Country’s leading non-life insurance company Green Delta Insurance started Digital Insurance for the first time in Bangladesh. The event took place at Dhaka club on September 13, 2018.
With the presence of Insurance Development & Regulatory Authority (IDRA) Chairman Shafiqur Rahman Patwary as chief guest and President of Bangladesh Insurance Association (BIA) Sheikh Kabir Hossain as special guest, the gala event bloomed.
The delegate members and executive directors of IDRA were also present along with officials from BIA. From Green Delta Insurance Managing Director & CEO Farzana Chowdhury, Advisor & Founding Managing Director Mr. Nasir A Choudhury with other high officials were present at the occasion.
“People nowadays are much concerned about time. And this is such a platform which will save the valuable time, energy and money of the customers as well. Besides, from now on anyone from anywhere can purchase insurance without any problems since huge investment was made to protect the system from all kind of cyber attack”, said Farzana Chowdhury coming to the podium.
In alignment with Bangladesh Government’s Digital Bangladesh concept, GDIC have already transformed their business model with state of the art IT infrastructure and are working relentlessly to elevate the insurance industry digitally.
While speaking to the journalists, Shafiqur Rahman Patwary said, “Since the insurance penetration and coverage are very scanty in Bangladesh especially in rural areas, I suppose, the whole insurance sector must go for digitization to help it grow further and Green Delta has made this happen”.
Bangladesh Insurance Industry is a largely untapped sector with huge potentials to grow. Currently 66 insurance companies in total are operating in life and non-life category. Market penetration is less than 1% which is relatively low compared to our neighboring countries but due to the growth in the middle income group it is highly expected that insurance will be a sought after product for the general people in Bangladesh. Especially proper digitization of the sector will surely help to speed up market growth.
Presenting his keynotes, Syed Moinuddin Ahmed, additional managing director informed, “With more than 80 million internet users and around 10 million smartphone users, Bangladesh will experience an upsurge in fintech and insuretech within a very short time. Now is the right time to digitize the insurance industry and enable customers to get better user experience”.
Note that Green Delta Insurance signed a Memorandum of Understanding with the Information & Communications Technology (ICT) Division of Government of Bangladesh to promote the access to insurance services and educate mass about insurance through technology last year. This MoU heavily supported the movement of Digital Insurance. Also the national help desk (#999) will be integrated with Nibedita (with the panic button feature) which is a comprehensive insurance scheme for women by Green Delta Insurance.
Currently the customers can buy motor insurance, travel insurance, Nibedita and people’s personal accident policy online logging in to the website. Gradually the other products will be brought under Digital Insurance platform as well.
Green Delta Insurance & iPay are running a joint moneyback campaign at the moment. Customers who will buy insurance using iPay’s platform will enjoy 15% moneyback on their purchase.
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