Bangladesh Association of Software and Information Services (BASIS) urged Insurance Development and Regulatory Authority (IDRA) to accelerate Insurtech activities in Bangladesh in a meeting held at IDRA office on Wednesday.
In the meeting, they discussed various issues related to the advancement of insurtech and creation of a regulatory framework.
The BASIS Standing Committee on FinTech and Digital Payments presented a draft guideline for the insurtech companies and proposed to finalize the draft guideline within 60 days.
In the meeting, Insurance Development and Regulatory Authority Chairman Mohammad Zainul Bari said that the management of our insurance companies is outdated. The use of information technology in the insurance sector should be ensured to modernize insurance companies, improve service quality and increase public awareness about insurance. He also said to finalize the draft guidelines within 60 days considering the role and potential of insurtech companies in building Smart Bangladesh.
In the meeting, BASIS President Russell T. Ahmed highlighted the importance of insurtech companies for the progress of the insurance sector and called for the need to create a regulatory framework for insurtech companies to conduct business smoothly. He highlighted the role and potential of insurtech companies in building a Smart Bangladesh. In order to ensure the maximum use of potential sectors like insurtech in building a Smart Bangladesh, need a regulatory framework for insurance companies as well as insurtech companies through which these insurtech companies can work specifically.
A.K.M. Fahim Mashroor, Chairman, BASIS Standing Committee on FinTech and Digital Payments and CEO of bdjobs, said the regulatory framework for insurtech companies must be industry-friendly so that we can act as partners to insurance companies rather than technology providers to insurance companies. In this case, insurance companies must ensure the use of technology.
Fida Haq, Co-Chairman of BASIS Standing Committee on FinTech and Digital Payments said, Bangladesh is an emerging economy and as InsurTech is a promising sector, many foreign investors are interested in investing in this sector. Many of the insurtech companies operating in Bangladesh are operating illegally or quasi-legally due to the lack of a specific regulatory framework. As a result, foreign investors are not encouraged to invest in our country’s companies. Therefore, proper regulatory framework of insurtech companies is essential for us to get this foreign investment and to run the business smoothly.
However, Alvi Nizam Nafi, Chief Executive Officer of Bimafy, Instasure Managing Director Rafael Kabir, GBL Fintech Managing Director Mohammad Saifur Rahman, Shaon Shahriar of Managing Director of Chaya.xyz were also present in the meeting.
