MoU signed between Sarathi and Guardian Life Insurance Limited 

Upskilling and Reskilling
‘Sarathi- Improving Financial Health’ signed a Memorandum of Understanding (MoU) with Guardian Life Insurance Limited (GLIL) to facilitate access to a customised health and life-embedded insurance product to 18,000 ready-made garments (RMG) workers and their community members within November 2022.

Out-of-pocket healthcare expenditure for Bangladesh was reported to be 72.7% by the World Bank in 2019. To improve access to regular healthcare for the low-income population, ‘Sarathi- Improving Financial Health’, a project co-funded by MetLife Foundation and Swisscontact, has partnered with Guardian Life Insurance Limited (GLIL), a pioneering digital insurance provider in Bangladesh. The collaboration will create access to affordable health and life-embedded insurance product that will also promote savings. The product includes innovative features such as 24/7 telemedicine and live hospi-cash among other outpatient department (OPD) services. The features, including life insurance, are foreign to a majority of RMG workers and their community members. So the initiative will also focus on educating them about the benefits of regular healthcare and life insurance.

On 04 September 2022, the MoU was signed by Bipasha S. Hossain, Team Leader, Sarathi, Swisscontact Bangladesh, and Yeasin Arafat, Head of Department, Digital Channel & ADC, GLIL, in presence of the Sarathi team and GLIL representatives.

The Sarathi project is financed by the MetLife Foundation. It is part of the Swisscontact Development Programme, which is co-financed by the Swiss Agency for Development and Cooperation (SDC), Federal Department of Foreign Affairs FDFA. 

Upskilling and Reskilling
Sarathi – Progress Through Improved Financial Health
Bangladesh is the world’s second largest garment exporter, with the ready-made garment (RMG) sector accounting for over 83% of the country’s exports and contributing approximately 16% to the GDP. This industry encompasses more than 4 000 RMG factories and provides employment to approximately 4.2 million workers of which almost 60% are women. Even though the RMG sector plays a pivotal role in Bangladesh’s economy, only 34% of it was integrated into the formal financial system when Swisscontact started to work towards the financial inclusion of RMG workers and their community members in 2016.