Jiban Bima Corporation embraces IT-based central fund management

Jiban Bima Corporation (JBC), the lone state-run life insurer, has inaugurated its IT-based central fund management system with the help of Dutch Bangla Bank Ltd (DBBL). 

From now on, clients can deposit their premiums to the insurer's bank accounts from anywhere through DBBL's mobile app Nexus Pay, mobile financial service provider Rocket, Visa or MasterCard. 

The company has also begun arrangements to collect insurance premium from clients' bank accounts through Bangladesh Electronic Fund Transfer Network (BEFTN). 

The transaction system automation will help the insurer bring down the number of its bank accounts to 5-7 from 700 at present across the country, said corporation officials in the inauguration programme on Sunday. 

Md Ashadul Islam, senior secretary to the Financial Institutions Division, was the chief guest at the programme. 

JBC will introduce online insurance policy in 2021, when its clients will get their claimed money and refund after policy maturity directly to their accounts. 

Instant transaction processing will reduce a lot of work the offices of the corporation need to accomplish against each transaction at present. 

The automation will help a stronger monitoring and auditing of operational activities as well. 

JBC Chairman Md Maksudul Hasan Khan, Managing Director Mohammad Mahfuzul Hoque, Insurance Development and Regulatory Authority's Executive Director Md Ashraf Hossain were present in the hybrid meeting where both physical and online participation took place. 

DBBL Managing Director Abul Kashem Md Shirin spoke at the event participated by a large number JBC officials. 

The Jiban Bima Corporation is the lone state-owned life Insurance company, which started its journey in 1973 with assets and liabilities worth Tk15.70 crore of 37 defunct life insurance companies active in Bangladesh before the independence.