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The government will soon formulate a guideline for “insurtech” so that fintech firms and insurers can jointly boost insurance penetration, said Mohammad Jainul Bari, chairman of the Insurance Development and Regulatory Authority (IDRA), yesterday.
Bangladesh, which has one of the lowest insurance penetrations in the world, is missing out on tapping the potential of the insurance sector using technologies for a lack of recognition of insurtech by regulators, said experts and industry people yesterday.
Insuretech must be institutionalised for the sake of bringing about a much-needed tech-driven shift in the country's insurance sector and thus helping the industry grow to its potential by easing all kinds of service delivery, experts said at a discussion yesterday. To this end, the role of the institutions involved with Insuretech needs to be strengthened, they added at the