BM Report: Although the banking business has mostly developed governance and accountability, they assert that the insurance industry has not yet fully adopted these elements. Therefore, restoring client confidence is the main obstacle to this sector’s advancement. Prompt claim resolution, aggressive regulatory oversight, and technology-enabled services are essential to achieving this.

On Wednesday (October 15), speakers shared these views at a workshop titled “Financial Discipline in the Insurance Sector” held at the Cadet College Club in Dhaka. The workshop was organized by the Insurance Reporters Forum (IRF) and attended by 35 members of the organization. The event was presided over by IRF President Gazi Anwarul Haque.

At the workshop, Sheikh Rakibul Karim, Acting CEO of Guardian Life Insurance, said:

“Technological advancement in the country is remarkable. If you order food online now, you can track when it’s being prepared, when the delivery person has started out, and even when they arrive at your doorstep. Unfortunately, the insurance sector still lacks such technology where customers can know the status of their premium payments, policy term, or outstanding dues.”

He added that in order to restore trust in the insurance sector, innovative products must be introduced, and technology must be fully utilized to make the claims process faster and easier.

Rakibul Karim further noted that the failure of some companies to settle claims is having a negative impact on the entire sector. To regain customer trust, the sincerity of companies and strict monitoring by the Insurance Development and Regulatory Authority (IDRA) are necessary. He mentioned that Guardian Life is currently operating on a fully cashless claim settlement system, where funds are disbursed to customers within 3 to 7 days.

Speaking about the company’s plan to enter the stock market, he said:

“We don’t want to enter the market through the fixed price method. Given our growth and brand value, the share price of Guardian Life should definitely be more than 10 taka.”

The workshop also revealed that in 2025, a total premium income of 5,554 crore taka was generated by 36 life insurance companies in the country. Of this, only 14 companies accounted for 88% of the total premium income. Each of the top 10 companies earned over 100 crore taka in revenue.

According to the latest data from IDRA, there are currently 82 insurance companies operating in the country—36 life insurance and 46 general insurance companies.

Speakers emphasized that the future of the insurance sector depends on restoring customer trust and ensuring transparency. If timely initiatives in claim settlements, innovative products, technology-based services, and strict roles by regulators are ensured, the sector can establish a more reliable and stronger position in the national economy.