There has been a visible rise in the last 15 years and an overall tide has come. Planning Minister MA Mannan has expressed optimism that INSURTECH will play a great role after Fintech, the new IT initiative in this tide. He said, the government is very generous. So ECNEC passed 19 projects in 3 hours today.

The minister shared his views at a discussion meeting titled 'INSURTECH – A New Milestone in Building Smart Bangladesh' organized by Bangladesh Association of Software and Information Services (BASIS), the leading trade organization of Bangladesh's information technology sector, at a hotel in the capital on Tuesday night.

While speaking as the chief guest, the Minister of Planning highlighted the positive aspects of inflation in the country by keeping friendship, trust and confidence in the businessmen. "There is gradual inflation in the country," he said, adding that "this pressure will gradually come down". There has been a good wind in remittances. There is upward pressure in all sectors including insurance, garment, and agriculture.  The growth rate is likely to be 7.

The ratio of premium to GDP in the country is only 10.4 percent. Bangladesh has historically lagged behind in underwriting insurance even though expected risk is 7 times GDP and disaster risk is more than 8 percent. Only one crore people of the country are now covered by insurance. People have lost confidence in this sector as they suffer from not getting insurance claims on time. However, it will be possible to restore trust in the use of technology, said Mohammad Zainul Bari, Chairman of the Insurance Development and Regulatory Authority (IDRA). He said, to make insurance universal, along with the automation of the insurance sector, to build an eco-system, the banking sector should be involved as well as BASIS.     

President of Bangladesh Insurance Association Sheikh Kabir Hossain and Farzana were present as honored guests in the event. BASIS President Russell T Ahmed presided over the event. 

Fida Haque, Co-Chairman of BASIS Standing Committee on Fintech and Digital Payments and Managing Director of Adarsha ​​Praniseba delivered the keynote address on the occasion. In the presentation, he said, it will be possible to ensure convenient (quick and effective) insurance services for everyone through the use of INSURTECH, i.e. digital technology, to realize the dream of Smart Bangladesh. In this case, the use of modern technology such as the application of artificial intelligence or Internet of Things can play a leading role in providing reliable insurance services.

 In view of this, Bangladesh Insurance Development and Regulatory Authority recently released the “INSURTECH Regulatory Sandbox Guidelines” to increase technology reliance in the insurance sector. Through which the insurance companies will be able to reach insurance services to people at all levels using technology. While speaking as the President, the BASIS President Russell T Ahmed said that ICT is important from the center to the edge of the country. To make smart Bangladesh, you have to be smart in all areas. In this case, ICT will play a nuclear role.