BRAC Bank boosts sena insurance with advanced cash management
BRAC Bank has partnered with Sena Insurance PLC, a subsidiary of Sena Kalyan Sangstha, to deliver a comprehensive suite of advanced cash management solutions aimed at optimising the insurance company's financial operations.
Sena Insurance will leverage BRAC Bank's state-of-the-art CORPnet platform through this collaboration. This integrated digital cash management solution streamlines payments, collections, and reconciliation processes within a centralised system. CORPnet enables straight-through transaction processing, real-time reporting, and invoicing, while its direct debit functionality ensures seamless deposit tracking and advanced reconciliation capabilities.
Moreover, Sena Insurance will gain access to real-time statement data, facilitating the automated delivery of transactional information from over-the-counter and direct debit instructions. This feature enhances data accuracy and validation for insurance premium collections.
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The bank has also signed a memorandum of understanding (MOU) with Sena Insurance regarding the Bancassurance business, making Sena Insurance a potential partner. The collaboration will further strengthen the partnership between Sena Insurance and BRAC Bank, bringing more depth into this relationship.
Supported by BRAC Bank's extensive distribution network—comprising 187 branches and 74 sub-branches—Sena Insurance can efficiently manage receivables across Bangladesh. The bank's 24/7 cash management solutions ensure uninterrupted service, enabling operational flexibility and greater efficiency.
Brig Gen Md Shafique Shamim, psc (Retd), II(Cert), ABIA, Managing Director and CEO of Sena Insurance, and Tareq Refat Ullah Khan, Acting Managing Director and CEO of BRAC Bank, signed the agreement at the bank's head office on December 30, 2024.
Key officials from BRAC Bank present included AKM Faisal Halim, Head of Transaction Banking; AKM Tareq, Senior Zonal Head, North Zone, Distribution Network; Mahabubur Rahman, Head of SME Liability and chief Bancassurance Officer; and S M Alomgir Hossain, Head of Small Business (central), SME Banking.
This strategic partnership underscores BRAC Bank's unwavering commitment to delivering client-centric financial solutions by combining cutting-edge technology with exceptional service.
