Surokkha: Ensuring Home- Grown InsurTech

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A.K.M Mostafizur Rahman is the Chairman of Ezy Fintech Ltd. Mostafiz is a successful entrepreneur in Banking, Trade, Microcredit, Women empowerment, Social services, and in the NGO sector. Currently, He is the Vice-Chairman of the NRB Commercial Bank Ltd and CEO of VOSD, a renowned NGO in Khulna region. He is also Sponsor Shareholder in the Meghna Bank Ltd., Managing Director, the Royal Denim Ltd. and the Managing Partner of NAVA IT Consultancy. ICE Business Times caught up with the Chairman to get his insights on Bangladesh’s insurance market, the prospects on InsureTech and Ezy Fintech Ltd’s very own “Surokkha”.

 

Tell us about the prospect of InsurTech in Bangladesh in comparison to the existing system which is full of legacy companies.

Well. I think the prospect of InsurTech is enormous in Bangladesh. It is in a nascent stage and most of the InsurTech areas are unexplored. There are several factors that will shape future InsurTech landscape in Bangladesh which includes as follows:

  • A big chunk of population are young age who are tech savvy;
  • Revolutionary increase of internet and Smartphone usage.
  • Rapid adoption of Fintech in the field of financial and other services;
  • Positive attitudes of government and regulators for promoting InsurTech in line with the government’s vision of building digital Bangladesh.

How important is the adoption of InsurTech in the local scene?
I think adoption of InsurTech in Bangladesh can significantly re-shape the insurance industries in Bangladesh. There are several issues that always become the news of our insurance industry for example, decreasing rate of market perpetration, significant lack of trust, lack of transparency, higher cost of business procurement etc. The adoption of InsurTech can serve insurance service to the customer doorstep, automation customer claim settlement can bring back customer trust, presence of digital footprint always ensures transparency and it also helps to reduce business cost. Therefore, it is certain that InsurTech adoption is now essential for further growth of Bangladesh insurance market.

Tell us about the inception of Surokkha. Why is this platform a time-appropriate initiative?
Ezy Fintech Ltd established to serve digital financial service at the peoples doorsteps and promote the government’s agenda for building digital Bangladesh. At the outset, our research and insight from the reliable report indicated that the insurance sector is the most unexplored sector in terms of digital innovation, where we can work and add value for the people as well as the society. Then we established our brand ‘Surokkha’ with an aggregation model. I strongly believe that it is a time befitting initiatives to establish ‘Surokkha’ as you can see insurance regulators and other stakeholders are quite positive and taking several steps to promote InsureTech.

What kind of services can we expect from Surokkha? How are you trying to inform customers about Surokkha particularly in a system that is fraught with stigmas against insurance?
Well. As you know ‘Surokkha’ is an aggregation platform where several life and non-life Insurance companies are policy providers and undertake risk as insurers. Currently people can purchase any type of vehicle insurance, travel insurance, life and health insurance policy from their preferred insurance company from the list. ‘Surokkha’ promotes micro insurance scheme in the field of health and life insurance. Any further detail, please log on to www.surokkha.com.bd or stay connected with our different social media page.

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