KARACHI: United Bank Limited (UBL) became the first bank in Pakistan to be selected by State Life Insurance Corporation (SLIC) to sell its insurance products under Bancassurance. In this regard, an agreement was signed at SLIC’s principal office here recently, where UBL President Atif R Bokhari, SLIC Chairman Shahid Aziz Siddiqui and other high-ranking officials were present. A press release says SLIC, a leading state-owned insurance corporation with highest market share of 70%, has selected UBL due to the bank’s recent success in selling various Bancassurance products, enjoying a high persistency ratio and a low cancellation ratio. GBA Services, SLIC’s exclusive third party administrators for Bancassurance, will provide technical, marketing and advertising support including state-of-the-art online POS system for instant coverage of bank customers, new product development and staff training. PRESS RELEASE
Published in The Express Tribune, January 19th, 2012.