Page 41 - Insurance Times April 2023

numerous publicly available datasets to detect and restrain make the most of them. The technology the insurers develop
potentially fraudulent claims to avoid their colossal blood- is shaped by talking about their issues in conversations they
shedding, to ensure insurers’ profitability. have with their clients every day. Their consultants and
technologists work side-by-side and this combination of
As digitalization helps improve assessing and processing
domain knowledge, practical experience and cutting-edge
proposals and claims affairs, new insurance products are
technology development, all is required in this process.
being developed and traditional products can be handled
differently. One emerging global approach – enabled by the
It means their clients must benefit from insurance-focused
Intersection of Telecommunications and big data known as
solutions built from the ground up and how their sophisticated
“telematics” – is the Usage-Based Insurance (UBI) priced algorithms reduce the frictional costs of insurance at every
according to drivers’ own behavioral data in the field of vehicle
stage of the involved value chain. Insurers continue to develop
insurance. A more recent stage in UBI’s evolution is pay-as-
for their clients next-generation technology in-house as well
you-drive auto insurance by the mile, with monthly billing
as partnering with promising start-ups and early-stage
that varies based on how much a person drives. Advances in
businesses. It’s about cutting through the hype and bringing
telematics and the Internet of Things (IoT) are increasing the
clients the technology solutions that will transform their
quantity and range of the data that insurers will have at their
business in order to save money, work better and grow
disposal, in this Insuretech Regime.
profitably.
Moreover, although digitalization is creating opportunities
and challenges for insurance companies. But it can be hard References:-
to cut through the noise – to the insurers to decide what to Different contemporary discussions & information as
measure, what to automate, what the next commercial collected & collated from various text materials available
opportunities might be, and what technologies to employ to on-line & in hard copies.

Green Delta Insurance gets special recognition from HPM Sheikh
Hasina and Bangladesh Govt. on the occasion of National Insurance

Day 2023

On the occasion of National Insurance Day 2023,
Green Delta Insurance Company Ltd. have been
honored with a special recognition from HPM
Sheikh Hasina and Government of People's Republic
of Bangladesh for the organization's outstanding
record and success in claim settlement.
Farzanah Chowdhury, Chartered Insurer,
Managing Director & CEO of Green Delta Insurance
received the prestigious award from H.E Honorable
Prime Minister Sheikh Hasina, while Sheikh Kabir
Hossain, President of Bangladesh Insurance
Association (BIA) was also present on the stage.
Other high officials of Green Delta Insurance and
other insurance companies were also present at
the formal awarding ceremony jointly organized
by Finance Ministry and Insurance Development & regulatory Authority (IDRA).
1 March has been announced and celebrated as the National Insurance Day of Bangladesh since 2020 with the Hon'ble
Prime Minister Sheikh Hasina recognizing the necessity of insurance for the overall progress and development of the country
and the nation. Since 2020 on this day, distinguishable insurance personalities and organizations are awarded at this national
platform every year for their outstanding contribution to insurance sector.This year, apart from Green Delta Insurance,
three more insurance companies have been awarded this special recognition.

36 April 2023 The Insurance Times