Technology can make insurance services faster, claim settlement easier

DO: How important do you consider the use of technology in the insurance sector?
SM Nuruzzaman: There is no alternative to technology for modernising the insurance sector. Technology can make customer services faster, easier and more transparent. From purchasing a policy to paying premiums, accessing policy information, submitting claims and settling claims, increased use of technology can reduce customers’ time and costs. At the same time, it can improve operational efficiency for insurance companies.

DO: What technology-based services is Zenith Islami Life Insurance currently providing?
SM Nuruzzaman: We have introduced a number of online services for our customers. Customers can access necessary information and services through our website and mobile application. We also provide digital payment facilities for premium payments. We are working to ensure that customers can receive as many services as possible without having to visit our offices physically.

DO: How much can technology accelerate the settlement of insurance claims?
SM Nuruzzaman: Technology can play a very important role in claim settlement. Digital document management, online claim submission, automated verification and faster information sharing among different departments can significantly reduce the time required for the entire process. However, claim settlement depends not only on technology but also on the accuracy of information, required documents and compliance with regulatory requirements. We are focusing on using technology to make the process easier and more transparent.

DO: Customers often complain about the complexity of insurance services. How can technology address this problem?
SM Nuruzzaman: One of the major advantages of digital systems is that customers do not have to provide the same information repeatedly or visit multiple offices to receive a service. An integrated customer database, online policy statements, digital payments and online claim tracking can significantly improve the customer experience. Through technology, customers can also check the status of their policies themselves.

DO: What kind of changes can artificial intelligence bring to the insurance sector?
SM Nuruzzaman: AI can play an important role in several areas of insurance in the future. It can be used to analyse customer needs, assess risks, provide customer support, verify documents and identify potential fraud. However, while adopting AI, we must give the highest priority to the privacy of customers’ personal information, data security and the accuracy and fairness of automated decisions.

DO: Digitalisation also increases cybersecurity risks. How are you preparing for these challenges?
SM Nuruzzaman: The importance of data security will increase as digital services expand. Customers’ personal and financial information is highly sensitive. Therefore, secure servers, controlled access, regular backups, software updates and employee awareness are all essential. At the same time, customers also need to be made aware of cyber fraud and safe digital practices.

DO: What are the major challenges to expanding the use of technology in Bangladesh’s insurance sector?
SM Nuruzzaman: Some of the major challenges include technological infrastructure, skilled manpower, proper data management and ensuring access to digital services for customers from all sections of society. Many people, particularly in remote areas, are still accustomed to traditional methods. Therefore, alongside technology, we need to continue providing human support and conducting awareness programmes.

DO: What is needed to increase digital transactions in the insurance sector?
SM Nuruzzaman: Easy, secure and affordable digital payment systems need to be expanded further. Greater integration with banks, mobile financial services and other digital payment platforms is necessary. At the same time, customers need to be informed about the benefits of digital payments. This can reduce both the time and cost involved in premium payments.

DO: How do you see technological transformation in the insurance sector over the next five years?
SM Nuruzzaman: The insurance sector will become increasingly technology-driven in the coming years. Customers will demand faster services, greater transparency and access to services at any time. Therefore, we need to reduce paper-based operations and develop integrated digital platforms. The objective should not simply be to increase business through technology, but also to build customer confidence and make insurance services more accessible to ordinary people.

DO: How can the younger generation be encouraged to become more involved with insurance?
SM Nuruzzaman: Young people are highly familiar with technology. We need to explain the importance of insurance to them in simple language and provide services through digital platforms. Mobile applications, online policies, digital payments and easily understandable information can play an important role in bringing young people into the insurance system. We believe that combining technology with trust can help expand the reach of Bangladesh’s insurance sector significantly.