An ongoing big project worth over Tk 600 crore taken by the government will ensure faster upgradation and automation of the insurance sector, said M Mosharraf Hossain, chairman of the Insurance Development and Regulatory Authority (IDRA).
“The true purpose of insurance will be served only if we can make the service faster and smoother, which can be ensured through automation,” he said.
He was speaking at a roundtable on “Insurance: transformation around the world and case of Bangladesh” jointly organised by DoubliuP, Guardian Life Insurance and the IDRA through a digital platform on Saturday.
“We are prioritising claim settlements. As it is a contractual obligation, we are trying to mitigate the risks and negativities. Even a client with a small claim should be given high priority,” said Hossain.
The project money will also be spent for the upgradation of the insurance regulator, better monitoring of the companies to ensure better service for clients, ensuring transparency and accountability, building IT infrastructure and establishing distance learning centres.
Considering the ongoing pandemic, more product and process innovation are needed to improve customer experience and that can be achieved through digital transformation, said MM Monirul Alam, CEO of Guardian Life Insurance.
Moving towards innovation will help in serving the marginal segment of the society, which will not only bring in revenues for the industry but also boost penetration to a great extent, said Farzanah Chowdhury, CEO of Green Delta Insurance.
Insurance is basically a risk transfer mechanism, said Md Apel Mahmud, CEO of Prime Islami Life Insurance.
“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,” he said.
Things are rapidly changing in the life insurance sector after the pandemic, said Md Apel Mahmud, CEO of Prime Islami Life Insurance.
“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,” he said.
Sajjadur Rahman, editor of Business Insider Bangladesh, moderated the discussion while SM Ibrahim Hossain, director (additional charge) and chief faculty member at Bangladesh Insurance Academy, also spoke at the event.