My dear friends,
The prospects of any core sector are defined by national policies, economic growth prospects, social trends and technology evolution. From this perspective, the year 2015 was a promising one for the Bangladeshi insurance industry that witnessed a multi-axial evolution and has reiterated apromising future for years to come. Under a political dispensation that is focused on enhancing economic and political stability, the country’s economy began to progressively recover from multi-year sluggishness to leapfrog to a projected GDP growth of 6.7% in 2015- 16 (as per World Bank and ADB consensus estimates).
The government has forecasted a higher growth of 7% in 2016-17, an outcome of sustained efforts across the trinity of structural reforms, resource mobilization and infrastructure up gradation.
In this environment of rapid change, as in most market cycles that we witnessed along the 30 years of our existence, I am proud of the fact that our philosophy of doing business has remained the same. We maintain the same rigour in understanding our customer’s present needs and future aspirations; we maintain the same discipline in scientifically developing products and solutions that are the most competitive in terms of price and covenants; we maintain the same judiciousness in pricing risk into our propositions to create an effective enterprise-wide risk framework and we maintain the same levels of urgency to settle claims within stipulated time frames. This high level of customer centricity has not only sustained our position as the largest and most trusted insurance company in Bangladesh for over many years, it has also given us the wings to drive insurance reach in the market.
Building on this robust foundation, our goal is to demonstrate to clients and prospects that we are indeed a pioneer in the business. As I see of what lies ahead of us, I believe that the only way to grow forward is through marketing insurance solutions and not just selling standalone products. My vision is anchored on the belief that enhancing the customer proposition will not only create more loyalty and persistency but also enable us to remain ahead of the competition curve. Besides, I also feel that we are in a sweet spot to capture the first-mover’s advantage in such nascent and upcoming sectors/ industries as cyber security and Islamic finance and also look to provide solutions to migrant workers who represent the backbone of our economic system in terms of remittances. I recently came across an article in which the International Labour Organization (ILO) estimated that almost 400,000 workers leave our country for overseas employment. In a bid to increasingly align our initiatives with the government’s strategies and policies we are also designing specific products that meet the regulations and provide us with the immediate benefit of scale. Our tie-up with SSK (Shasthyo Surokhsha Karmasuchiunder the aegis of the Health Economics Unit of the Ministry of Health and Family Welfare), we will reach out with low-cost health insurance products to ensure widening of insurance coverage and raising awareness about the importance of insurance in everyday lives.
Overall, I have created a seven-point road map that our very able teams led by our dynamic MD & CEO can embrace to deliver on our commitments and take our growth to the next phase.
- Sense of purpose: We should focus on ensuring that we continue to build enhanced layers of sustainability into our organization. Towards this step, we have envisioned a green future that not just reconciles environmental preservation and responsibility but also takes into cognizance how we have built resilience in our client’s lives, enabling them to bounce back the soonest after an exigency. The pride and motivation inspired by this sense of purpose is what truly makes us tick.
- Innovation: There’s great reward in our industry for those who innovate on behalf of their clients. There’s no merit in standing still and focusing merely on the present will lead to stagnation. Leveraging technology and big data, we can not only design tailor-made and best-fit solutions but also conceive new products and propositions. I am particularly proud of our agri-insurance products that we launched in association with IFC and this witnessed good transaction.
- Macro perspectives, local insights: Our customers operate in a global environment, requiring of us a perspective of the world today and of the world of tomorrow. As one of Asia’s leading general insurance service providers, we can leverage our global insights and integrate it with national and regional requirements to effect the best-suited proposition for our clients.
- Client service: This is paramount. If we stay focused in all of our businesses on delighting our clients, it will eventually show in our results. We have built a great franchisee in terms of assessing and settling claims quickly, thereby being shoulder-to-shoulder with our clients during the time when they need us the most. We must build on these foundations as we go forward.
- Talent: Establishing ourselves as the leading firm requires that we recruit and retain the best talent available in the industry and harness their expertise to grow shareholder value. We must re- emphasize our focus on adequately rewarding them for their efforts. We should also demand and uphold the highest governance standards from one another with a no-compromise policy on deviations.
- Execution: The best companies against which we judge ourselves achieve greatness through quality execution. They make very few mistakes and embrace lighting fast course corrections. We must aspire to have an eye for detail, improve our operating culture and practices and focus on doing business the most sustainable way.
- Values: Our mission, values and Code of Conduct are sacrosanct and a prominent part of our culture. These are not just words or statements but a philosophy that is deeply embedded into our day-to-day working. We hold integrity, honesty and truthfulness as the hallmarks of our success.
Though we’ve come a long way, we know that much is required to be done. I am certain that with these themes as anchors, the remarkable legacy of our Company will be carried forward towards even greater success in the times to come.
With my best wishes
Nasir A. Choudhury
Green Delta Insurance Limited