United Bank Limited became the first bank in Pakistan to be signed up by State Life Insurance Corporation to sell their insurance products under Bancassurance. SLIC is the leading State Owned Insurance Corporation of Pakistan with the highest market share at 70 percent in its industry, as well as the largest network of outlets. UBL has been selected by SLIC due to the bank's recent success in the selling of various Bancassurance products, enjoying a high persistency ratio and a low cancellation ratio.
UBL's large branch network of over 1200 branches as well as its technological infrastructure also factored in as the basis for its final selection. GBA Services, SLIC's exclusive Third Party Administrators (TPA) for Bancassurance originated this tie up and will provide technical, marketing/advertising support including state of the art online POS System for instant coverage to UBL customers, new product development, and staff training.
The signing ceremony for the agreement took place recently at SLIC's principal office in State Life Building No 9, Karachi. President UBL, Atif R. Bokhari and a team of senior executives attended on behalf of UBL, while SLIC was represented by the company's Chairman, Shahid Aziz Siddiqui and other high ranking officials. GBA Services was represented by CEO, Aamer Anwer Saeed and other senior officials.-PR