Tech and Teen
  • Technology
  • Teen
  • Entertainment
  • Sports
  • Politics
  • Business
  • World
  • Multimedia
  • IT HOT
  • Blog
  • Technology
  • Business
  • Sports
  • Entertainments

Tech and Teen

  • Technology
  • Teen
  • Entertainment
  • Sports
  • Politics
  • Business
  • World
  • Multimedia
  • IT HOT
  • Blog

The suggestion for the InsurTech sector in Bangladesh

by Tech and Teen June 26, 2022June 19, 2022
written by Tech and Teen June 26, 2022June 19, 2022
The suggestion for the InsurTech sector in Bangladesh

In a roundtable held at the BASIS Auditorium on “Potential of InsurTech in Advancing Bangladesh’s Economy” today, speakers expressed their view that the role of insurtech players has to be formalised and boosted to bring about the paradigm shift within the overall insurance sector of Bangladesh.

Distinguished guests from the Bangladesh Bank and private banks, non-bank financial institutions, insurance companies and other key stakeholders attended the event. The roundtable discussion was moderated by Fida Haq, Co-Chairman, BASIS FinTech Standing Committee.
Mr. Masud Rana, Additional Director (BFIU), Bangladesh Bank, stated, “Bangladesh Insurance Development and Regulatory Authority (IDRA) should make necessary amendments to their policies to allow tech companies and insurers to work collaboratively to develop and modify products to provide 4IR based and hassle-free services to customers.”
“To ensure the development of the insurtech industry and to suitably serve end beneficiaries, our roundtable today has proposed a few groundbreaking ideas and suggestions to properly structure and redesign the insurance policies” added Fahim Mashroor, Chairman, BASIS FinTech Standing Committee.
Bangladesh has immense potential in the financial service market, that’s what Fida Haq expressed while touching upon a few key barriers that need to be overcome to bring about the necessary changes required. Participants focused on the insurance gap in Bangladesh of nearly 6 billion USD and a very minimal contribution of the insurance sector – 0.4% to be exact – to the GDP of the country.
Insurance sector in other countries – including the sub-continent – have considerably much more market penetration than Bangladesh. Thus experts concluded with a few solutions to overcome the dismal situation currently prevailing in the insurtech sector: provision of the insurtech companies with permission to operate as Digital Insurance Agents or to begin with provide an NOC until the insurance act is revised to accommodate them. Secondly, there needs to be significant revision of the existing regulations and mandates as per current market needs. BASIS, as the peak industry body of all software and ITES entities of the country, expressed its interest to work in coalition with the regulators and trade bodies and industry specialists to help solve the situation. Also, the panel requested regulators to meet in regular intervals with the industry players and experts to catalyse the formulation of a healthy insurtech industry forward.
The event was organized by Bangladesh Association of Software & Information Services (BASIS). Samira Zuberi Himika, Senior Vice President of BASIS inaugurated the workshop by her opening remarks. Among others, Ehsanul Kabir, Joint Director, Bangladesh Bank, Rafiqur Rahman, Deputy Managing Director, PICL, Md. Moniruzzaman Khan, SEVP GDICL, Md. Rafel Kabir, Managing Director, instasure, Alvi Nizam, Managing Director, bimafy at a moderated panel discussion.

Insuretech
0 comment
0
FacebookTwitterGoogle +PinterestLinkedinWhatsapp
previous post
Mastercard announces winners of its Spend & Win campaign – ‘Mystical Maldives 2022’
next post
Powerful Performance, Sleek Design And Durable Battery, The vivo Y01 Has Arrived In Style!

related posts

Bangladesh Govt provides ICT training for 113,308 people

December 18, 2018

Xiaomi launches POCOPHONE F1 in Bangladesh

November 2, 2018

realme 9 pro and 9 pro plus with...

July 19, 2022

5-yr panel guaranty, best after sales service boost...

May 12, 2022

FBCCI and MIT Solve launches Virtual Solveathon

January 25, 2021

Huawei’s 20 Years journey in Bangladesh

October 2, 2018

Openness, Collaboration and Development: Building a Secure Digital...

June 17, 2019

realme registers stunning global growth in 2021, set...

January 18, 2022

Walton’s new 2GB RAM 4G handset hits market

May 18, 2019

Gionee Exclusive Brand shop at Uttara

July 30, 2018

Walton launches slim LED monitor with frameless design

March 27, 2021

Facebook Security Essentials: Avoiding Phishing & Scams

November 7, 2019

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Recent Posts

  • Shakib Spotted on Short film set

    March 31, 2023
  • Tasnia Farin is at vivo’s advertisement

    March 30, 2023
  • TikTok reaffirms commitment to safety with refreshed Community Guidelines

    March 24, 2023
  • Helio G99 Processor Amplifying multitasking

    March 20, 2023

Popular Posts

  • 1

    Hero Alom is the most searched celeb in Bangladesh

  • 2

    Samsung launches 33% discount on Samsung Galaxy S9+

  • 3

    TikTok reaffirms commitment to safety with refreshed Community Guidelines

  • 4

    GP Explorer to unlock possibilities of the youth by upskilling

  • 5

    Safe to be the market leader in the electrical appliance sector

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018

Mobiles

  • Tasnia Farin is at vivo’s advertisement

  • Helio G99 Processor Amplifying multitasking

  • OPPO Reno8 T First Sale Exceeds by 400%

  • OPPO Launches Reno8 T

  • 5 reasons why youths are buying Infinix Note 12 Pro

Popular Posts

  • 1

    bKash payment is rolled out at KFC, Pizza Hut outlets

  • 2

    VSONE Partners with IFS to Inaugurate Operations in Bangladesh

  • 3

    SINGER Consumers get 100% Discounts Across the Country

  • 4

    SSD-Tech signs MoU with OK Wallet to Launch Visual IVR

  • 5

    Tasty Tibet introduces four new flavors of Frozen Momos in Bangladesh

About Us

Techandteen is the vibrant tech news site in Bangladesh. It provides new tech news and latest tech news and reviews for teenagers. As a tech blog techandteen is also popular tech site and best tech site in Dhaka. We accept Guest Posts and paid Promotions.

Email : shiningbd2014@gmail.com

Dhaka, Bangladesh

Phone :  +88 00 5555

Popular Posts

  • 1

    Samsung launches 33% discount on Samsung Galaxy S9+

  • 2

    OPPO A5s price in Bangladesh and best review

Follow us on Facebook

  • Facebook
  • Twitter
  • Google +
  • Instagram
  • Linkedin
  • Youtube
  • Technology
  • Teen
  • Business
  • Sports
  • Entertainments
  • Multimedia

@ 2018-2022 - Tech and Teen. All Right Reserved.
Developed By: Deshi Hosting, Amjhupi, Meherpur.