Discussion Held on Transformation of Insurance Sector

A round-table discussion through zoom covering the topic ''Insurance: Transformation around the world and case of Bangladesh'', was organized jointly by DoubliuP Limited and Guardian Life Insurance Limited with the strategic partnership of Insurance Development and Regulatory Authority (IDRA) on 26th December 2020 at 11:30 AM. 

Dr. M. Mosharraf Hossain, FCA, The Chairman of the Insurance Development and Regulatory Authority (IDRA) graced the discussion as Panel Chairman stating- Bangladesh is rapidly developing in every sector under the leadership of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman’s daughter HPM Sheikh Hasina. A big project initiated by the government worth 6 Billion BDT is ongoing to start the automation process. We are prioritizing claim settlements. As it is a contractual obligation, we are trying to mitigate the risks & negativities. Even a client with a small claim should be given high priority. Only if we can make the service faster & smoother, which can be ensured through automation, the true purpose of insurance will be served. 

Other panelists included M M Monirul Alam, CEO, Guardian Life Insurance Limited. In his keynote presentation, he addressed the need for product innovation. Considering the ongoing pandemic, more product, and process innovation are needed to improve customer experience and that can be achieved through digital transformation.

Ms. Farzanah Chowdhury, Chartered Insurer, MD & CEO of Green Delta Insurance spoke about disruption in business solutions, leading towards innovation in fact and actual activities & policies, that will reach out to the marginal segment of the society, which will not only bring in revenues for the industry but also have a lot of increase in the penetration in the insurance market. 

S.M Ibrahim Hossain, Director (Add. Charge) & Chief Faculty Member, Bangladesh Insurance Academy quoted, let insurance be for all. We need to increase awareness about insurance to remove the "It would not happen to me “syndrome.

Md. Apel Mahmud, Managing Director & CEO, Prime Islami Life Insurance Limited said, Insurance is basically a risk transfer mechanism. We want to give uncertain people certainty; we want to create more awareness. As a service industry, we have to fight and give the right kind of service to our customers at the right time.

Jalal Ul Azim, CEO, Pragati Life Insurance Limited stated, In the life insurance sector, things are rapidly changing after the pandemic. Most of the insurance companies weren’t aware of the fact that we can also do office work without going to the office. A change is needed to create a platform where insurance companies can give service without face-to-face communication. 

Dr. Md. Khalid Hossain, Programme Coordinator, BD Country Office, IUCN shared his thoughts saying - Govt. already is investing much in creating a social safety net, in this aspect the Insurance companies can share the risks & be a great support for the marginalized people where the government should also think of collaborating with the insurance service providers to find a sustainable solution. 

Sajjadur Rahman, Editor, Business Insider Bangladesh moderated the discussion. Also, prominent journalists from print & electronic media were present among other participants.