Page 20 - Insurance Times Janaury 2021

climate change, insured catastrophe clients, ensuring transparency and ac- Managing Director and Advisor
losses will only rise in the future," said countability, building IT infrastructure Nasiruddin Ahmed Choudhury was also
Martin Bertogg, Head of Cat Perils at and establishing distance learning cen- present at the session.
Swiss Re. tres. Dr M Mosharraf Hossain said the

Winter storms hit northern Europe in Considering the ongoing pandemic, mobile app will enhance the sector's
February, causing flooding, power more product and process innovation growth by promoting insurance
outages and transport disruption, with are needed to improve customer inclusion in the country to cover more
more than USD 2 billion combined experience and that can be achieved community.
insured losses. In May, cyclone through digital transformation, said
Amphan in the Bay of Bengal caused MM Monirul Alam, CEO of Guardian "Under the leadership of Prime
economic losses of USD 13 billion, the Life Insurance. Minister Sheikh Hasina, the
most destructive tropical cyclone India government is implementing the
has ever experienced. Insured losses Moving towards innovation will help in Digital Bangladesh programme,
are expected to be just a fraction of serving the marginal segment of the ensuring connectivity for all. New
the economic losses due to the region's society, which will not only bring in concept of InsurTech has changed the
low insurance penetration. revenues for the industry but also landscape of service delivery in the
boost penetration to a great extent, sector. We also promote all innovative
Project underway for said Farzanah Chowdhury, CEO of and inclusive products from the
Green Delta Insurance. insurance companies to reach the goal
automation in insurance of making service digital together," he
sector in Bangladesh Green Delta introduces AI- said.
According to M Mosharraf Hossain, based InsuMama app "By 2021, Bangladesh's insurance
chairman of the Insurance Green Delta Insurance Company has penetration rate will rise to 7.04% and
Development and Regulatory introduced an artificial intelligence (AI)- the industry will become a USD 2.2
Authority (IDRA) the government has based mobile application which is the billion market. The initiative to launch
undertaken a big project worth over Tk first of its kind in the non-life insurance the Green Delta Mobile Insurance app
600 crore to ensure faster upgradation segment featured with instant as a pioneer among general insurance
and automation of the insurance account opening and policy purchase companies in the age of digitalisation
sector. is really commendable," said Sheikh
tool online.
Kabir Hossain.
"The true purpose of insurance will be Using the app titled 'InsuMama', policy
served only if we can make the service holders can also pay their premiums Farzanah Chowdhury said Green Delta
faster and smoother, which can be online and renewal of policies on a Insurance launched the first digital
ensured through automation," he said. single tap on the digital platform as the insurance in Bangladesh in 2018 and
He was speaking at a roundtable on officials informed at a webinar. company has been working for
"Insurance: transformation around the leveraging technology in insurance in
Dr M Mosharraf Hossain FCA,
world and case of Bangladesh" jointly chairman of Insurance Development line with Digital Bangladesh vision of
organised by DoubliuP, Guardian Life and Regulatory Authority (IDRA), was the government.
Insurance and the IDRA through a the chief guest, while Sheikh Kabir "Inspired by the theme of 'Insurance
digital platform on Saturday. Hossain, president of Bangladesh for Everyone', GDIC has introduced the
"We are prioritising claim settlements. Insurance Association, was the guest comprehensive insurance mobile app -
As it is a contractual obligation, we are of honour, and Syed Almas Kabir, - InsuMama -- with a bunch of smart
trying to mitigate the risks and president of Bangladesh Association of features for making insurance more
negativities. Even a client with a small Software and Information Services accessible to the people of the
claim should be given high priority," (BASIS), was special guest at the country," Farzanah added.
said Hossain. inauguration event of the new GDIC officials mentioned that the AI-
The project money will also be spent application. based application will provide hassle-free
for the upgradation of the insurance Managing Director of Green Delta insurance services to all with end-to-end
regulator, better monitoring of the Insurance Farzanah Chowdhury encrypted data to secure personal
companies to ensure better service for presided over the session. Founding information of policy holders. T

20 The Insurance Times, January 2021