There should be vigorous campaign through out the country to make the people aware of the utility and prospects of buying insurance. Bangladesh is a densely populated country and most of the people in our country are poor. They would definitively go for insurance for the security and the risks covered by the insurance. Therefore, the prospects of Insurance are very high in Bangladesh if the following measures can be adopted.
First of all, there is no alternative of quality service. Insurance being a service rendering entity must provide quick services. Policyholders are highly dissatisfied with service of JBC and SBC. Due to poor quality services, public corporations are loosing market. In order to ensure their continuity, such corporation must pay adequate attention on their quality of service. Private companies also need put their all out efforts to improve quality of service so as to strengthen their position.
Secondly, the government should eliminate the difficulty in licensing procedure and should not delay in the approval of new companies if all the requirements are fulfilled. It will help not only to increase volume of business but also solve the problems of unemployment.
Finally, the policy holders are very much worried about the settlement of claims. Ordinary people also consider it main constraint. Therefore, instance companies should settle the claims as quickly as possible to create a healthy public image. For this purpose the claim settlement procedure can be simplified and the insurers can provide proper written guidelines of claim settlement to the policyholders.
If the above steps can be taken, more and more people in Bangladesh will be interested in buying insurance.
1. [LOW PER CAPITA INCOME] Poor economic condition is considered to be the main reason for poor life insurance penetration in Bangladesh. The country has a very low per capita income and