Starting a new technology-based phase in Bangladesh’s insurance sector, the soft launch of Labaid InsureTech Company Limited was held today in the capital. This digital-first platform will provide simple, low-cost, and tech-based insurance services to common people and small business owners. The platform is built for the country’s fast-growing digital economy and the rising need for easy financial services, so users can get insurance services anytime, from anywhere.
At the launch event, the Managing Director, Sakif Shamim, and his family members were present. Guests praised his leadership, new ideas, and his role in bringing technology into Bangladesh’s insurance sector. Under his leadership, Labaid Group has taken its trusted healthcare services into tech-based financial services. Others at the event included Dr. Sucharita Ahmed, Director of Labaid Group; Mastura Farzana Mohona, Director of Labaid Cancer Hospital & Super Speciality Centre; and Sharif Mohammad Abid, CEO of Labaid InsureTech. Representatives from partner and sponsor companies were also there, including Chartered Life Insurance, Pragati Insurance, Meghna Life Insurance, Micromaster Insurance Belgium, and Shanta Life Insurance. The event focused on technology, new ideas, and financial safety, and the guests shared positive views about the future of the insurance sector.
Through this app, users can get many types of insurance in one place, including Health Insurance, Life Insurance, Motor/Vehicle Insurance, Travel Insurance, Pet Insurance, Crop Insurance, Device Insurance, and Property/Wealth Insurance. The app also includes online claim submission, fast claim settlement, real-time tracking, E-KYC, cashless treatment, 24/7 doctor support, and AI-based customer service. This is the first AI-powered Insurance E-KYC system in Bangladesh, which will make identity checks faster, safer, and smoother. In many cases, claims can be settled within 1 to 3 working days, giving the platform a strong position in the market. It also uses AI for fraud detection, smart underwriting, and data-based prediction to provide safer and faster service.
Speaking at the event, Managing Director Sakif Shamim said, “Our goal is to make Bangladesh’s insurance sector more clear, easy to access, and technology-based. The Labaid InsureTech app is not just a service platform, but a smart solution for people’s financial safety and future.” He also said that, based on Labaid’s strong reputation in healthcare, this initiative will help protect people from different risks in life. Providing the right insurance for individuals, families, small businesses, and agriculture-based entrepreneurs is their commitment. Fast claim service and continuous support will make the service more reliable.
He also said that in the future, features like embedded insurance, usage-based insurance, micro-insurance, and group insurance solutions will be added, so that low- and middle-income people can easily get insurance coverage.
Labaid InsureTech is already working with Pragati Insurance, Chartered Life Insurance, and other partners to bring more people under insurance coverage, especially small businesses and general families. These partnerships will expand the service network and give customers a strong and reliable support system.
Through this soft launch, the company has shared a strong message about digital change in Bangladesh’s insurance sector. Experts believe this will be an important step in making the sector more modern and technology-based, and will help increase awareness and trust in insurance.
It is worth mentioning that the main vision of Labaid InsureTech is: “Transforming Bangladesh’s Insurance Future through Intelligent, Human-Centered Technology,” which will help build better financial safety and long-term stability for people.
