Page 32 - November 2020

revolutionize the insurance sector awaiting publication. The success of the insurance industry. will not likely visit any financial accommodates every payment The government of Bangladesh has financial services. How can will enhance the trust of consumers by and the insurance companies bringing. So there is a shift from environment where they can trust and reputation in the agent. insurance. Currently, we have insurance industry. If any startup sector. I belie
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. have to innovate itself to support competition to collaboration. And allow the experiment to solve a So we are seeing that once the more than 2 million people comes ahead with product of the sector is still
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 KEY LEGAL, various stakeholders who are that is the most significant shift customer problem, not market has been opened to different employed by the government, and development by implementing the stages, but
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 facing challenges due to climate we have seen in the last two experiment to do research and types of agents, after certification, the pay commission ran a model use of AI, we will wholeheartedly forward.
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 REGULATORY, AND change. Most importantly, the years. And it is increasing, or the development that can be done by the penetration has slowly started for implementing insurance provide all the assistance for its Interestingly, village-level post procu
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. technological world is changing model that is evolving is more of other specialized organizations. increasing significantly on the coverage for them. We also execution. We will also fund offices across Bangladesh have agents.
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 INSTITUTIONAL at a staggering pace. The a partnership to help strengthen They have to define the policy, general side. Life insurance is still submitted its report to our Prime viable fintech ideas for the been converted into digital post
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 changing technology and the operational efficiency and also and they have to be handy in primarily by two segments in India, Minister, and I believe it's high insurance sector, which will centers which are run by Q & A: Guardian Life
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. READINESS AND mass adaptation and digital come up with new product defining the policy and the agents, and bancassurance. I have time we implement the idea. ensure the robust growth of the entrepreneurs. It provides an

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 services have made permanent innovation, then different practice aspect of it and limit the heard that bancassurance is Execution of a program of such industry. excellent opportunity to create a introduced an app call
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. CHALLENGES IN changes to consumer preferences, processes across the insurance uncertainty in the regulatory imminent in Bangladesh, it will massive proportions will require bridge between the private sector "Easy Life". How ha
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 and businesses across the world value chain. environment. The regulators also ensure the robust growth of the the utilization of the latest and postal services, and experience been so far
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 will have to adapt to survive. need to collaborate with other sector in the long run. technologies such as AI and Big opportunity can be created for terms of customer
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 BANGLADESH These are the five pillars we are THE CHALLENGES regulators in the market and Data. Therefore, innovation is at testing or piloting insurtech for
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 seeing that are going to reshape Primarily, there are three come up and see what the best the heart of the modern the general population. acceptance and
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 the industries and especially the challenges that the leaders practices that can be bought are. insurance industry, and its compliance regulations
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 The second webinar on was the Guest of Honor of the insurance industry. emphasized. The first one is the Most importantly, the regulators implementation will ensure the Q & A: As a repository of M M MONIRUL Wha
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 InsurTech, shed light on the panel. security and privacy of data. The have to ensure stability in the robust growth of the sector. revenue stamps, does the ALAM that y
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 topic: Key legal, regulatory, and Along with them, there were FINTECH AND question revolves around the whole environment. Bangladesh Post Office MD and CEO We have been working w
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". institutional readiness and three more panelists: Khandker INSURTECH ownership of customer data and Concurrently, the companies Q & A: In our fintech have any plans to
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 challenges in Bangladesh. The Shahnur Sabbir, Deputy Over the years, fintech has been the legal framework behind its which are coming in s
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 Keynote of the session was Postmaster General Cum-Senior more successful than insurtech. usage. The regulations regarding able to own their IPR. Based on an unexplored area, as
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, presented by Asim Parashar, Postmaster, Dhaka GPO, M M FinTech is part of the banking it widely vary across geographies, our survey, I would like to end are lea
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 Partner, Advisory (Financial Monirul Alam, MD & CEO, industry, which is a much simpler for example, in China, Alibaba or the three areas where we see Project, is there a chance
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 Services), Guardian Life Insurance product. On the other hand, Tencent own the data, and they increased focus and again driven that insurtech will be sta
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 PricewaterhouseCoopers (PwC). Limited, and Barrister Junayed insurance products are complex; provide new services, new by the people - one is on the government. It guarantees
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 Syed Mojibul Huq, Project Ahmed Chowdhury, Partner, the actuarial model or the products across the value chain. customer experience which will undertaken by iDEA as a auth
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 Director (Additional Secretary), Vertex Chambers. probability of default or loss or But that is not the case in most help in customer acquisition and priority project? remains under th
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 iDEA Project, BCC, ICT Division claim ratios are quite of the other countries where the increasing the penetration. Several initiatives from ICT district tr
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. complicated. Therefore, insurance customer owns the data, and you Second is on the core Division and iDEA Project have KHANDKER disbursed through different cash has already directed
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, has always been a push product have to take consent from the technological transformation already been taken towards the SHAHNUR SABBI

