Bangladesh:Govt in multimillion-dollar project to digitise insurance sector

The Bangladeshi government is undertaking a BDT6bn ($70.75m) project to ensure faster upgrading and digitalisation of the insurance sector, Mr M Mosharraf Hossain, chairman of the Insurance Development and Regulatory Authority (IDRA), has said.

"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.

The project funds will also be spent to upgrade the capabilities of the insurance regulator, so as to improve monitoring of insurance companies to ensure better service for clients, ensuring transparency and accountability, building IT infrastructure and establishing distance learning centres, reported The Daily Star.

Considering the ongoing COVID-19 pandemic, more product and process innovations are needed to improve customer experience and that can be achieved through digital transformation, said MM Monirul Alam, CEO of Guardian Life Insurance.

Ms Farzanah Chowdhury, CEO of Green Delta Insurance, said that 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.

Source: Asia insurance review