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19 August, 2019 00:00 00 AM
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Insurance companies opt for digitising businesses

FAISAL MAHMUD, Dhaka
Insurance companies opt for digitising businesses

Insurance companies in Bangladesh are increasingly opting for customised software and mobile apps to reach out to new customers and better manage the old ones.

Insurance experts say the digital transformation of the sector has not only reduced overhead costs, but also given company managements better tools to better handle day-to-day operations.

“We have turned towards digitising our company for our own sake. It's easier to manage,” said Ahsanul Islam Titu, managing director of Sandhani Life Insurance Company.

Titu said full digitalisation basically meant running a paperless insurance company. “This is quite a phenomenal change, because if you are familiar with the insurance sector of the country, you will know that almost everything here still relies on paper,” he added.

He explained that earlier money receipts were given against each transaction. These were called premiums or annual receipts. Now, these money receipts had been turned into computer-generated receipts. “Another digitised change in our company can be seen in case of bill payments, which were manually calculated previously. Now, this is totally automated. Our computers are doing all the calculations and generate bills without making any errors and mistakes,” he said.

Sandhani developed an app named i-life, which it describes as a comprehensive tool for insurance management. It is an android-based app that can be accessed with a smartphone.

“Now, by sitting in front of a computer in my office, I can monitor how much money is being collected across the country. With ‘i-life’, I will be able to do that with my phone instead of my computer. This will develop more mobility and advantages,” said Titu.

Green Delta Insurance Company has developed its digital insurance scheme. To avail of its service, one must go online, select the product she/he needs, check the price and confirm the premium one is required to pay.

“To make the payment, you can choose Mastercard, Visacard, bKash, Rocket, UPay and iPay since Green Delta is affiliated to every mobile payment service provider in Bangladesh. After completing the payment, you will receive a digital copy of the insurance in a few minutes which is as good as a physical copy,” said Mainuddin Ahmed, additional managing director of Green Delta Insurance.

It means, he said, a person can purchase insurance for his/her car without stepping out of the room. “It is as simple as that. The hard copy of the insurance will reach the person’s address within 24 to 48 hours. In case of any problem, the person can get in touch with the call centre of Green Delta or drop an email,” he explained.

Insurance industry expert Shagar Hasnat told The Independent that customers are no longer buying insurance through a linear path. “If acquiring a customer is the first step for insurers, retaining them is equally important because of a dynamic and multi-directional purchase journey. Insurers need to invent a new model surrounding the customer,” he said.

He also said insurers are expected to immensely gain through the digital transformation of their distribution process. “It offers opportunities to seriously reduce operational costs and improve efficiency by creating a holistic system with information and support across all channels. As of now, digitisation can make way for companies by determining the customer segment to effectively target and assess customers’ post-purchase experience,” he added.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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