Page 31 - November 2020

revolutionize the insurance sector awaiting publication. The success of the insurance industry. will not likely visit any financial accommodates every payment Panelist The government of Bangladesh has financial services. How can will enhance the trust of consumers by
by incorporating the latest statistics mentioned in this IDRA has undertaken a 6 billion institutions in person. They are method of the insurance industry. commenced two amazing projects to we improve the financial facilitating transparency and competence.
technologies that will enhance session will help formulate a USD project in the sector, of tech-savvy and seek every However, it is imperative to make catalyze digital adoption among the literacy among the masses Insurtech will guarantee an end to end
transparency, accountability and robust growth strategy for our which 65% of the resources are solution on their cell phone. the stakeholders aware of the youth. A blockchain competition provided it might be pivotal transparency and security of contract and
competence. insurance sector. allocated for digitalisation of the Stakeholders in the financial features that exist in the system where I was one of the judges, called data; it will also enhance the competency of
industry. It is one of the largest industry have to factor in the which we are eager to elaborate upon university students to find out to the adoption of more the providers with greater efficiency.
Can you please comment Q & A: Recently, the projects in progress under the changing demand due to on upon inquiry. tech solutions and implementation intricate services? However, the companies need to work in
on the scalability and authorities took a move finance ministry. The amount of technological advancement. You of insurance technology was a big Despite the challenges, I believe, the capacity building and have tech experts on
implementation of that police cannot file cases resources allocated in have to deliver the services to Insuretech is still in its part of it. It was followed by another prospects of our financial sector are their board to execute the process.
very bright. We have a growing
Insurtech in Bangladesh? against third party digitalization underscores its them through their smart devices initial phases in competition involving university youth population where more than We (GDIC) have been working for over a
Scalability depends on the pace of insurance companies. As a importance. The project is and that is only possible through Bangladesh, what kind of startups. 65% of the country's population is decade to establish a tech-savvy platform.
digitalization and the adoption of regulator, how does IDRA focused around four state-owned incorporating technology in your capacity building is Concurrently, there have been a lot under twenty-three years. The last We have been successful in creating a
the tools to personalize evaluate this decision? organizations which will facilitate services. Failure to achieve required to ensure robust of collaborations between insurance decade has seen a massive paperless office because of the presence of
services, and the demand entirely It is a critical contemporary issue the digitalization of the key technological integration will growth of the sector? How and tech companies. Zhong An is adaptation of mobile phones skilled team members. For example, we
depends on customers. DR. M MOSHARRAF which has been a significant regulators. It will, in turn, ensure prove fatal for the industry, it can would you evaluate its China's first property insurance amongst all ages. More than 86% of inaugurated "Nibedita" in 2016, which is a
Concurrently, customer trust talking point in the industry. The greater efficiency and enable good render the sector obsolete. Fintech prospects in Bangladesh? FARZANAH company that sells all its products adult men 50% of adult women use comprehensive app with a lot of
depends on transparency and HOSSAIN core problem lies in the governance in the sector. The or Insurtech has posed a Fintech and Insurtech are online along with handling claims. mobile phones. The internet value-added services. It has some essential
competency of service provided by Chairman misinterpretation and misuse of process will ensure greater challenge to the industry, it experiencing immense growth in CHOWDHURY ACII (UK) China's Internet service and penetration is increasing, which now features like a panic button in case of any
the companies. Insurance Development & an article of the insurance law by penetration and transform cannot evolve to adopt the Bangladesh, and its implications Chartered Insurer insurance titans co-launched the stands at 58%. Technology has immediate danger. We often say "Nibedita
Therefore, the first condition on Regulatory Authority (IDRA) the transport owners. The policyholders into advocates. The transformation, the industry will are unlimited. We are witnessing MD and CEO country's first online insurance enabled people to adopt digital ensures the dream of a woman".
