Soneri Bank’s management has decided to phase out the bancassurance business by the end of this month (February).
According to official sources, beginning March 1, 2023, the bank will no longer sell new insurance policies from its partner companies to customers. Existing customers will be served in order to ensure smooth renewals and the achievement of the persistency benchmark.
Soneri Bank has formed alliances with Jubilee Life Insurance and EFU Life Insurance to provide its customers with a variety of insurance products and investment plans.
The bank has also directed its employees to stop marketing and advertising bancassurance products as of the deadline.
Bancassurance is a profitable bank business that allows banks to earn additional margins on the sale of insurance products and services from partner insurance companies.
Customers, on the other hand, frequently file complaints against bank officials for deceptive marketing practices used to entice them to buy this product.