Shiny spots in insurance coverage declare settlement
Bangladesh’s life insurance coverage sector has at all times struggled in claim settlement, however the sector nonetheless has some good firms who’re bearing the torch for all with quicker fund compensation and good company governance.
Some 35 life insurance coverage firms are presently working within the nation the place MetLife Bangladesh—solely international insurer of the sector—stood tall by settling Tk 3,229 crore claims and sustaining a 96 p.c declare settlement ratio in 2022.
One other seven firms settled claims over Tk 200 crore and maintained the declare settlement ratio to over 90 p.c.
Of the seven, Delta Life Insurance coverage repaid Tk 841 crore sustaining a declare settlement ratio of 93 p.c.
Well-liked Life Insurance coverage settled Tk 576 crore claims with 99.97 p.c ratio.
Meghna Life, Pragati Life, and Guardian Life repaid claims of Tk 421 crore, Tk 313 crore, and Tk 297 crore respectively final 12 months.
All of the three firms’ declare settlement ratio was above 98 p.c.
MetLife might preserve a constant and strong declare settlement ratio due to the corporate’s robust give attention to buyer comfort, superior know-how and really organised monetary and buyer fund administration course of, mentioned Ala Ahmad, CEO of MetLife Bangladesh.
Prime Islami Life and Sandhani Life Insurance coverage repaid claims value Tk 290 crore and Tk 211 crore respectively final 12 months.
The willingness of the administrators and administration of Pragati Life made it attainable for the corporate to settle claims of the policyholders as quickly because the insurance policies mature, mentioned Jalalul Azim, managing director of the corporate.
The nice declare settlement ratio positively impacted Pragati’s status and boosted basic public’s confidence on the corporate, which is able to certainly improve the enlargement of the enterprise, he mentioned.
Good funding ensures good return, Azim mentioned. “Many firms don’t do this.”
Pragati Life’s administration made it positive that the funding is made on good securities in order that the corporate will get profitable returns, he added.
Aside from the highest seven declare settlement firms, Nationwide Life Insurance coverage repaid claims of Tk 1,042 crore, however its declare settlement ratio was 76 p.c.
Fareast Islami Life Insurance coverage paid Tk 970 crore, however it has a declare settlement ratio of 21 p.c.