General Manager (Finance, Accounts and Administration) of Jiban Bima Corporation (JBC) Sheikh Kamal Hossain and General Manager of Agrani Bank Zakia Begum exchanging documents after signing an agreement on JBC's IT-based central fund management system in the city on Sunday. Managing Director and CEO of Agrani Bank Mohammad Shams-Ul Islam and JBC Managing Director Md Omar Faruk were also present. Jiban Bima Corporation (JBC), the lone state-run life insurer, signed an agreement with the state-owned Agrani Bank for the implementation of JBC's IT-based central fund management system.
General Manager (Finance, Accounts and Administration) of Jiban Bima Sheikh Kamal Hossain and General Manager of Agrani Bank Zakia Begum signed the agreement at the Jiban Bima head office in the city on Sunday.
Under the agreement, clients of the JBC can now deposit their premiums to the insurer's bank accounts from anywhere through Agrani Bank branches, agents and digital services.
The life insurer also began arrangements to collect insurance premiums from the clients' bank accounts through Bangladesh Electronic Fund Transfer Network (BEFTN).
In July last, the JBC signed first such agreement for its IT-enabled central fund management system with Dutch Bangla Bank Ltd. (DBBL).
The transaction system automation will help the insurer bring down the number of its bank accounts to only five or seven from 700 at present across the country, said its officials at the signing ceremony.
Md Ashadul Islam, senior secretary to the Financial Institutions Division, joined the programme as the chief guest virtually.
Speaking at the programme, Mr Islam said conventional business model will not work anymore.
Welcoming the move, he said this initiative will help drive up financial inclusion in the country.
JBC Chairman Md Maksudul Hasan Khan said the Corporation would build an entirely digital and paperless operation.
"We will join hands with some other financial institutions in the future to this end," he said.
The automation will help a stronger monitoring and auditing of operational activities as well, he added.
Agrani Bank Managing Director and CEO Mohammad Shams-Ul Islam also spoke at the event attended by JBC and Agrani Bank officials.
JBC Managing Director Md Omar Faruk presided over the programme.
The Jiban Bima Corporation started its journey in 1973 with assets and liabilities worth Tk 150.70 million of 37 now-defunct life insurance companies which operated here before independence.
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