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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 believe the digitalization them and the insurance Will insurance products into that contract exec
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 in its primary companies. Otherwise, the ever be expanded in process and says that w
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 we are slowly moving current legal framework restricts Bangladesh to include written in a particular
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. payments to any entities for home insurance, luxury regime preserves the ex
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 procuring business other than items such as jewelry and an instrument.
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. The digital process of
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 watches? execution shall be an a
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 We already have theft insurance, that process. And it co
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 Insurance Limited has and there are two types of home achieved through that d
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 insurance available for the execution process as if
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 introduced an app called public. One is focused on physical execution part
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 "Easy Life". How has that protecting the building, and the completed. So this is a
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 experience been so far in other one is credit risk insurance on the avenue that the
These are the five pillars we are THE CHALLENGES regulators in the market and Data. Therefore, innovation is at testing or piloting insurtech for terms of customer which enables loan repayment in has created to achieve.
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 case of the sudden death of the execution of contracts,
the industries and especially the challenges that the leaders practices that can be bought are. insurance industry, and its compliance regulations? policyholder. Therefore, such the Bangladesh regime p
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 What are the challenges policies are already in the market, BARRISTER through the Information
security and privacy of data. The have to ensure stability in the robust growth of the sector. revenue stamps, does the ALAM that you have faced? but the lack of knowledge has JUNAYED AHMED Communication, and Tech
kept potential customers in the
FINTECH AND question revolves around the whole environment. Bangladesh Post Office MD and CEO We have been working with the dark. We are on the verge of CHOWDHURY Act. This is one of the
INSURTECH ownership of customer data and Concurrently, the companies Q & A: In our fintech have any plans to Guardian Life Insurance Limited app for more than two years, and implementing bancassurance Partner changes that the countr
Over the years, fintech has been the legal framework behind its which are coming in should be sector, insurtech is almost introduce an e-stamping the biggest challenge in terms of which will facilitate insurance Vertex Chambers seen. It has not been a

more successful than insurtech. usage. The regulations regarding able to own their IPR. Based on an unexplored area, as you project? As a practitioner, I have been in accessibility has been the lack of through banks. The cooperation feature in contracts ye
FinTech is part of the banking it widely vary across geographies, our survey, I would like to end are leading the iDEA Bangladesh Post office is the this industry for almost thirty financial knowledge from the between banks and insurance Three things are relevant here, possibilities are th

industry, which is a much simpler for example, in China, Alibaba or the three areas where we see Project, is there a chance authorized seller of revenue years. We have numerous scopes customer end. The lack of companies will ensure more starting from the institutional good thing that has
product. On the other hand, Tencent own the data, and they increased focus and again driven that insurtech will be stamps on behalf of the to work on product and process knowledge about insurance is penetration of insurance in landscape. Second is the Bangladesh.

insurance products are complex; provide new services, new by the people - one is on the undertaken by iDEA as a government. It guarantees the innovations. There are lots of prevalent even among the most Bangladesh. regulatory environment, and third The other improvem
the actuarial model or the products across the value chain. customer experience which will authenticity of the stamp, which indicators to be excited about the educated segment of our society. was the market reaction to how seen is the hotline c

probability of default or loss or But that is not the case in most help in customer acquisition and priority project? remains under the custody of the future of insurance in People are not aware that instead What is your opinion this insurtech will operate in our sure you all know
claim ratios are quite of the other countries where the increasing the penetration. Several initiatives from ICT KHANDKER district treasury before being Bangladesh. The Central Bank of keeping a large amount in the about the scalability of country. There is an interrelation August 2019, ther

complicated. Therefore, insurance customer owns the data, and you Second is on the core Division and iDEA Project have disbursed through different cash has already directed to introduce bank for health emergencies, insurtech in Bangladesh? between the type of product that that has been creat
has always been a push product have to take consent from the technological transformation already been taken towards the SHAHNUR SABBIR management channels of the post eKYC which has facilitated the they can pay much smaller I believe we have immense one needs to ensure and the insurers are supposed t

The keynote presenter, An Evolving Landscape as opposed to its banking users. The second challenge is which will help to innovate, bring SYED MOJIBUL HUQ digitalization of the insurance Deputy Postmaster General office. Therefore, the authority to online sale of insurance. yearly premiums to provide their opportunities for expanding the reaction of the market to that the respective author
setting up of the call
in new products. And the third is
sector. There have been several
healthcare costs.
Asim Parashar, started Our world is changing at a counterparts. reducing the complexity of the on Intelligent Automation, which Project Director (Additional Secretary) meetings between the ICT Cum-Senior Postmaster make any decisions regarding it However, there are a few Additionally, the insurance sector industry through insurtech. The particular product. I think the is a grievance point
processes. The investor might

Dhaka GPO

iDEA Project, BCC
only rests on the internal
the session by divulging staggering pace. We are SHIFTING ponder whether to add another will reduce the cost of operation, ICT Division Division and NBR regarding the resource division of the challenges that the industry is yet to achieve customer trust implementation of technology market maturity depends mostly complaint could be ma
mainly on the policy level
needs to overcome to ensure
witnessing specific micro-trends
will ensure the capability to
the current scenario of that are happening and the DYNAMICS complex system on top of existing increase productivity, and implementation of e-stamping, As a representative of the Bangladesh government. I believe greater penetration of insurance and reliability in Bangladesh. provide end to end solutions. If willingness to open up the matters could be taken
increase efficiency.

