Written by The Banking Post
Experts in Bangladesh’s insurance industry say that technological upgrades are essential to regain public confidence in the sector. They note that there are often discrepancies between the policy data companies submit to the regulator and the information uploaded in their software systems. If companies become technologically advanced, such inconsistencies can be eliminated, boosting customer trust.
The remarks came at a daylong training workshop titled “Use of Technology in Modernising the Insurance Sector”, organised by the Insurance Reporters Forum (IRF) at the Shakti Training and Research Centre in Savar.
Former CEO of Chartered Life Insurance Company, S M Ziaul Haque, attended as a trainer, alongside Shahnewaz Durjoy from Duwar Services PLC and Dhaka Reporters Unity General Secretary Mainul Hasan.
Speaking at the event, chaired by IRF President Gazi Anwar, participants said that unlike the banking sector — where Bangladesh Bank can instantly detect irregularities — the insurance sector has yet to reach that stage. As a result, when insurers fail to pay customers their dues, the authorities cannot take immediate action.
Although the Insurance Development and Regulatory Authority (IDRA) is working to integrate companies into a unified technological system, resistance from some insurers has hindered progress.
If the sector is technologically upgraded, customers would receive instant confirmation of their premium payments, speakers said. This would not only strengthen public trust in insurance but also bring greater discipline to the industry.
