Wednesday, 23 Oct 2019

Insurance sector needs major reforms: AKM Ehsanul Haque

Mr. KM Ehsanul Haque holds a master’s degree with a bachelor’s degree from Dhaka University. For nearly four decades in Dubai, he has worked in several reputable insurance companies. During this time, he received certificates from a Fellow of the Chartered Institute of Insurance (FCII), Partners of the Institute of Risk Management (AIRM), and a Fellow of the Chartered Institute of Arbitrators (ACIRB) from London. To date, the author has published 5 books on insurance, which are appreciated at home and abroad. Books include – basics of risk insurance, footprints on risk management, the evolution of engineering insurance, liability insurance in various colors and shades, marine insurance principles and practices, insurance principles and insurance principles. By profession, the author is a chartered insurance company. Currently, he is teaching in public and private universities. AKM Ehsanul Haque discussed with Insurance News BD various versions of the domestic and foreign insurance sector in light of nearly four decades of experience in the international arena. The interview was arranged with this discussion. Interview with Abdul Rahman Abeer.

BD Insurance News: I have been out of the country for a long time of 5 years and worked in various international standard insurance companies. Tell me about your overseas experience – AKM Ehsanul Haq: Yes, I have lived in Dubai for almost four decades. During this time, she has worked in various jobs in several world-renowned insurance companies such as Holland Insurance, Delta Lloyd Insurance Company, and General Accident Insurance Company. At that time, there were a total of 2 FCII (Middle East Manager and Operations Manager) in General Accident Insurance Company and a total of 5 ACII employees working in different departments. BD Insurance News: What are the claims management companies you work for? If you are going to say this in light of your experience – AKM Ehsanul Haq: The mantra shown by insurance companies from abroad is that “insurance companies are working to pay claims”, ie the main responsibility of the insurance company is to pay compensation from the insurance company. These companies are very aware and cautious about the fast settlement. Some companies, such as the General Accident Insurance Company, have been advertised in several newspapers to express their sincere intentions. Ad language used – “The correct claim will be paid within 7 days when you submit the requested document.” I have been in a general accident insurance company for 5 years. The ones worked in Clemson’s department for five years. At that time. A fire broke out in a big shop in Chitram and Sons. Graham Miller, an international law officer, was appointed to investigate and determine the prosecution. The manager of Graham Miller, Mr. David Owen, FCII, FCILA, carried out this responsibility efficiently and very briefly and submitted a final report to my company, recommending the execution of the claim. The loss was about $ 1 million. The insurance company complies with the Los Adjuster recommendation and pays the claim within 7 days as promised by General Accident Insurance.

It is worth noting here that general accident insurance always has a positive attitude when it comes to meeting legitimate claims. For this reason, the general accident insurance company has been more popular although the premium is higher than other European insurers. Companies pay the highest priority to demand to keep their market competitive. Companies tend to make legitimate claims about how quickly the claim is paid.BD News: What kind of relationship do insurance companies have with insurance control authorities in developed countries? Say something about this – AKM Ehsanul Haque: In developed countries, insurance control authorities perform their duties with maximum efficiency and determination. Insurance authorities play an important role in enforcing insurance laws. In developed countries, the insurance business is accurate and well organized. Insurance companies do not wish to sue the authorities for violations or insurance laws in order to safeguard their commercial interests and reputation. Basically the company executives are psychologically honest company gulf. They never thought they could make money through fraud or corruption. They conduct business with respect to insurance laws and honesty insurance authorities involve self-esteem. There is no tendency for them to defraud insurance law or insurance authorities. For this reason, there are relatively few allegations of violations of insurance laws and irregularities. Despite being strict and firm, there is some kind of friendly relationship between the insurance authorities and the insurance company. They help and support each other for the overall development of the insurance sector. BD Insurance News: If you have anything to say about the underwriting management in the companies where you worked – AKM Ehsanul Haq: The insurance company is very careful and cautious about risk management. The risk of large and complex risks, especially by an industrial surveyor before the risk of an industrial unit is borne, emphasizes risk management, such as a surveyor’s recommendation. Depending on the level of risk, premium rates and policy specific terms are determined.

BD Insurance News: How do international insurance companies use their human resources? If you say anything about this – AKM Ehsanul Haque: Insurers from abroad manage their human capital properly. Regular training of employees (internal and external training) provides the best incentives and financial support for obtaining professional certification, promotion of a post-certification job, increased salary allowance, etc. Companies pay their employees a standard salary. Sometimes more than banks and other financial institutions. They also enjoy additional financial benefits over educational qualifications or work skills. BD News: What type of insurance does the government charge from abroad? If you say anything about this – AKM Ehsanul Haque: insurance has become mandatory for certain types of insurance, such as occupational compensation insurance, medical center practice, product liability, etc., especially in Europe and America. Examples – Professional liability insurance is mandatory for doctors, engineers, lawyers, etc. During the registration of a new company and the renewal of the old company registration, the authorities obtain a copy of the insurance policy as evidence. BD Insurance News: How do you evaluate the insurance sector in Bangladesh in the light of your experience? AKM Ehsanol Haq: It would not be wrong to say that as far as we know about the insurance sector in Bangladesh, the sector has not improved significantly in the last three years.

This is due to several, such as lack of insight to develop insurance and regulatory authority, lack of loyalty and respect for insurance companies towards the insurance law. In general, the lack of sound management in the insurance sector is most responsible for the current turmoil in the sector. BD Insurance News: How rational and negative do you think ordinary people have about insurance companies? AKM Ehsanul Haque: I think this idea of ​​a common man is not silly or unprofessional. There are a number of reasons, such as the negative attitude of insurance companies in settling claims, the failure to pay documents in a timely manner after the expiry of life insurance, or the reluctance of insurance companies to provide customer care services or negligence. BD Insurance News: What do you think needs to do to change this situation in the insurance sector? AKM Ihsanol right: I think some action must be taken to change this situation. Such as making people aware of the benefits of insurance, settling legitimate claims on time, paying the policy on time after expiration, working on the safety and integrity of the insurance representative or insurance agent. In this case, I think the representative or agent of the insurance company needs appropriate training. BD Insurance News: How can the media help develop the insurance sector? AKM Ihsanol Haq: I think the media can play an important and commendable role in this regard. Examples of different violations in the insurance sector, different complaints from the insurance client, etc.

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