Insurance policies

4IR can help popularize insurance policies, reduce operational costs, expert says at seminar

| Updated:
Jun 07, 2022 10:04:46 a.m.

Inclusion of Different Fourth Industrial Revolution (4IR) Modules in Insurance Industry Could Popularize Various Insurance Policies Among Customers and Minimize Operational Costs for Insurers, Says Keynote Speech Presented at Seminar sunday.

The paper also indicates that 4IR elements such as big data analytics and artificial intelligence (AI) could be used to design personalized, needs-based insurance policies and provide reliable customer support.

Dr. Mohammad Mahfuzul Islam, Professor of CSE at BUET, presented the keynote address titled “4th Industrial Revolution for Life Insurance: Perspective from Bangladesh”.

Jiban Bima Corporation (JBC), the public life insurance company, held the event at its headquarters in the city’s Motijheel district.

JBC Chairman, Md Asadul Islam was present as the chief guest while JBC (MD) Managing Director, Md Saiful Islam presided over the ceremony. Nahid Hossain, Joint Secretary in the Financial Institutions Division of the Ministry of Finance, also addressed the program.

In his keynote address, Dr. Mahfuzul Islam said that the Fourth Industrial Revolution (4IR) is already at the forefront with highly disruptive characteristics.

“Unlike previous revolutions, the 4IR rapidly transforms everything and it traps three worlds – namely cyber or digital, biological and physical – together to disrupt the traditional ways of carrying out almost all the activities of our daily lives,” he said. declared.

“We must develop the three worlds to accelerate development.”

The researcher also said that people expect fast, hassle-free, new and comfortable services in the financial sector, where some private entities have already given examples such as mobile financial services in Bangladesh.

The keynote address also identified challenges for the flourishing of the insurance industry, such as less public awareness, centralization, lack of government oversight and business instability, among others.

Sharing the experiences of developed countries, he said, “Insurance is essential to becoming a developed country.

He suggested using 4IR elements for the insurance industry to facilitate services and help customers to trust insurers through the use of ICT, online self-service portal, real-time online support.

Overall, innovation, commercialization and human resource development in light of the 4IR are key to development, he said.

In his speech, Mr. Asadul Islam underlined the need for comprehensive measures to integrate 4IR modules into JBC activities.

Mr. Saiful Islam said that improving the mindset is essential to accept changes with the 4IR.

The government now aims to establish a smart Bangladesh after a digital Bangladesh, for which the JBC should play its part.

Referring to a study, he said the use of technology could reduce insurers’ operating costs.

Mr. Nahid Hossain identified the unavailability of data with different entities, including insurers, as one of the big challenges in mobilizing opportunities with them.

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