Soneri Bank to stop
Bancassurance
The management of Soneri Bank has decided to stop the business
of bancassurance by the end of February, 2023.
The bank will cease the selling of new insurance policies of the
partner companies to customers effective March 1, 2023. However, the existing
customers will continue to be served for the smooth renewals and achievement of
the persistency benchmark.
Bancassurance is one of the profitable businesses of the banks which provided an opportunity for banks to make extra margins on the sale of insurance products and services of its partners.