Page 46 - November 2020

InsurTech is not just evolution, there has How crucial has the role of digital platform that utilizes develop these products and will Bangladesh’s post office is
digital marketing/
need help from an insurance
machine learning and
been a significant shift
currently working, and it has been
digital insurance or in recent times. As a communication become in artificial intelligence to company and will need to form initiated. Once these issues have
making insurance car owner, I no longer the post-pandemic world? integrate big data and partnerships. There’s also the been resolved, the entire industry
will be able to embark on the
subject of people going out of the
interpret behavior patterns of
have to worry about
Consumers nowadays love to
products available in the hassle of going to accept something which has a customers to figure out their core functions of a product and digital journey in a more
lifestyle and expectations and
exploring other features. For
comprehensive manner. The
an office to renew my
the digital space, it’s insurance. better visual appeal. This is why formulate products instance, other than just calling present government is intensely
brand perception plays a
such a sorry state. I think there beyond that. Insurance We were also the first significant role in motivating them. accordingly. We will be able to and texting, which are supposed focused on becoming digital, and
are two reasons for that. The first company to launch For example, Green Delta being the cater to individual needs in a to be its core functions of a we have experienced a lot of
issue is the lack of trust: a products and features comprehensive number one name in insurance will much efficient way than ever phone, people seek additional digital growth.
majority of our population don't insurance for women in always get first preference when before. features such as camera
believe in the insurance products tailored according to South East Asia known anyone is seeking to get insurance. Insure-tech companies are of megapixels and operating The present government
and services; rather they believe the needs of individual as Nibedita. Our MD & Undoubtedly, in the present systems. These are called has an extra focus on
that their invested money will CEO, Farzanah context, digital marketing is very value-added services, and the startup ecosystems and
never come back. customers with the Chowdhury, got important. More than 90% of customers of today look for them on empowering the
From a product perspective, recognized as the first individuals in Bangladesh have in every product. They want extra youth. Being the
Bangladeshis mainly refer to life help of Big Data, IoT local SDG pioneer of mobile phones, and over 80 million services that cater to their youngest to arrive at the
insurance when asked about and artificial Bangladesh by UN people are connected to the lifestyle. This is why the party, how can InsurTech
insurance. Most people are Global Compact in internet so a brand can easily partnership is required for be a part of this new
unaware of the numerous other intelligence (AI) 2016 for this initiative. reach them through digital insure-tech so that they can gain ecosystem?
types of insurance that exist. Nibedita focuses on marketing which is much harder to insights and ensure value-added The younger generation is very
Rubbing more salt to the wound, resemble true female safety and achieve through conventional ways services. Reach is also a massive interested in developing
there are few players in the InsurTech solutions. security, and women and will also cost a lot. Our focus, factor as small companies cannot innovative solutions for the
market who resorting to some can avail of this service therefore, is sifted to digital reach to the mass, but big problems that exist in our society.
duplicitous practices fueled the anytime, anywhere marketing right at the moment. companies can market the product They are eager to become
mistrust even further. They have without having to come better and ensure there is a entrepreneurs and want to launch
exploited people, particularly in Green Delta Insurance to us. Keeping GDIC is promoting a virgin win-win situation for both of their startup irrespective of the
the rural areas, where many Company Limited (GDIC) customer convenience concept like InsurTech in them. In addition, one partner size. If we look at the emerging
individuals have scrapped is investing a lot of in mind, we are also Bangladesh. What are the endorsing another’s product and startups, they are all involved in
together their hard-earned money resources towards developing a latest technologies GDIC is putting faith in another’s brand providing technology-driven
hoping to get a handsome return digitalizing its services. comprehensive mobile using to facilitate such create trust among customers. All solutions. Having said that, in our
down the line but ended up only How will digitalization immediately receive a app for both iOS and Android. The digital transformation? these will surely have a positive country, most of the startups are
getting scammed entirely by ensure better services? customized policy digitally app is in the beta stage currently, effect on the reachability and the unaware of the potential of
The insurance sector has so-called "agents" of insurance How has the benefit to and a physical version within and we expect a full launch in the How is GDIC trying to distribution of products too. InsurTech. I am personally very
