Page 10 - November 2020

FROM

THE

EDITOR

The novel coronavirus has forced multiple and industry experts, a litany of issues are
industries around the globe to completely worth pondering over.
rehaul their dynamics. The silver lining that The first and foremost issue is the lack of
shines a bright light into the way forward
has been the rapid adoption of technology trust that cripples the market potential. The
resounding success of banking and mobile
across industries – especially the financial services shows the dynamism we
exponential growth of e-commerce and have in the financial sector, which also
delivery businesses. However, some helped the rate of financial literacy go up in
industries are on the brink of closure. There comparison to the previous decade and
is an urgency for out-of-the-box thinking neighboring countries. However, the same
and for an unconventional approach which is not true for the insurance market. Simply
stems from the need to sustain their put, consumers here believe that the
business in a new, changing world. The
insurance industry is one such prime insurance business is not trustworthy as
they are not going to get their money back
example.
in the time of need. Thanks to a plethora of
In the November 2020 issue of ICE Business bad companies and their even worse
Times, we have delved into the exciting practices, the industry is fraught with
world of InsurTech. InsurTech refers to the mistrust and rumors. In a condition like this,
innovative technologies and new digital ushering in a new innovation like InsurTech
tools developed to optimize the and convincing the legacy companies to join
performance of insurance companies, to the bandwagon will certainly not be an easy
deliver a better customer experience, and task. The webinars try to find answers to
unlock the potential of advanced analytics. solve that part of the puzzle. Participants
According to the latest reports and like M Mosharraf Hossain, Chairman,
statistics, the global InsurTech market size Insurance Development and Regulatory
will continue to grow. The growth of Authority and Syed Mujibul Huq, Project
revenue will hit the point of $1,119.8 million Director (Additional Secretary), iDEA Project,
by 2023. BCC, ICT Division have shared the
government’s vision to digitalize the sector
For a comprehensive look at the insurance and other panelists from respective sectors
market of Bangladesh, and to gage the
potentials of InsurTech, IBT in collaboration have discussed issues like trust building of
consumers, cybersecurity, digitalization and
with Green Delta Insurance Company
organized a signature webinar series of 4 collaboration among legacy companies to
work together with startups to make
episodes titled “Instituting InsurTech in
Bangladesh” in association with Shurokkha InsurTech successful in Bangladesh. We at
(an online insurance portal) and with ICE Business Times strongly believe, if the
recommendations from all these industry
support of iDEA project of ICT division and
BASIS (Bangladesh Association of Software experts are implemented, that day won’t be
far away when consumers and companies
& Information Services). So far three
episodes of the webinar took place and alike will embrace InsurTech for the greater
good of the industry. Happy reading!
from the discussions of the policymakers