MMBL signs MoU on Term Life Insurance with Adamjee Life

ISLAMABAD: Mobilink Microfinance Bank (MMBL), Pakistan’s Largest Digital Bank has signed a Term Life Insurance Memorandum of Understanding (MoU) with the country’s leading insurance service provider, Adamjee Life Assurance.

This strategic partnership is designed to promote enhanced access to premium insurance products from Adamjee’s portfolio for customers in unserved and underserved regions through MMBL’s vast nationwide branch network.

The arrangement is well-positioned to positively impact the financial inclusion landscape of the country. Senior members from both organizations gathered earlier this week for the signing of the agreement at the MMBL Head Office in Islamabad.

Speaking at the occasion, President and CEO, MMBL, Ghazanfar Azzam, opined, “We are excited to collaborate with Adamjee Life Assurance, to collectively drive our vision of providing quality services to our customers and promote financial inclusion. MMBL’s widespread branch network, amassing upwards of 100 branches, will greatly aid in realizing our shared agenda and consequently accelerate economic growth.”

These insurance products and services will be notable additions to the ones already an active part of MMBL’s portfolio, which includes life and health insurance for customers, and animal insurance for livestock loans. Adamjee Life Assurance will primarily offer three key products under this partnership, including Adamjee Life “Sehat Kafalat”, Adamjee Life “Nigraan”, and Adamjee Life “Mustaqbil Ki Zamanat”. Initially, these offerings will be made available through Adamjee Life Assurance desks at designated MMBL branches nationwide.

Existing and walk-in MMBL customers can explore and subscribe to the product solutions as per their requirements. For added convenience, MMBL will facilitate seamless payments directly to Adamjee Life through existing payment channels as well as its one-stop digital financial platform – DOST.

President and CEO of Adamjee Life Assurance, Manzar Mushtaq, while stressing the importance of the subject collaboration, stated, “We are excited to partner with MMBL, the country’s largest digital bank, to promote our flagship insurance products across the country. Our Life, Health, and Pay continuation products are exclusively tailored to fulfill the needs of the masses. We hope that we will be able to make them more accessible to prospective customers through our alliance with MMBL”.

As Pakistan’s leading digital financial institution, MMBL is currently serving over 40 million registered users, including 15 million monthly active mobile wallets and has over 100 branches across Pakistan. The Bank strives to facilitate customers by streamlining nationwide access to simplified and convenient financial solutions.

MMBL, over the past decade, has introduced multiple innovative and customized digital and financial initiatives, such as digital on-boarding of customers, self-service banking through the DOST App (available on both iOs and Android), Internet Banking, the Women Inspirational Network (WIN) programme, and the Humqadam programme to provide employment opportunities to the differently-abled and much more.

Copyright Business Recorder, 2022