Insurance Development and Regulatory Authority has taken an initiative to launch a platform named Unified Messaging Platform (UMP). Insurance customers will receive their premium information and payment confirmation on each transaction by SMS through this platform under the supervision of IDRA.
As part of implementation of National Insurance Policy-2014, the regulator has also taken initiatives to eradicate customer dissatisfaction in insurance sector through digitization, according to sources.
The insurance regulatory authority said that this initiative will play an effective role in strengthening the financial base of insurance companies through ensuring better services, transparency in insurance management and accountability without incurring any setup and implementation cost for similar systems. IDRA will send notification by SMS through central arrangement from where each insurance company will get separate UMP portal as part of modernization and digitization of insurance sector.
Initially, the policy information for each insurance company will be setup on a specific format and notifications on premium information will be delivered to the customers using the messaging system. IDRA has already circulated an instruction letter to all insurance companies on January 28 after consulting the top insurance officials.
IDRA member Dr M Mosharraf Hossain informed that through SMS every insurance customer will be informed about the premium collection. UMP will bring transparency in the insurance sector and ensure customer rights that will help establish confidence in the insurance industry.
He also mentioned that the insurers do not need to invest separately because of this central initiative rather they will get this service at Tk 8 per quarter per policy. To implement UMP by setting up software systems, servers, hardware, data center, database, data formatting, portals etc and perform related to processes a professional third party has been engaged by IDRA.
The quarters concerned have apprised journalists that upon implementation of UMP, chances of harassment on part of the clients by the agents and companies with ill-motive will reduce. As all the information of insurance industry will be kept at the central database of IDRA, the transparency and accountability of the companies will be raised to a higher extent. Besides, customers will not avail any service of the company or its agents without receiving any notification.
Hailing this endeavor of IDRA, B M Yusuf Ali, president of Bangladesh Insurance Forum and Managing Director of Popular Life Insurance, told media that at present only few companies of our industry are providing the SMS notification to the clients on their own. If the same is forwarded by the regulator itself then the acceptability will increase by many folds. In this way IDRA will also be able to keep track on the activities of all companies.
The insurance industry will expand to a large extent if customers' trust can be increased through transparency and accountability from all quarters. Companies will generate more businesses as well if the same systems are implemented.
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