DHAKA, March 1, 2022 (BSS) - Prime Minister Sheikh Hasina today said the

insurance sector would have to be brought under a complete automation and
digitized system to render hassle free services and thus encourage the people
about insurance.

   "Now, we have made our country digitized ---I Think, the insurance sector
must be brought under a full automation and digital system," she said.

   She was addressing a function as the chief guest marking the observance of
the "National Insurance Day" at the Bangabandhu International Conference
Centre (BICC) here, joining virtually from her official Ganabhaban residence
in the city.

   The Finance Ministry and the Insurance Development and Regulatory
Authority (IDRA) jointly organised the function.

  The day is being observed with the theme "Bimay Surokkito Thakle Agiye Jabo
Sobai Mile" (If protected with insurance, we will advance together".

   The prime minister said that the masses would be encouraged to do
insurance policies if the process of depositing the premium alongside
collecting the insurance claim can be made easier using the technology.

   She asked all concerned particularly the public and private insurance
companies to take effective measures to create awareness among the people
about doing insurance policy using the modern technologies.

  "You have to make people understand what benefits they will get if they do
insurance policies or what losses they will face in case of not doing the
policies," she added.

  The premier asked the insurance companies to take proper measures as
confidence of the people in insurance would increase through rendering better
services giving topmost priority to the clients.

  Describing insurance as an amanat (deposit) of the people, she directed the
insurance businessmen to handover the insurance claim and other benefits to
the clients on time.

   She continued: "A system has to be developed as the clients can get their
insurance claim in due time without any hassle."

  The prime minister instructed the insurance companies to be more alert
about false claims of insurance referring to some fire incidents in jute and
RMG factories.

  Sheikh Hasina called upon all concerned to have a wary eye at fraudulence
in the insurance sector terming the third party insurance as an act of
cheating.

  "I have asked to shun third party insurance. Now, it would have to be
stopped as it is nothing but an act of fraudulence. I am also a victim of
it," she continued.

  The premier greeted the insurance companies to introduce the state-of-the-
art technology Unified Messaging Platform (UMP) to protect the interest of
the customers along with opening "Bangabandhu Surokhya Bima'' policy for
differently abled people from this year.

  Finance Minister AHM Mustafa Kamal presided over the event virtually while
Secretary of Financial Institutions Division, Ministry of Finance, Sheikh
Mohammad Salim Ullah gave a welcome address.

   Chairman of the IDRA Dr. M. Mosharraf Hossain and Bangladesh Insurance
Association (BIA) President Sheikh Kabir Hossain, also spoke on the occasion.

  On behalf of the prime minister, Sheikh Mohammad Salim Ullah handed over
the "Bima Padak" to five persons for their outstanding contribution to the
insurance sector and "Bangabandhu Surokhya Bima Policy" to two differently
able children.

  Former lawmakers and insurance personalities Mokbul Hossain and Mostafizur
Rahman have been awarded posthumously with lifetime achievement for their
significant contribution to the development of the insurance sector.

   Insurance personalities, Sheikh Kabir Hossain and Nasir Uddin Ahmed
Chowdhury were awarded for their special roll in the development of the
insurance sector while former secretary of the government Nazrul Islam Khan
was also awarded for his contribution to make a documentary on insurance
sector and Bangabandhu's contribution to development of the sector.

  A video documentary on the insurance sector was screened at the ceremony.

  The prime minister said measures would have to be taken against the people

who are not returning to the country after taking training on insurance
abroad on government expenses as all have duties and responsibilities to
their homeland.

  She called upon the companies to take the insurance concept to the masses
by generating innovative ideas aimed at increasing their interest about the
insurance.

   Sheikh Hasina said that the people, who are using cars, in most of the
cases, don't have proper insurance and they carry third party insurance paper
and for which they can't claim the losses from the insurance company if any
accident occurs.

   She also said the businessmen, who are involved in export and import, also
have no interest in doing insurance policies as they have to spend some money
for the purpose.

  "But, they do not get anything when accidents occur," she added.

  "So, I would like to call upon (insurance companies) to enhance interest of
the masses about the insurance. And for that, the public and private
insurance companies will have to work in unison," she said.

  The prime minister said after assuming office in 1996 her government had
opened different businesses including the insurance for private sectors with
a target to generate employment.

  Sheikh Hasina said that the Ist March was declared as the "National
Insurance Day" as on the day Father of the Nation Bangabandhu Sheikh Mujibur
Rahman joined the then Alpha Insurance in 1960.

  She said that Bangabandhu conducted his political activities throughout the
country in the name of boosting insurance activities at the grassroots by
taking the advantage of being an insurance employee as doing politics was
banned at that time.

  The prime minister said Bangabandhu had formulated the six-point demand at
the Alpha Insurance office and Hanif (former Dhaka city Corporation Mayor
Mohammad Hanif) pended down the demand, also condemning those who questioned
about the formation of the demand.

  Considering the importance of the insurance industry in the socio-economic
development of the country, Sheikh Hasina said the present government has
given due focus on modernization and development of this sector.

  She said that her government has been trying to develop the insurance
industry since assuming office and enacted a new Insurance Act-2010 in place
of the age-old Insurance Act of 1938.

  The prime minister said the government has also established an autonomous
regulatory body, Insurance Development and Regulatory Authority (IDRA),
dissolving the office of the chief controller of insurance and formulated
"National Insurance Policy-2014".

  She said her government has introduced "Bangabandhu Education Insurance",
urging all the people to do the policy to protect the educational life of
their children.

  Noting that the Bangabandhu government had issued "Bangladesh Insurance
(nationalization) Ordinance-1972" for development of the insurance industry
by giving due importance, she said, "Being an employee he knew what was
required for the development of the sector."

   After the Liberation War, Bangabandhu nationalized all the 49 national and
international insurance companies as their owners were from the then West
Pakistan, she said.

   Then, the Father of the Nation formed four insurance corporations after
the name of rivers, Surma, Rupsa, Teesta and Karnaphuli by coordinating the
nationalized insurance companies to control those, she added.

   The premier said Bangabandhu later enacted "Insurance Corporation Act-1973
and formed Jiban Bima Corporation for life insurance and Sadharan Bima
Corporation for non-life insurance after disbanding the four corporations and
these two are now rendering insurance services to the masses.

  Realizing the importance of efficient workforce, she said that the Father
of the Nation set up an autonomous body "Bangladesh Insurance Academy" for
ensuring proper education and training to the insurance employees for overall
development of the industry.

   Sheikh Hasina said Bangabandhu has given us the independence of the
country, and our target is to transform Bangladesh into a prosperous and
developed one as envisioned by him.