Call for formalization of InsureTech

Experts have said that insuretech should be formalized in Bangladesh. They say the role of insurance companies needs to be strengthened to bring about exemplary change in Bangladesh’s overall insurance sector.

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This was stated at a roundtable meeting titled ‘Possibilities of InsureTech Technology in Bangladesh’s Economic Development’ at BASIS Auditorium on Wednesday. This round table meeting was organized by Bangladesh Association of Software and Information Services (BASIS).

The meeting was attended by distinguished guests from Bangladesh Bank, private banks and financial institutions, insurance companies and other important affiliates. The roundtable discussion was moderated by Fida Haque, Co-Chairman of BASIS Fintech Standing Committee.

Masud Rana, Additional Director (BFIU), Bangladesh Bank, said, “Insurance development and regulatory authorities should make necessary amendments to their policies so that insurance and technology companies can work together to develop and expand new insurance products combining the technologies of the Fourth Industrial Revolution.”

Fahim Mashroor, Chairman, BASIS Fintech Standing Committee, said, “Our meeting today offered some groundbreaking ideas and suggestions to ensure the development of the insuretech industry and to better serve customers, to properly coordinate and redesign insurance policies.”

Fida Haque highlighted the immense potential of Bangladesh in the financial services market and the number of key obstacles that need to be overcome to bring about appropriate change.

In other countries including the subcontinent, the market for insurance sector and the diversity of insurance services is much higher than in Bangladesh. Experts have made a number of specific recommendations to overcome the current depressing situation in the insurance sector.

First, to issue an NOC until the insurance law is amended to allow insuretech companies to act as digital insurance agents or to adjust them.

Second, the existing provisions and orders need to be significantly amended as per the current market demand. BASIS, as the leading trade organization of all software and ITES companies in the country, has expressed interest in working in partnership with regulators and trade organizations and industry experts to help resolve the situation.

The panel also requested regulators, regular traders and experts in the industry to take the insuretech industry forward.

The event was inaugurated by Samira Zuberi Himika, Senior Vice President, BASIS. Also present at the roundtable discussion were Bangladesh Bank Joint Director Ehsanul Kabir, PICL Deputy Managing Director Rafiqur Rahman, GDICL SEVP Md. Moniruzzaman Khan, managing director of Institution. Raphael Kabir and Alvi Nizam, managing director of Bimafai.

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