wellbeing through comprehensive insurance solutions.”
Midland Bank has been operating in Bangladesh since 2013, offering a wide range of banking services and investment opportunities. MetLife Bangladesh currently provides insurance protection to around one million individual customers and more than 900 organizations, and holds the record for settling the highest amount of insurance claims in the country.
From Midland Bank, Md Zahid Hossain, deputy managing director; Nazmul Huda Sarkar, deputy managing director and chief technology officer; Javed Tarek Khan, head of institutional banking division; Khondkar Towfique Hossain, head of international division; Md Rashadul Anwar, head of PRD; and Md Zubayed Ur Rahman, head of human resources division, were present.
From MetLife Bangladesh, Ala Uddin, chief financial officer; Mohammad Kamruzzaman, chief corporate business officer; Tauhidul Alam, chief human resource officer; Monirul Islam, vice-president, corporate business; Shehenaz Akter, deputy manager, corporate business; and Mohammad Tipu Sultan, manager, corporate business, also attended the signing ceremony.