Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Jiban Bima Corporation (JBC) has celebrated its 50th founding anniversary with the success stories of increasing investment more than 100 times along with increasing the rate of meeting claims to Tk4.82 billion from Tk24.5 million.
Rate of claims of the state-owned life insurance entity increases every year against its all 35 policies due to improvement of insurance services to all levels.
Despite all these achievements, speakers at a function organised on this occasion on Sunday stressed the need for accelerating work to increase the sector's contribution to the GDP (Gross Domestic Product), which decreases every year.
Stressing the need for development of the insurance sector in a holistic way, they observed that importance should be attached to developing more pro-people products, earning trust of premium holders and maintaining transparency through real time data.
Chaired by JBC Managing Director Mohammad Mizanul Hoque Chowdhury, the function was addressed by Chairman of Insurance Development and Regulatory Authority (IDRA) Mohammad Joynul Bari and Chairman of JBC Board of Directors Mohammad Asadul Islam as special guests.
Additional Secretary of Financial Institution Division Mofizuddin Ahmed spoke on behalf of the division's secretary.
Former chairmen of JBC Board Dr Mohammad Sohrab Hossain, Mohammad Abdul Hannan and former MD of JBC Parveen Siddiqua also addressed.
The additional secretary said the insurance sector's growth is yet to increase penetration rate as it is 0.5 per cent which is 14 times behind the world average.
He called upon the JBC to work to accelerate the sector's growth for contributing to the GDP as well as meeting the country's target of attaining sustainable development goals and graduating towards a developing country.
The IDRA chairman praised the development of JBC for becoming financially solvent but said the sector still lags behind in the GDP due to inability to gain trust of people.
'Status of some insurance companies is good but of many are not,' he said, adding without ensuring transparency, gaining people's trust and the sector's growth would be difficult.
Stating some other problems like low rate of policy renewal, premium discontinuation etc, the chairman said real time automation of all insurance companies through digitalisation is a must to earn people's trust and serve people.
The IDRA chairman also called for opening up Actuary Department to increase the numbers of actuaries for proving services to the people.
The chairman of JBC Board laid importance on developing expertise of people as well as the next generation with technological skills for continuing the success stories of the life insurance for next 25 years.
The MD highlighted the JBC's successes from policy formulation to increasing income but said the corporation still needs to be well equipped with necessary infrastructures and supports for continuing the trend.
He added the JBC started journey with deficit of Tk 157 million and Tk 218.2 million life fund along with only Tk 64.5 million premium earning.
Now, the MD said, it works with 923 staff members and out of the total it has 2,070 approved employees along with 16,276 field level managers and development officers in eight head offices, eight divisional offices, 12 corporate offices, 81 sales offices and 438 branch offices.
Apart from personal policies, the JBC has also introduced five group insurances and the total number of policies has thus reached 40.
Some 21,224 agents are engaged in collecting insurance premium, he also said, pressing the need for furnishing its field level offices with necessary machinery and office equipment as those are operating with lots of limitations.