So from 2019, we have s
Bangladesh Post Office in this
which will be very beneficial for
The stakeholders of the industry,
the industry, future question being asked if the A survey by PwC across the globe technology. And, the third I want to begin by addressing the the insurance sector. Moreover, session, I want to start with some the post office is well equipped to products. Unlike banks, including the companies and we can continue innovation and market. Over the last ten years, of a trend in the r
challenge is regulatory and its

lack of interest in insurance among

execute the transformation with
trends, challenges, and traditional ways of operations among various industry leaders effect on the business. Q & A : The insurance the general population of our we (iDEA Project) took an information regarding its role ease as it has experienced steady insurance companies require to regulators, have been working implement them in the market, we have seen some development of view that it became
in the insurance sector, especially
evaluate and document health
match up with the changing
expectations. environment. If we evaluate the stated that nine things would industry has been country. It has continuously initiative on fintech called and contribution to the sector. progress over the years. Also, the data along with financial records closely towards ensuring there is immense potential for since the Insurance Act came into forward-looking cu
Postal life insurance is the oldest
suffering from a lack of
insurtech in Bangladesh.
change our world forever,
The other exciting elem

Interoperable Digital Transaction
situation, there are a few things including Big Data, Cloud, 5G, THE WAY FORWARD trust, which has impeded impeded the growth of the sector. Platform (IDTP) which will ensure insurance institution in methodology of the digitization of each policyholder; therefore, confidence in the insurance the picture in 2010. Concurrently, that particular c
infrastructure of the country. The
that are essential to understand. and AI. However, the key message The proliferation of technology in Since independence, numerous interoperability, transaction Bangladesh, and currently, we are process has already been the process is lengthier and more pandemic has highlighted the another critical aspect is the given by IDRA was the
On the social side, we have an aging was that fintech and insurtech the insurance sector has some its growth. Do you have insurance companies have been validation, seamless fund operating through all the post formulated by the ICT division. convoluted. necessity of reliable health technological advancement acknowledged that there
population; there is a focus on are no longer a threat to their significant implications, and the any insights to share established in the country, and for routing, and security. The piloting offices across the country. There However, we must be aware so Similarly, the delivery of insurance in our country. Still, Bangladesh has made as far as of knowledge regarding
wellness and the rise of chronic market. Because most of fintech stakeholders have to be aware of regarding its issue? the most part, they have been of the project has already been are nearly two thousand post that the cost of the digital stamp insurance policy in Bangladesh the lack of reliability has been a the legal regime is concerned. among the general peo
illness. On the economic side, the gig and insurtech have been them while they move ahead with For the countries where operated traditionally. However, the completed, and we are working offices in Bangladesh, and all of must not exceed its face value. It requires the usage of revenue or barrier in utilizing the spike in So let me give an example as quite service is not as
economy has arrived; there is a focus developing point solutions, but the expansion. Firstly, the penetration is low, the proliferation of technology has towards including all the banks them are equipped with the can be ensured by incorporating bima stamps and a wet signature. demand for health insurance. rightly pointed out in our part of banking in Bangla
on startups; there is a concentration they have not been able to scale companies can use insurtech to stakeholders are coming together made tectonic shifts in the sector, and insurance companies across insurance supporting ecosystem. the cost (of stamp) within the Consequently, the benefits of The "Easy Life" app has been the world in Bangladesh people Insurance is not as p
of wealth, and urbanization is up. The scale is still available personalize products for the and innovating on the product and adapting to the change has the country. It will facilitate a More than five thousand agents financial transaction. Currently, digitalization cannot be fully launched to ensure more are still comfortable with banking in Bangladesh b
moving at a rapid pace. with the traditional players, customers. Also, there has to be a and making a lot of progress. become essential to ensure the more convenient transfer of are employed through twenty the post office is not even in the utilized without significant transparency about our products signatures, and in transactions, banking is a necess
Similarly, the nature of growth of whether it is life insurance or balance between technology and Regarding section 58, numerous sustainability of insurance money between the digital insurance offices across the thought process of implementing regulatory changes. We need to and processes. Correspondingly, people are still going through that insurance is an
the small and medium enterprises general insurance. human interactions with greater certifications are prescribed by companies. Therefore, the readiness financial platforms which will, in country. Therefore, there is e-stamping as it is not within our ensure an end to end insurtech the implementation of big data manual physical activity of majority of our people.
has changed dramatically, and the However, insurtech has been able emphasis on cybersecurity. the IRDA; however, at the end of of the companies to implement turn, benefit the insurance immense opportunity to use the prerogative to be able to do so. solution by discussing with all and AI will surely increase the achieving a physical execution of creating specific
new workforce is very different to set new benchmarks for agility, Concurrently, the workforce has the day, the trust is between the frontier technologies is going to be industry by ensuring a more strong postal network for scaling Although, if the government the stakeholders of the industry. reliability of the sector, and with a contract. Now, the insurance law think, is a trend
from our generation. The fourth customer insights, and cost and to transform and embrace these insurance company and the crucial. convenient installment payment up the insurance scopes of our decides on its implementation, Most importantly, the regulators the mass adaptation of digital also does not quite clearly talk improved too. It mi

people.
Correspondingly, during my tenure
customer. The agent is only
ASIM PARASHAR pillar focuses on the changing most of the CEOs are agreeing to changes and provide efficient and facilitating its execution, and at the pay commission, I for the insurees. However, there is a lot more to be the post office has the strength to have to identify the insurtech services in the post-pandemic about the digital manifestation of the players in th
effective service to the customers.
execute the sales.
contract execution. But the
providers to facilitate more
climate; the frequency of
Partner, Advisory (Financial Services) catastrophic events is increasing, that part of it that is the value From the regulator perspective, when an insurance company is wholeheartedly tried to bring all the Concurrently, AI is essential for done in terms of innovation and effective collaboration between world, the future is bright for the information communication up with better solution
PricewaterhouseCoopers (PwC) that these insurances are 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. technology act brings an inroad I want to add two mo
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