the demand side is that you The entire idea of insurtech is Honourable Prime Minister industry requires time to reap the inevitably fade away due to the a new concept being introduced Green Delta Insurance Company Ltd company indicating that the financial services irrespective of Similarly, we have settled the claims of the
deliver products according to incredibly thought-provoking. We directed the authorities to end benefits, but we are certainly lack of competitive advantage. every other day. booming Internet-based financial their educational background. Most farmers affected by the heavy rainfall due
individual customer needs. It can now live in a world where any third party insurance as it fails to moving in that direction. The regulators have to find a Data analysis and risk Insurtech is not limited to digital services market is further low-income households in our to Cyclone Amphan. Therefore,
be achieved by detailed market financial activity without provide the expected service; balance between customer assessment are vital parts of the insurance or making a product expanding. They have 206 million country use MFS services to send proportionate claim settle is being made
analysis and transparent claim digitalization would be analogous rather, its existence is abused to protection and regulation risk. insurance business. Technologies available in the digital space. Its customers and 1.6 billion policies in money to their families. possible by the use of technology, and that
handling. On the supply side, the to crossing the road while fulfil compliance requirements. Similarly, market operators will such big data, IoT and AI, are implications go far beyond the place. There are numerous success International development is enhancing trust among customers. We
sector needs to operate under keeping your eyes closed. However, we also have to address face the challenge of absorbing being incorporated in the general premise, insurtech allows us stories of insurtech across the world organizations are funding have been able to create this platform by
legally binding regulations Digitalization has become an the risks passengers are exposed this technology. They can either business at a rapid pace. to consider the needs of the and Bangladesh governments companies to support Micro, Small integrating knowledge, experience and
completely. Also, the introducers essential part of modern life, it to due to the lack of insurance. partner with insurtech companies While working with fintech, individual customer. With the help of success in digitizing the country will and Medium Enterprises (MSME) youth and are dedicated to innovating
of Insurtech must be nurtured has become one of the basic Therefore, the stakeholders of the or develop their technology, either Bangladesh Bank has noticed Big Data, IoT and AI, numerous play a big role in implementing operations. Ensuring financial similar projects in future.
The keynote presenter, Insuretech is the technology that decision-making and business under favourable circumstances. needs of human life. industry have to come to a way, it is an inevitable that the market gets exposed to insurtech solutions will revolutionize insurtech in Bangladesh. Our literacy is a fundamental SDG goal,
Masud Rana, started lies behind the creation, planning. It can be done through an I do not completely agree with the solution for the more significant progression of the sector. innovations every single day. The the industry. I completely agree with start-up scene has seen a rapid and MFS services are playing a Do you think we can establish a
peer to peer insurance model in
boom and insurance companies can
distribution and administration of
the session by insurance business. It includes COLLABORATION FOR incubation facility under IDRA. It notion that the insurtech sector is good for the people. Q & A: Insurance policies innovations have to be evaluated, our chief guest, Dr Mosharrof incorporate technology in their pivotal role in improving financial this fixed tariff insurance market?
will help them to assimilate their
Hossain, that insurtech is slowly
incorporated and regulated
There are also a couple of issues
explicating on things like smartphone apps, EFFICIENCY innovations by allowing them to "unexplored". Rather, there have that need to be addressed. The are subjected to advance through a proper mechanism. being implemented in Bangladesh. operations through joint literacy in developing countries. I firmly believe we need policy reforms
Ensuring financial literacy is not
been bits and pieces of
insurtech and its consumer wearables claims Therefore, it's probably no test their prototype. technology-driven operations in driver and helper should also be payment from the Therefore, it is imperative to have Speaking of demand-based collaborations. However, the exclusively the government's regarding our tariff regulations. I want to
insurance companies have to
processing tools online policy
request Mosharraf Sir (Dr. Mosharraf
implications on the handling and automated surprise to learn that insurance the insurance sector for the past covered compulsorily. We are in policyholder. Can our such infrastructure in place. insurance, there are a lot of undertake a multidimensional responsibility; it also depends on Hossain) to evaluate the current structure
insurance companies and
examples around the world which
firms are backing insurer tech
Bangladesh Bank has recently
discussion to cover road
Bangladesh economy. processing. These technologies startups working together for a few years. It is imperative to bring passengers just like other modes payment ecosystems work established Regulation of Fintech can have considerable impacts on approach incorporating every individual perseverance. I believe, and consider allowing different forms of the
the operations under formal
help insurance providers collect more efficient insurance platform. of transportation (air, railway, together to make the Facilities Office under the our lives. In Australia, people have stakeholder in the digitizing process. within five years, the digital insurance contract and tariff market. We
and analyze customer data so For example, a firm has created structure and regulation to ensure water) with the respected access to on-demand mobile-only The proliferation of insurtech can be financial sector is going to cannot go to de-tariff because of
they can target the right automatic digital insurance accountability. From my authorities. It is imperative to process more efficient? payment system department. property insurance. enhanced by providing government experience significant growth as technological constraints. However, by
Regulators play a crucial role in
experience, the insurtech service
customers at the right price and agents chat BOTS but use ensure the safety of all the How can the Central Bank As a CEO, I have suggested incentives for the digital Bangladesh is one of the providing a clear end to end guidelines, we
encourage them to behave in a personalized user data to tailor providers are providing sets of passengers and staff, and properly guide its evaluating the compatibility of increasing the range of products transformation which will, in turn, fastest-growing economies in the can make it more efficient. We have to
any innovation in our financial
solutions. One for reporting to the
less risky way. It helps to cut the conversations with customers therefore, it should be included implementation? from yearly contracts to a much play a pivotal role in ensuring better world, and the implementation of implement the use of big data, IoT and
cost of claims. other startups that have built regulators and tax department and under comprehensive insurance. Md Mezbaul Haque Our payment ecosystem has system. Innovation is essential, shorter period based model. It is very services including agriculture digital Bangladesh has made artificial intelligence. Ten new economic
the other for authentic evaluation.
