It is important to pay the customer's dues, not donations: SM Nuruzzaman

The coronavirus epidemic is going on all over the world. The World Health Organization has instructed to maintain social distance to prevent infection. In this context, the Bangladesh government has extended the general holiday till April 25. All government and non-government institutions of the country are closed as per the instructions. This leave has also been made effective in the insurance sector.

In this situation, SM Nuruzzaman, Chief Executive Officer of Zenith Islami Life Insurance, thinks that it is very important to pay the dues of the insurance customers. He told InsuranceNewsBD that the country's old life insurance companies pay an average of thousands of different insurance claims every month. There are hundreds of new ones. There are also many outstanding insurance claims.

He said in this situation of the country, if the insurance customers are paid these dues, they will no longer need to accept donations. If insurance companies pay their customers, the pressure on the government will also be reduced. In addition, salaries and allowances of officers and employees can be paid and advance payment can be made to commission-based employees.

SM Nuruzzaman said that according to information published in various media, several life insurance companies are late in paying their various insurance claims such as death claims, survival benefits, surrenders, maturities and loans even after the stipulated time. These companies need to pay their outstanding insurance claims on an emergency basis.

The chief executive of Zenith Islami Life said insurance companies provide grants or assistance to the government through two organizations. The two organizations are the Insurance Development and Regulatory Authority (IDRA) and the Bangladesh Insurance Association (BIA). He said the government should now provide incentives or assistance to commission-based insurers and officials.

SM Nuruzzaman said, those who are spending months and years to pay the customer's money, why are they silent at this time! The customer's small deposit is now demanded at the time of payment. The daily phone calls and SMSes of the officers and employees of the concerned companies reveal their mental state. In this situation of the country, it is important to pay their dues. The role of the Insurance Development and Regulatory Authority and the Bangladesh Insurance Association can be exemplified in these matters.