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 Insurance Development and Regulatory Authority (IDRA) graced the
discussion as Panel Chairman stating- Bangladesh is rapidly developing in every
sector under the leadership of father of the nation Bangabondhu 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 sustainable solution.
Sajjadur Rahman, Editor, Business Insider Bangladesh moderated
the discussion. Also, prominent journalists from print & electronic media
were present among other participants.
