The apex trade body on Thursday laid stress on the need for regaining customer confidence for the betterment of the insurance sector.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) made the observations at the first meeting of its standing committee on insurance at FBCCI Motijheel office in Dhaka city.
Speaking as the chief guest, FBCCI president Md Jashim Uddin said, "Insurance is an important economic sector in the country. But a big challenge for this sector is the lack of confidence."
"We have to find a solution to get out of this situation. All concerned in this sector should play an active role in changing customers' negative perceptions of the industry."
Mr Jashim said, "We are yet to utilise the possibilities of this sector. There is no alternative but to develop skilled manpower in the development of the insurance sector."
The meeting urged the entrepreneurs of this sector to work together for restoring customer confidence.
"Though times have changed, the insurance sector has remained in the traditional process. Modernisation of this sector is very important. New customers should be attracted by bringing striking ideas, products and services."
FBCCI vice-president Md Amin Helaly said if insurance companies submit their proposals in coordination with the Insurance Development and Regulatory Authority, the FBCCI would discuss them with the government.
Director-in-charge of the committee AKM Monirul Haque called for working together to utilise the possibilities of the insurance sector.
Faridunnahar Laily, former member of parliament and chairman of the committee, called for cooperation of all stakeholders of this sector to face the challenges.
Mohammad Mahfuzul Hoque, FBCCI secretary general and former managing director of Life Insurance Corporation, said it is important to have actuaries for the development of the sector.
If the sector comes under automation, he hopes, many of existing problems will be solved.
FBCCI directors Bijoy Kumar Kejriwal and Hafez Harun, committee co-chairs Mojibul Islam, Ishaque Ali Khan Panna and Jalalul Azim, among others, were present.