but it has to be based on
everything possible.
apps that offer insurance on for Such malpractices must be It is a pressing issue and General Manager experienced massive changes over customer needs. Bangladesh much possible to have an insurance insurance. Lack of awareness among zones have recently been established in
BUSINESS ANALYTICS example an hourly basis ideal if a eradicated from the industry to hopefully will be resolved at the Payment System Department the last decade. We are now Bank has a committee of structure where farmers can make the general population has been the How crucial is it to establish Bangladesh, insurtech can be established in
Of course insurers always analyze customer wants to borrow a ensure credibility. It can be earliest. Bangladesh Bank operating four electronic payment regulators across the financial claims based on weather and biggest impediment to the growth of trust between the customers each of these zones to ensure transparency
information about policyholders friend's car for the afternoon. achieved by facilitating licensed systems simultaneously for sector which facilitates satellite forecasts. the insurance industry in and efficiency.
but in this era of big data they're Also there's blockchain which insurtech operations through a As Insurtech is in its initial Bill Gates once stated, "Banking wholesale and retail payments. cooperation and coordination Becoming a tech-savvy nation s key Bangladesh. Digitalization will play and companies for the Consequently, there cannot be "one size fits
now looking to tap new sources may be useful in the battle robust legal framework and stages in Bangladesh, what is necessary for our lives but They cover all kinds of payment across different financial to ensuring a better quality of digital a pivotal role in enhancing success of insurtech? Please all" approach to this, rather individual
of information such as social against theft and insurance fraud, accountability. kind of guidance can the banks are not", it was a reflection methods, including real-time and institutions, and it will continue services. The first-ever digital insurance penetration in our tell us something about the policies for each type of customer. The
media use advanced technology it's basically a peer-to-peer public I strongly believe, our panel insurance companies of the shifting dynamics of the preferred. We also have a to provide all the necessary insurance platform was unveiled by country. logistical preparedness of the massive adaptation will also generate a

real-time gross settlement system
MD MASUD RANA to process all this data use distributed ledger, a decentralized member, Masud Rana is very expect from IDRA global banking system. In the era which enables instant settlements assistance to all the stakeholders Green Delta Life Insurance Company Q & A: Financial literacy GDIC team for enabling demand for cyber insurance. Therefore
of the fourth industrial
Joint Director machine learning and artificial record of information that is open seasoned in looking after the regarding its revolution, growth will be driven of large wholesale payments. according to their requirements. Limited, we take great pride in that. among our general InsurTech in Bangladesh. there needs to be a re-evaluation of the
Policy and International Wing intelligence to make better to multiple operators, it allows MLCFT issues at the end of the by technology. Millennials and Therefore, our payment However, becoming tech-savvy is population has impeded the Trust is crucial for the success of fixed tariff policy to adapt to the new
Bangladesh Financial Intelligence predictions and apply this the creation of a tamper-proof Central Bank. He has also written implementation? the generations following them ecosystem is quite robust and subjected to a significant amount of insurtech or the insurance industry normal. I believe it will happen in stages
Unit knowledge to improve database. Insurtech can a book on the topic, another Digitalization is pivotal to the investments. proliferation of digital in general. Interestingly, insurtech but we must start with digitalization.
29
www.ibtbd.net