long been stigmatized companies. customers been so far? 72 hours. We have been distant future. The reason I refer to collaborate with partners? interested in interacting with
among the general On the other hand, affluent people Green Delta is the number one spending a considerable it as comprehensive is that through We are aware of terms such as What are the obstacles youth and letting them know
population in of the society feel no need to get non-life insurance company in the amount of time and resources this app customers can gain access Fintech, meditech, agri-tech, etc., (legal/regulatory) that about the possibilities of
Bangladesh. Why do you insured because they already private sector in terms of the to improve the digital to any end to end insurance all of which have ushered in a new remain towards ensuring InsurTech. The journey won’t be
think the negative have money and perceive consumer base, revenue, and insurance experience and are solution, filing a claim to receiving era in the respective fields. Just an end to end digital fulfilled in one day, and I believe
perception of the insurance as a one-way brand perception and it has been the first company in payment--everything will be at like these, InsurTech is an entirely services in the insurance the youth will soon start thinking
new concept in the realm of
industry has prevailed? investment which will not benefit so for decades. Three years ago, Bangladesh to work on the their fingertips, just click away. It insurance in Bangladesh. industry? What kind of about this game-changer and
Through its journey of 45 years, them. These two reasons have we became the first company to concept of paperless is a giant leap for a country whose InsurTech is part of the broader government assistance is startup ecosystem that will be
insurance industry has still not
insurance. Make no mistake,
the insurance industry in substantially stagnated the introduce digital insurance to it took a hefty investment to fully developed. We want to financial system. It is not digital the industry seeking to playing a huge role. Since
Bangladesh boasts 79 companies growth of insurance in our Bangladesh, which mitigated any shift from a traditional paper develop a system where customer insurance but something that overcome the hurdles? innovation has always been
with 8000 branches all over the country. kinds of physical interactions and office to a completely will not feel neglected or bored. We analyzes the individual needs of There are two concerns in the embossed in the DNA of Green
country. If we look at the On top of these two, the lack of hassle of filling out forms. Being paperless office. Hopefully, we have made considerable customers. If you buy a shoe, it field of digital insurance which Delta, the company will never
ecosystem, with millions of awareness makes the whole an innovation-led company, we will be entirely paperless by investments in our ecosystem, and will only fit you and not your require to be solved to greatly leave a stone unturned to provide
customers at the heart of it, there scenario much worse. People are continuously work on improving next year. A significant the results are slowly being brother or friend. Just like that, two types: tech companies benefit all parties involved. The the required support to startups
are thousands of agents and not aware of all the risks and customer experience and making portion of our customers are evident. Consumers will always opt each customer has their own that provide or sell first one is the e-signature. who are willing to join the
workers rendering their services, exposures that an insurance the overall process more retail customers, and digital for the better experience, and that needs. Custom products are now insure-tech products, the Signature is a legal requirement, bandwagon.
both directly and indirectly. company covers. For many, accessible and more convenient. insurance brings a lot of extra is precisely what Green Delta aims the global trend where people seek other is traditional insurance and the government is working on
Nevertheless, in terms of product insurance is nothing but a social Digital insurance allows benefits to these customers to ensure. products that are tailored companies with a dedicated the deployment of e-signature,
and policies, the market taboo. The market failed to customers to avail of insurance by who no longer have to come specifically for them. They will be vertical to provide insure-tech which will make the life of both
penetration is nothing much to establish the notion that one can merely filling out a form and to our offices to renew their How much does brand much happier in the long run with products to the market. consumer and the service
write home about: less than 1% get insurance from anything, agreeing to our proposed insurance and can do it from perception affect products that meet their Partnership plays a huge role providers easier. The second
(0.97%) in a market teeming with starting from health to your home quotation. Customers have the the comfort of their homes. customer motivation in expectations, and insure-tech has here as a tech company on its concern is the use of a physical
170 million people. One may to even luxury products one uses, option to pay digitally, and after So, in terms of customer the insurance industry? been designed to do that. It is a own will not be able to stamp which is mandatory. Time
wonder about the ‘why’ behind for example, an expensive watch. the payment has been made, they has come to move to e-stamps.

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