KARACHI: State Life Insurance Corporation of Pakistan (SLIC) and National Bank of Pakistan (NBP) signed a Memorandum of Understanding (MoU) for offering bilateral financial and insurance solutions at a ceremony held at State Life Head office.
Both the national institutions vide this MoU agreed to enter into business arrangements that includes “Employee Banking”, “Cash Management Services”, “Renaissance of Bancassurance Business” and “Individual and Group Life, Health and Savings products, etc.”
The MoU was signed by Rehmat Ali Hasnie, President & CEO, NBP and Shoaib Javed Hussain, Chairman SLIC. Other senior executives of NBP and SLIC were also present.
Under cash management, NBP through its wide range of product and services will provide SLIC the comfort to manage its liquidity effectively and efficiently. These services, will facilitate SLIC in streamlining and digitalizing processes, optimize monitoring of funds, automate everyday task and explore opportunity for value added digital products.
Further, NBP under the Employee Banking arrangement will facilitate SLIC employees to meet their financial needs through provision of its wide range of assets and liabilities products under the preferred service mode. The arrangement will offer concessional rates as agreed bilaterally and dedicated services designed to address the financial needs of SLIC employees.
For the first time, SLIC’s rejuvenated protection plans, and innovative health coverage solutions will be available for customers in over 200 NBP branches across Pakistan through Bancassurance solutions. Premium collection will also be available at all NBP branches to create financial inclusion and social security, as well as, to ensure convenient and efficient policyholder services for people across the country.
Additionally, SLIC offers to facilitate its wide array of Individual and Group Life & Health and Saving products at preferential rates for NBP employees. NBP employees will have the opportunity to take advantage of the only corporation that has the best-in-class products that allocate 97.5% of bonus to policyholders.
Speaking on the occasion, Hasnie termed these arrangements as mutually beneficial for both the organizations as it will further strengthen NBP’s partnership with SLIC. He said that NBP is capitalizing on its large corporate relationships by providing specialized priority services to the entities and its employees.
“We are bringing banking to employees’ workplace for facilitation and better customer service. NBP is presently offering a wide range of consumer financing products that inter alia include “Personal Loans”, “Financing against Gold”, “House Loans” and “Auto Loans”, he added.
President NBP said that NBP through its state of the art cash management system will provide solutions, to the largest insurance company of Pakistan, to capitalize on its resources in a cost effective manner and to open new channels for the customers.
Hussain said SLIC has always been at the forefront in transforming the insurance sector. It is a pleasure to announce the strategic partnership between State Life and NBP, as this partnership brings together two leading organizations of Pakistan with the shared vision of enduring inclusion and protection of people of Pakistan across all strata of society with the goal of increasing economic activities in the country.
Copyright Business Recorder, 2023
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