Regaining customer trust essential for insurance sector’s growth: FBCCI

The acute shortage of trust among customers is the main obstacle to growth for the country's insurance sector, the FBCCI has said, urging investors concerned to jointly commit to regain people's confidence.

"Like in most other economies, the insurance sector is also very important for the economy of Bangladesh. However, a big challenge for this sector is a lack of customer trust. We have to find a solution to get out of this situation. All concerned should play an active role to change customers' negative perceptions about the sector," FBCCI President Md Jashim Uddin said  at the first meeting of the FBCCI standing committee on insurance held Thursday.

The FBCCI chief also said that despite huge potentials, stakeholders in the insurance sector have not been able to capitalise on them. There is no alternative to developing skilled manpower for this sector, he noted.

FBCCI Vice-President MA Momen said, "Though times have changed, the insurance sector is running with traditional processes. Modernisation of this sector is very important." 

MA Momen advised attracting new customers by bringing striking ideas, products, and services.

Vice-President Md Amin Helaly informed that if insurance companies submit their proposals on improvement measures in written form in coordination with the Insurance Development and Regulatory Authority (IDRA), FBCCI will discuss them with the government.

AKM Monirul Haque, director-in-charge of the standing committee on insurance, called for working together to make the most of the possibilities of the sector. Former lawmaker and Chairman of the committee Faridunnahar Laily urged cooperation among all the stakeholders to face the challenges.

FBCCI Secretary General Mohammad Mahfuzul Hoque said that it is important to have professional risk evaluators for the development of the insurance sector. He believes that if the sector comes under automation, many of the existing problems will be solved.

FBCCI Director Bijoy Kumar Kejriwal was also present at the meeting alongside other officials of the standing committee on insurance.