Written by The Banking Post
Industry experts say modern technology is essential to restore public trust in Bangladesh’s insurance sector, where discrepancies between policy records and the information submitted to regulators are often observed. Proper use of digital tools can reduce such inconsistencies, ensuring timely claim settlements and increasing customer confidence.
A day-long training workshop titled “Using Technology for Modernizing the Insurance Sector” was held at the Strength Training and Research Centre in Savar, organized by the Insurance Reporters’ Forum (IRF).
S.M. Ziaul Haque, former CEO of a chartered life insurance company, conducted the training, while Shahnewaz Durjoy represented Duar Services PLC. The session was presided over by IRF President Gazi Anwar.
Speaking at the workshop, experts noted that the banking sector has advanced technologically, enabling Bangladesh Bank to detect irregularities immediately. In contrast, gaps in insurance sector technology often delay detection of unpaid claims, despite efforts by the Insurance Development and Regulatory Authority (IDRA) to digitize company operations. Some insurers’ lack of cooperation has hindered these initiatives.
Experts emphasized that digital tools allow customers to access policy information as soon as premiums are paid, enhancing transparency and trust.
Duar Services highlighted its Insurance Information Management System (IIMS), a centralized digital platform that stores all insurance policy data, enabling monitoring of timely claim settlements. The company has also introduced e-KYC, e-receipts, and fast digital policy issuance, pushing insurers to upgrade their IT infrastructure.
Such technological advancements, specialists said, are critical for modernizing the insurance sector and building lasting customer confidence.
