Life insurers will be graded by IDRA on their overall performance

INSURANCEDAILY.NET, The Insurance Development and Regulatory Authority- IDRA, the regulatory body of the insurance sector, has taken the initiative to grade the life insurance companies on their overall performance. This grading will start in 2023, said IDRA Chairman Mohammad Zainul Bari.

He said this in the discussion meeting held with the chief executives of all life insurance companies on Sunday (October 16) afternoon. The discussion meeting was held in meeting room 1 of the authority on the possible development and overall progress and problems of the insurance industry.

All the members of the authority, all the executive directors, and all the directors and officers were present in the meeting. Executive Director (Life) gave a brief PowerPoint presentation on the overall life insurance sector. An open discussion followed the presentation.

According to the press release of IDRA that was sent to the media, after an open discussion and exchange of views, the chairman of IDRA gave several important guidelines for the development of the life insurance sector, which will help strengthen the insurance sector and restore customer confidence. It is expected.

These important instructions include: Life insurance companies will promptly submit a detailed action plan to the authorities regarding the mode of payment of the policies that will expire from 2022-2025; Life insurance companies should increase the insurance claim payment rate and arrange for speedy settlement of all dues.

In view of the activities of fully automating the IDRA under the Bangladesh Insurance Sector Development Project, if the authority goes under full automation, the insurance companies will have to be connected to the system and for that purpose, they will have to undertake plans to increase the capacity of the insurers from now on.

Above all, extensive campaigns should be undertaken to restore the confidence of insurance customers and spread the new products of life insurance companies quickly among all.