Page 54 - Insurance Times June 2023

have time to work on other economically significant factors their mind-set must change." It should be demand-driven
for the development of the insurance industry." This session rather than supply-driven. The items should be based on
also explored the importance of Risk Based Supervision market scenarios and market trends." He also provided an
(RBS), prudential or financial laws for insurance companies. example, stating that "during the covid lockdown in
Bangladesh, an insurance product with isolation coverage was
The second panel discussion moderated by Prof. Pratik
launched as an innovative product." The other panellists also
Priyadarshi Associate Professor (PGDM-IBM) and
were in sync with the fact that introducing innovative
Programme Coordinator (IBM), BIMTECH focused on how
insurance solutions through a digital platform will drastically
the insurance business could benefit from Smart
close the protection gap.
Bangladesh. Smart Bangladesh is the next significant step
in terms of providing digital services in various parts of The final panel discussion Mr. Samiran Lahiri, Executive
people's life. With a 31.5% penetration, Bangladesh mobile Director & CEO (Principal Officer), Preferred Partners
phone connections are equivalent to over 106.8% of the total Insurance Brokers (P) Ltd. focused on how to improve
population. Using such an internet platform, insurance the intermediation landscape. The protection gap is
companies will be able to sell insurance products online and caused by accessibility rather than availability. As
significantly minimise the protection gap. Mrs. Rubaba intermediaries, agents and brokers play an important role
Dowla, Country Managing Director of Oracle, Bangladesh, According to M.R. Khan, CEO of Integrated Risk Consulting
Nepal, and Bhutan who was one panelists, stated, Group (IRCG), who was a panelist said in the discussion
"Insurance products should be sold as a supplementary "there is a knowledge gap among agents and brokers, which
product in an established online platform where a financial is actually hindering the insurance market in Bangladesh."
product has already been sold." Microcredit for small and Because most agents do not comprehend what they are
medium-sized businesses, for example, is being sold online. selling, they are unable to explain to customers the benefits
Insurance products and services can be sold on the same they would receive, and as a result, they are unable to sell
platform. This will bridge the trust gap between the client the product.
and the insurer."
Bancassurance channel could the intermediary that will be
The third panel discussion moderated by Prof. Manoj particularly effective in closing the protection gap because
Kumar Pandey, Chairperson, Centre for MDP and it will provide customers with a one-stop solution in
Consultancy, BIMTECH focused on cutting-edge smart Bangladesh in future. The conference offered insight on
products and services. Most insurance companies in regulators' roles, namely how they can apply principle-based
Bangladesh supply classic insurance products that have been laws and prudential regulations. It is critical to update
sold for decades. Whereas it should be mostly determined by insurance rules and orders on a regular basis depending on
market demand. Mr. S. M Ziaul Haque, CEO of Chartered Life current conditions. The adoption of smart technology will
Insurance Company, who was one of the panelist stated "If be critical in reaching more clients and closing the
insurance companies want to bring in innovative products, protection gap.

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The Insurance Times June 2023 49