Softlogic Life and Commercial Bank establish key bancassurance partnership

Softlogic Life Insurance PLC has entered into a long-term, strategic bancassurance partnership with Commercial Bank of Ceylon PLC, paving a way to distribute life insurance solutions by Softlogic Life through the bank’s island-wide branch network. 

The partnership was formalised by a Memorandum of Understanding (MoU) signed by Commercial Bank’s Managing Director/Chief Executive Officer Jegan Durairatnam and Softlogic Life’s Managing Director Iftikar Ahamed.

With this partnership, Commercial Bank customers will now be able to conveniently access a plethora of innovative schemes from Softlogic Life – life, health and investments plans – for individuals and corporates. 

Customers will also be able to gain from Softlogic Life’s wealth of experience and expertise in providing state-of-the-art insurance solutions in Sri Lanka for more than two decades. Commercial bank’s extensive network of 256 service points enhances the convenience of purchasing insurance products of Softlogic Life and makes the payment of premiums extra convenient and hassle free for the company’s policyholders. 

Commenting on the partnership, Commercial Bank Managing Director/Chief Executive Officer Jegan Durairatnam said: “We are excited to enter into a strategic partnership with Softlogic Life. Both of our customer bases will be benefited by this strong alliance with the enablement of competitively priced banking and insurance solutions that can meet there diverse protection and financial expectations.” Expressing his views on the partnership, Softlogic Life Managing Director Iftikar Ahamed said: “We are delighted to partner with Commercial Bank, who have significant experience in providing Bancassurance products over the past years. This strategic partnership reiterates our commitment to provide multiple access points for customers that would enable them to get required guidance conveniently on a multitude of life plans and health insurance solutions.” 

Commercial Bank is the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for six years consecutively. Commercial Bank operates a network of 256 branches and 658 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank, Most Respected Bank from a number of local and international institutions and publications over several years and has also been adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce for several years. Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognized as one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company also include FMO and DEG, who are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany, respectively.