Technology-focused innovation needed in insurance sector: Experts

A group of insurance experts have stressed in a webinar the need for technology-focused innovation in the insurance sector.

They talked about the Insuretech in Bangladesh and the possible interventions to redraw the insurance map in the country with the help of technology-focused innovations.

The virtual discussion titled 'Emergences of Insurtech: How we are adapting and embracing it in Bangladesh' was organized by a2i Programme in association with Milvik Bangladesh Limited and The Business Standard on 23 June. 

Masud Rana, joint director at the Bangladesh Financial Intelligence Unit (BFIU) of the Bangladesh Bank, moderated the discussion while Md Quamrul Hasan, manager at Swisscontact Bangladesh, gave the keynote presentation on the topic.

Md Quamrul said the contribution of insurance premium to the country's GDP was only 0.4% while developed countries' contribution was 8%-11% and developing countries' 3%-4%.

Insurance penetration in Bangladesh had been decreasing day by day, he further said. From 2011, it started to decrease, he added.

He also said Insurtech emerged towards 2010 as a small endeavour in banking, known as 'fintech'. 

Ankur Basu, country manager at Milvik (Bima BD), Rahat Khan, chief commercial officer at MicroInspire Bangladesh, Kazi Md Mortuza Ali, director general (DG) at Bangladesh Institute for Professional Development (BIPD), Md Moniruzzaman Khan of Green Delta Insurance and Md Abu Mahmud from the Insurance Development and Regulatory Authority (IDRA) were the panellists in the webinar.