The Dhaka Times Desk In a round table meeting organized by Bangladesh Association of Software and Information Services (BASIS), the entrepreneurs of this sector demanded the creation of separate policies and licensing guidelines for insurtech companies.
This claim was made at a round table discussion on “Role of Insurtech in Building Smart Bangladesh” at Basis Auditorium, Dhaka.
In the discussion, it is said that half a hundred insurtech companies have started working in the country to deliver insurance services digitally at the marginal level. However, since there is no government policy or regulation on insurtech, the required long-term investment in this sector is not happening. Currently only licensed insurance companies can provide insurance services. However, new generation insurtech and fintech companies are playing an important role in bringing new technology-based innovative insurance services to the market based on artificial intelligence (AI), I-O-T (IOT), data-science in many countries around us.
There has been a lot of venture capital investment in the insurtech sector in India, China, Indonesia and many other developing countries. However, due to lack of separate legal recognition of insurtech companies in our country, there is not enough investment in this sector. Speakers in the round table meeting said that only 5% of the population in Bangladesh are covered by insurance services. In neighboring countries this rate is above 20-30%, where technology-based insurtech companies are leading the way in creating the insurance market.
Chairman of Insurance Development and Regulatory Authority (IDRA) Mr. Mohammad Zainul Bari was present as the chief guest on the occasion. Chairman of Banking and Insurance Department of Dhaka University presented the main article in the discussion. Hasina Sheikh. The roundtable discussion was moderated by Fida Haque, Co-Convener of BASIS Fintech Standing Committee and Head of Adarsh Praniseva.
In addition to the top officials of various insurance companies, the founders of 20 leading insurtech companies of the country were present in the event.
Chief Guest Insurance Development and Regulatory Authority Mohammad Zainul Bari said that the government is committed to providing insurance services to a large number of people. Hon'ble Prime Minister also has instructions in this regard. Insurance regulatory authorities will always play a supportive and proactive role in implementing any kind of new technology. He promised insurtech entrepreneurs to take steps to create new insurtech policies.
Fahim Mashroor, Head of Basis Fintech Standing Committee, said in his closing speech that mainstream insurance companies and insurtech companies must work together to develop the country's insurance sector. He also highlighted the need to develop policies to protect local insurtech companies from unfair competition from foreign companies for 3 to 5 years.
On the occasion, a draft InsurTech Guidelines was handed over to the Chairman of the Insurance Development and Regulatory Authority on behalf of BASIS. News bulletins.
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