Towards a future of high-quality insurance solutions

Ahsan Zaman Chowdhury 
Managing Director & CEO, Trust Bank

The Daily Star (TDS): What is the rationale behind your bank's interest in entering the bancassurance sector alongside its existing financial services?

Ahsan Zaman Chowdhury (AZC): As a leading and trusted private commercial bank in Bangladesh, Trust Bank PLC is dedicated to improving the financial well-being of our customers through innovative and accessible solutions. In line with our commitment to being a comprehensive financial partner, we are preparing to launch bancassurance services. While operations are yet to begin, we are diligently laying the groundwork for a seamless, compliant, and customer-focused rollout.

Our decision to enter the bancassurance sector is driven by a deep understanding of our customers' changing financial needs. With life's uncertainties on the rise, insurance has become a vital part of securing financial stability for families. However, access to insurance remains limited, particularly in semi-urban and rural areas. The growing convenience of banking channels presents an opportunity to bridge this gap.

By leveraging our widespread branch network and strong customer trust, Trust Bank aims to make insurance accessible and convenient. Bancassurance aligns with our mission to deliver trusted services, foster financial inclusion, and provide a complete financial planning solution for individuals and businesses.

TDS: What types of insurance products do you plan to offer through bancassurance partnerships? Will there be a dedicated team to manage these offerings, and how will you ensure that customers fully understand the product terms, conditions, and exclusions?

AZC: Initially, Trust Bank will offer life insurance, health insurance, and personal accident coverage through partnerships with reputable insurance providers. In the future, we plan to expand our portfolio to include non-life products such as motor, travel, and agriculture insurance tailored to customer needs.

To deliver these products effectively, we are establishing a dedicated Bancassurance Unit, staffed with professionals trained in product knowledge, compliance, and customer service. Our branch officers will also receive training and tools to clearly explain the benefits and limitations of each product.

Transparency is central to our approach. We will provide clear, easy-to-understand brochures, FAQs, and digital resources detailing product features, terms, conditions, and exclusions—empowering customers to make informed choices.

TDS: What systems or processes will be implemented to handle insurance-related complaints? How will you ensure compliance with the regulatory frameworks of both Bangladesh Bank and the Insurance Development and Regulatory Authority (IDRA)?

AZC: Trust Bank prioritises customer satisfaction and regulatory compliance. To address insurance-related concerns, we are setting up a centralised Bancassurance Complaint Management Cell within our existing Customer Experience and Service Quality framework. This unit will work closely with our insurance partners to resolve issues promptly and fairly, supported by a structured escalation process for transparency and accountability.

We are fully committed to complying with the guidelines of Bangladesh Bank and IDRA. Our internal policies and standard operating procedures, developed with legal and compliance experts, will ensure all bancassurance activities meet the highest regulatory standards. Regular audits will further uphold operational integrity.

TDS: How do you view the future of bancassurance in Bangladesh, and what role do you foresee your bank playing in its development?

AZC: Bancassurance holds immense potential to transform Bangladesh's financial services landscape. With increasing awareness of insurance and the convenience of banking channels, the sector is set for significant growth. For Trust Bank, this is an opportunity to diversify services while deepening customer loyalty through value-added offerings.

We aim to lead this transformation by delivering high-quality insurance solutions underpinned by strong governance, ethical practices, and exceptional customer experiences. Our goal is not just to offer insurance but to promote financial resilience and risk awareness. In the long term, we plan to integrate bancassurance into our digital platforms, such as the Trust Money app and internet banking, enabling customers to explore, apply, and manage policies with ease.

We also believe bancassurance can contribute to national priorities like poverty alleviation, social security, and improved healthcare access. Through effective regulation, technology, and collaboration, bancassurance can become a cornerstone of Bangladesh's financial ecosystem.

Trust Bank's entry into bancassurance reflects our unwavering commitment to supporting and protecting our customers' financial well-being. As we move forward, we pledge to deliver reliable, transparent, and meaningful insurance solutions that bring real value to the lives of those we serve.