IDRA facilitates online discussion on insurance sector transformation

Insurance Development and Regulatory Authority (IDRA) on 26 December 2020, facilitated a discussion on the topic 'Insurance: Transformation around the world and case of Bangladesh.'  The online roundtable discussion was jointly organized by DoubliuP Limited and Guardian Life Insurance Limited.

The dialogue took place through the online video conferencing platform 'Zoom' at 11.30 am, according to a press release 

Dr M Mosharraf Hossain, FCA, chairman of Insurance Development and Regulatory Authority (IDRA) chaired the panel.

He said that Bangladesh is rapidly developing in every sector and under the leadership Sheikh Hasina, Bangladesh is pacing towards becoming a digitalized country.

"In our sector, we are prioritizing claim settlements and as it is a contractual obligation, we are trying to mitigate the risks. Even a client with a minor claim should be given the highest priority. And with the automation of the sector, clients will be able to receive faster and better services," Mosharraf Hossain added.  

M M Monirul Alam, CEO, Guardian Life Insurance Limited was also present in the online discussion. In his keynote presentation, he addressed the need for product innovation.

"Considering the ongoing pandemic, more product and process innovation is needed to improve customer experience which can be achieved through digital transformation," he said.

Farzanah Chowdhury, chartered insurer, MD and CEO of Green Delta Insurance spoke about disruption in business solutions that will reach out to the marginal segment of the society which will not only bring revenues for the industry but also have a lot to increase in the penetration of insurance market.

S M Ibrahim Hossain, director (Add. Charge) and chief faculty member of Bangladesh Insurance Academy said, "Let the insurance be for everyone. We need to increase awareness to eliminate the 'It would not happen to me' syndrome."

Apel Mahmud, managing director and CEO, Prime Islami Life Insurance Limited said, "Insurance is a risk transfer mechanism and we want to provide certainty to the people who need it. We also 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 of Pragati Life Insurance Limited said, "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, Bangladesh Country Office, IUCN shared his thoughts saying, "Government is already investing a lot to create a social safety net.

The insurance companies can also share the risks and support the marginalized people. The government should consider collaborating with the insurance service providers to find sustainable solutions."

Sajjadur Rahman, editor of Business Insider Bangladesh moderated the discussion and prominent journalists from print and electronic media were present among other participants.