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 The keynote presenter, An Evolving Landscape as opposed to its banking users. The second challenge is which will hel
peer to peer insurance model in
boom and insurance companies can

in new products. And the third is

sector. There have been several
distribution and administration of
healthcare costs.
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? Asim Parashar, started Our world is changing at a counterparts. reducing the complexity of the on Intelligent Aut
processes. The investor might
Hossain, that insurtech is slowly

will help them to assimilate their

Dhaka GPO
only rests on the internal
iDEA Project, BCC
There are also a couple of issues

incorporated and regulated
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 the session by divulging staggering pace. We are SHIFTING ponder whether to add another will reduce the cost of operation,
needs to overcome to ensure
been bits and pieces of
witnessing specific micro-trends
Ensuring financial literacy is not

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 the current scenario of that are happening and the DYNAMICS complex system on top of existing increase productivity, and
insurance companies have to
Bangladesh Post Office in this
increase efficiency.

which will be very beneficial for
processing tools online policy
The stakeholders of th
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 the industry, future question being asked if the A survey by PwC across the globe technology. And, the third I want to begin by ad
insurance companies and
challenge is regulatory and its
examples around the world which

firms are backing insurer tech
lack of interest in insurance among
execute the transformation with
discussion to cover road
Bangladesh Bank has recently

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 trends, challenges, and traditional ways of operations among various industry leaders effect on the business.
the operations under formal
evaluate and document health
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 expectations. match up with the changing stated that nine things would industry has been country. It has continuously initiative on fintech called and contribution
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 environment. If we evaluate the change our world forever, THE WAY FORWARD suffering from a lack of impeded the growth of the sector. Interoperable Digital Transaction Postal life insurance is the oldest metho
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 situation, there are a few things including Big Data, Cloud, 5G, The proliferation of technology in trust, which has impeded Since independence, numerous Platform (IDTP) which
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 that are essential to understand. and AI. However, the key message the insurance sector has some its growth. Do you have insurance companies have been interoperability, transaction Bangladesh, and currently, we are formulated
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 On the social side, we have an aging was that fintech and insurtech significant implications, and the any insights to share established in the country
solutions. One for reporting to the
any innovation in our financial
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 population; there is a focus on are no longer a threat to their stakeholders have to be aware of regarding its issue? the most part, they have been routing, and security. The piloting offices across the count
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 wellness and the rise of chronic market. Because most of fintech them while they move ahead with For the countries where operated tradi
the other for authentic evaluation.
but it has to be based on
everything possible.
requires the usage of revenue or
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 illness. On the economic side, the gig and insurtech have been the expansion. Firstly, the penetration is low, the proliferation of technology has completed, and we are working offices in Ba
them are equipped with the
economy has arrived; there is a focus
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 developing point solutions, but companies can use insurtech to stakeholders are coming together made tectonic shifts in the
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 on startups; there is a concentration they have not been able to scale personalize products for the and innovating on the product and adapting to
of wealth, and urbanization is
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. up. The scale is still available customers. Also, there has to be a and making a lot of progress. become essential to ensure the the country. It will facilitate a are employed through twenty the post office is not even in the utilized without signific
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 moving at a rapid pace. with the traditional players, balance between technology and Regarding section
Similarly, the nature of growth of
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 whether it is life insurance or human interactions with greater certifications are prescribed by companies. Therefore, the
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 the small and medium enterprises general insurance. emphasis on cybersecurity. the IRDA; however, at the end of of the co
has changed dramatically, and 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 new workforce is very different However, insurtech has been able Concurrently, the workforce has the day, the trust is between the frontier tec

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 from our generation. The fourth to set new benchmarks for agility, to transform and embrace these insurance comp
customer insights, and cost and

of the fourth industrial

convenient installment payment
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 pillar focuses on the changing most of the CEOs are agreeing to changes and provide efficient and customer. The agent i
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 ASIM PARASHAR climate; the frequency of that part of it that is the value effective service to the customers. facilitating its execution, and at the pay
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 Partner, Advisory (Financial Services) catastrophic events is increasing, that these insurances are From the regulator perspective, when an insura
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. PricewaterhouseCoopers (PwC) they have to build an using an agent, it is putting its government employees under life the development of the modern technology in the insurance insurance industry.
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