The Dhaka Times Desk On June 15, BASIS, a trade association of the information technology sector, organized a round table meeting titled "Possibility of InsureTech Technology in the Economic Development of Bangladesh" at the BASIS Auditorium.
The speakers in the meeting expressed their opinion that the role of institutions involved in insuretech should be strengthened to bring about a paradigm shift in the overall insurance sector of Bangladesh.
Distinguished guests from Bangladesh Bank, private banks and financial institutions, insurance companies and other important organizations were present on the occasion.
The roundtable discussion was moderated by Fida Haque, Co-Chairman of BASIS Fintech Standing Committee. Mr. Masud Rana, Additional Director (BFIU), Bangladesh Bank, said, “Insurance development and regulatory authorities should make necessary amendments in their policies so that insurance and technology companies can work collaboratively to develop and expand new insurance products incorporating 4th industrial revolution technologies.
Fahim Mashroor, Chairman, Basis FinTech Standing Committee, said, “Our meeting today has proposed some groundbreaking ideas and suggestions to ensure the development of the insurtech industry and to better serve customers, to properly coordinate and redesign insurance policies”.
Bangladesh's financial services market has immense potential, and Fida Haque highlights some of the key hurdles that need to be overcome to bring about proper change. Participants focused on the insurance gap of about US$ 6 billion in Bangladesh and the very minimal contribution of the insurance sector to the country's GDP – 0.4% to be exact.
In subcontinent and other countries, insurance sector market and insurance service diversity is much more than Bangladesh. Experts have made some specific recommendations to overcome the current dismal situation in the insurtech sector:
● Issuing an NOC by allowing insurtech companies to act as digital insurance agents or until the insurance laws are amended to accommodate them.
● Secondly, significant revision of existing provisions and mandates is required as per current market demands. BASIS, as the leading trade organization for all software and ITES companies in the country,
Expressed interest in working collaboratively with regulatory and trade organizations and industry experts to help resolve the situation.
● In addition, the panel urged regulators to take the insurtech industry forward in consultation with traders and experts regularly involved in the industry.
The program was inaugurated by BASIS Senior Vice President Samira Zuberi Himika. Ehsanul Kabir, Joint Director of Bangladesh Bank, Rafiqur Rahman, Deputy Managing Director of PICL, Md. Moniruzzaman Khan, SEVP of GDICL, Md. Raphael Kabir, Managing Director of Instasure and Alvi Nizam, Managing Director of Bimafai were also present in this round table discussion meeting. News bulletins.
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