Clicky
Business

BSEC to help insurance companies having better financial structure

BSEC chairman tells PABL-KAP webinar


Published : 11 Jul 2020 08:35 PM | Updated : 07 Sep 2020 09:06 PM

Chairman of Bangladesh Security and Exchange Commission (BSEC) Professor Shibli Rubayat-Ul-Islam said that Bangladesh Security and Exchange Commission is trying to help insurance companies having better financial structure. 

“To make them stronger, BSEC giving them the opportunities to offer shares to the public so that they can raise more capital and become financially structured”, he added. 

He was addressing an online webinar as chief guest, jointly organized by Professional Advancement Bangladesh Limited (PABL) one of the subsidiaries of Green Delta Insurance Company Limited in association with a renowned organization named M/s K. A. Pandit – Consultants and Actuaries (KAP) on Friday. 

Prof. Rubayet said, if insurance companies want to raise capital for insurance business, in order to develop their business, offer new products and strengthen their retention capabilities, BSEC is offering them to come up with different types of bonds with innovative ideas. 

“These bonds will help them generate more money as well as getting better insurance possibilities”, he added’, he added.

The online Webinar featuring a panel discussion titled “Bangladesh Insurance Industry beyond Covid-19” . Dr. M Mosharraf Hossain, Member of Insurance Development Regulatory Authority (IDRA) was present as the Special Guest, while distinguished personalities such as Farzanah Chowdhury, Chartered Insurer, MD & CEO of Green Delta Insurance Company Limited, M M Monirul Alam, CEO of Guardian Life Insurance Company Limited and Arup Dasgupta, MD & CEO of LIC Bangladesh Limited were present as panelists of the webinar. 

The event was hosted by Kulin Patel, CEO (Partner), M/s. K. A. Pandit Consultants & Actuaries (KAP), while Ms. Arundhati Ghosal, Actuary/Senior Consultant, M/s. K. A. Pandit Consultants & Actuaries (KAP) moderated the panel discussion. The event was also graced by the closing remarks of Mr. Syed Moinuddin Ahmed, Additional Managing Director and Company Secretary, Green Delta Insurance Company Limited and Director of PABL. 

Their insightful viewpoints and opinions not only enlightened the attendees of the panel discussion about the impact of Covid-19 in Bangladesh Insurance Industry, but their keen observations also gave solutions regarding how to take action in response to Covid-19. 

Special Guest and one of the panelist of the webinar, Dr. M Mosharraf Hossain, Member of Insurance Development Regulatory Authority (IDRA) said that Bangladesh insurance industry has sort of potentials to go further and we should have the frame in the regulator's office and some product features so that people would come and take their needful products from the insurance companies. 

Farzanah Chowdhury, Chartered Insurer, MD & CEO of Green Delta Insurance Company Limited stated that in order to take the country forward, insurance companies have to take opportunities, take advantage of the technology, the block chain, and insure-tech. These can actually the frontline operations of insurance companies to move forward.

M M Monirul Alam, CEO, Guardian Life Insurance Company Limited said that company has to develop the image that they are good employer to make this industry more popular for hiring and retaining new talented people like other industries are doing as handling insurance is a very technical job.

Also technology is going to play the main role from premium collection to customer service, from beginning to end the total ecosystem need to be digitalized. 

Mr. Arup Dasgupta, MD & CEO, LIC Bangladesh Limited said that there is high scope in this country to sell Pension Plan Segment Immediate Annuity. Other market which is totally absent here is ULIP market. Insurance cum Investment option which can be sold through ULIP policy will be a great choice for the clients.