Ensuring efficient insurance services

There are many factors that determine whether a country is indeed on the path to progress and development. 

Among them is a healthy and functional insurance sector; as the role of insurance in managing the various risks that arise in an economy -- in particular a growing one such as Bangladesh -- are many.

While there is no doubt that our nation has made considerable strides across numerous sectors, its insurance sector does require more attention. To that end, it is good to see Prime Minister Sheikh Hasina reiterate the importance of our insurance sector functioning efficiently, with the hope that this conviction will carry forward. 

Of particular note is the need to better insure important-yet-risk-oriented sectors in the country such as RMG and the transport industry.

With a Tk632 crore project in collaboration with the World Bank to bring all insurance companies under a technology-based automation system in the works, this project should go a long way to ensuring that we do significantly improve the sector, while also signaling that the authorities are indeed taking the issue seriously.

A lack of awareness about insurance services, coupled with a major chunk of the population not trusting the insurance sector, remain significant barriers to overcome. 

However, solutions are being proposed, which is encouraging. The PM herself noted the need to educate the population, in particular the youth, on insurance. 

In addition, there is also a need for awareness programs across the country so that people embrace, rather than be detracted due to a previously held misconception, the insurance sector and partake in the many services offered.

This added knowledge and awareness -- together with the push to automate and regulate our overall insurance industry -- will be a tremendous asset for Bangladesh to continue to enjoy its upward trajectory as an economy.