Shanta Life Insurance PLC and U Fintech Limited have signed a three-year memorandum of understanding to launch a digital InsurTech platform for distributing and administering group life insurance across Bangladesh.
The agreement was formalised on Tuesday at Dhaka, with Shanta Life DMD and Chief Distribution Officer M Khurshed Kaiser and U Fintech Managing Director Anirban Das Gupta signing on behalf of their organisations, the companies said in a press statement.
The platform will allow customers nationwide to enrol, manage data, submit claims, and pay premiums digitally while ensuring regulatory compliance under IDRA approval.
The initiative positions Shanta Life as the insurance underwriter, responsible for product design, pricing, policy administration, customer service, and claims processing, while U Fintech will build and operate the digital platform to deliver Shanta Life’s group life products to end-users. The platform will operate on a commission-on-premium or service fee model, with full transparency and reconciliation within 10 working days, the companies said.
The MOU also includes strict intellectual property and data protection provisions, with U Fintech retaining technology ownership and Shanta Life maintaining customer relationships and licences.
M Khurshed Kaiser said the partnership reflects Shanta Life’s commitment to making group life insurance accessible across Bangladesh through digital channels.
EVP and Head of Corporate Business Mahmud Afser Ibne Hossai added that the collaboration leverages technology to extend reach while maintaining operational discipline and policyholder standards.
Anirban Das Gupta noted that U Fintech will serve as the digital layer enabling Shanta Life’s group life and health insurance to reach every corner of the country, with growth aligned to the insurer’s expansion.
The event was attended by Eduint Limited founder Syed Adnan Huda, Shanta Life EVP Mahmud Afser Ibne Hossain and Managing Director of Ekush Wealth Management Limited Kazi Ahsan Maruf alongside platform witnesses and senior officials from both organisations.
