Insurance for Everyone
Specialising in a new generation of pioneering and innovative insurance products, Green Delta is an agent of change in Bangladesh’s fast-growing insurance industry
Farzanah Chowdhury, managing director and CEO of Green Delta Insurance, has always been an evident example of the successful women leaders of Bangladesh. Her areas of success are not only confined within the boundaries of female empowerment and youth leadership, but also she showed her versatility while working in the banking and insurance industry. Especially her contribution to the development of the insurance sector is manifold. Her pioneering and innovative attitude toward her job has made it possible for many dream projects to see the light of reality. The insurance industry in Bangladesh has always been neglected and lacked proper glamour. But the new generation of insurance promises otherwise. Farzanah Chowdhury is one of those few agents of change who are showing a more positive side of the picture. She introduced the concept of Insurance for Everyone in our country and has a vision to bring insurance to everyone’s doorstep. With the motto Insurance for Everyone, Green Delta promises to bring insurance to all the people who need it. They have an array of products and insurance awareness-building activities lined up to fulfil this aspiration, namely health insurance, people’s personal accident policy, Nibedita, cellular phone insurance, overseas mediclaim insurance, property insurance, personal content insurance and motor insurance, to name a few. Like many other arenas in the insurance industry, Green Delta Insurance pioneered the concept of retail insurance products. The practice of strong corporate governance helps Green Delta implement all the awareness-building programmes for the insurance sector easily.
Green Delta has been leading the winds of change in the insurance industry of the country in terms of service standards, innovation and legislative restructuring. After 28 years in the insurance sector, Green Delta has now become a big family of 14 respected board members, 600-plus committed staff, numerous valued clients and thousands of esteemed shareholders. By now, Green Delta has been able to uphold the brand image as a prompt claim settler, superior service provider and diversified product supplier — almost like a one-stop solution provider
Green Delta has been leading the winds of change in the insurance industry
“ The insurance industry in Bangladesh is an untapped market with lots of opportunities” –Farzanah Chowdhury
In the non-life insurance sector in the country. As a part of the recognition for the contribution in the development of the insurance industry and for maintaining the standard of service, the company has been ranked as one of the top 500 companies according to rating agency Dun & Bradstreet. The company has also been awarded with many national and international awards, including ICAB National Awards for Best Published Accounts, ICMAB Best Corporate Award in insurance category, Certificate of Merit for the Best Presented Accounts Award in the category Insurance Sector by the South Asian Federation of Accounts, International Quality Crown Award by BID International in London, The Bizz Award by World Business Confederation for Leadership, Excellence in Management, Quality and Marketing, The Diamond Eye Award For Quality & Excellence by BID OTHERWAYS, The Platinum Technology Award for Quality & Best Trade Name by Association OtherWays in Berlin, International Star Award for Leadership in Quality in the Gold, Platinum and Diamond categories and many more. With the slogan Marches with time during the past 28 years Green Delta has been helping people in their time of need, pulling out all the steps when needed, and has been proud to be a partner in progress. The logistical part of actualising the goal of insurance for everyone consists of a sales force of dedicated members who are required to go from door to door to capture the retail market. A separate sales force has been hired that will only look after, sell and handle the promotions for project Nibedita. Nibedita, a brainchild of Farzanah Chowdhury, is an insurance product solely made for the women in our society. This again is a pioneer project by Green Delta; there was no insurance product before this that exclusively catered to the welfare of women. It deals with principles like gender equality, fairness, human rights, non discrimination, health and safety. Farzanah Chowdhury said: “More than 52% of the population of our country consists of women. A country where the rights of the women are frequently violated, Nibedita will definitely prove to be effective through its wide area of coverage.” Green Delta provided the people’s personal accident policy for students of renowned private universities, covering accidents and accidental deaths and permanent damage of any body organs. It covered numerous students and had the largest coverage of about Tk100,000 ($1,250) per student and with a premium as low as Tk74 per year. Many students came to know of Green Delta who had not been aware before. The awareness built up more when the insurance program covered actual incidents. In addition, employees of many corporate houses have been provided with the personal accident policy. This policy is significantly useful for medical promotion officers and field level employees who sell medicines in hospitals, travelling to the farthest corners through sheer dedication and for the factory workers who are exposed to dangerous chemicals. Motor insurance has been given special attention at Green Delta. Usually most of the people in our country avail the third party insurance for their vehicles and it doesn’t really cover them from real damages. Green Delta retail sales team are constantly pursuing people to get first party insurance, otherwise they won’t be able to enjoy the real benefits of an insurance policy if their vehicles get damaged. As insurance is an unsought product, building awareness among common people has been a challenging task. Niramoy is a micro health insurance product developed for the rural people of Bangladesh. With the launch of Niramoy a neglected portion of the population could avail insurance service at a very low cost. Farzanah Chowdhury hopes to imprint their brand name in the minds of the consumers through effective market penetration strategies and aggressive marketing. She added: “The insurance market penetration in Bangladesh is less than 5% right now. The insurance industry in Bangladesh is an untapped market with lots of opportunities. You can say it’s a virgin territory. We are working very hard to portray the attractiveness of this sector so that the potential youth segment finds interest to join up insurance companies after their graduation.”