Regaining customer trust a must to boost insurance sector’s growth: FBCCI

The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) has said that regaining customer trust is essential for the insurance sector to boost its growth.

At a meeting of its standing committee on insurance Thursday in the capital, FBCCI President Md Jashim Uddin said: “Insurance is one of the important sectors of the country’s economy. However, a big challenge for this sector is a lack of confidence in it.”

We need to find a way to improve the situation. All the stakeholders of this sector should take an active role to change customers’ negative perceptions of it,” he added.

“Also, we have not been able to use the potential of this sector effectively; there is no alternative to developing a skilled workforce for future growth of the sector,” the FBCCI president said.

FBCCI Vice-President MA Momen said, “It is very important now to modernize the insurance sector as the time has changed.”

Mr. Mohammad Mahfuzul Hoque, secretary general of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and former managing director of Life Insurance Corporation, said that actuaries are important for the development of the insurance sector. “If the sector comes under automation, many of the existing problems will be solved.”