Problem and prospect of insurance
Absence of business ethics Some insurance companies create harassment on the policy holders or sometimes on the dependents of the policy holders when they want back their money after death or maturity.
Problems of life insurance
This mainly results from the unawareness among the people. We have tried to present our gathered knowledge in this report systemically. After the liberation till these two corporation mainly ruled the insurance business in our country. Application can only be made subject to government announcements in this regard. It is quite impossible for them to save some money for future need. Finally, the policy holders are very much worried about the settlement of claims. Lack of governing guidelines for Takaful companies in Bangladesh is causing numerous operational problems of family Takaful. Lack of information technology Another problem is that most of the time many of them do not use any web address, which is essential for a large Leasing company. That is another problem of insurance in Bangladesh. Establishment of a number of new insurance company in private sector carries sign of this development. This focuses the weakness of our industrial sector. So the types of economy are not suitable for insurance business. Recommendation for overcoming the problems: In our country the problems that exist in insurance business can not be overcome over a right. This can cover a huge portion of the society who can be a prospective target market for this business. Without long termplanning any permanent development or solution of existing problems are impossible.
Life insurance provides you with a sense of security in the knowledge that the life insurance money will be available to help support family members in case of your death.
Health Insurance: The insurance companies of Bangladesh can be developed health insurance policy as large scale like other developed and developing countries. These premiums increase national capitals.
After this at government passed the Insurance Amendment Ordinance and insurance companies to start their business in private sector. Insurance business is not an exception 0of this.
From Bangladesh perspective insurance business was not a promising sector in its early age but it is getting its pace day by day with the growth of overall economic condition of the country.
Still there are not enough training center to provide proper training regarding insurance activities for the officials of insurance company. Insurance business is not an exception of this.
The people media can provide an effective help regarding country interest.
Life insurance in bangladesh pdf
First of all, there is no alternative of quality service. Where as foreign companies are using modern systems like computerized system. Prominent among them is the Bangladesh Insurance Association formed on 25 May having 30members. In Bangladesh the higher educational facilities is not as rich as developed countries. Traditional method Still Bangladesh insurance company using or follows traditional methods on insurance policy. Many amendments have been made though since then but the basic character of the act has remained virtually unchanged. Should thesame thing happen to one's neighbour, the other neighbours must help. Private companies also need put their all out efforts to improve quality of service so as to strengthen their position. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first 35 Problems and Prospects of Insurance Business in Bangladesh proved useful in marineinsurance. Therefore, the prospects of Insurance are very high in Bangladesh if the following measures can be adopted. So training is very necessary to overcome problem in insurance. When Promises Do Not Match Delivery: Customers perceived that organizations are delivering low-quality service when a gap appears between promised levels of service and the service that are actually delivered. It is very costly except public sectors educational institutions.
This kind of discriminatory attitude does not indicate a sincere belief in free market concept. Tista and Karnafuli Bima Corporations were for general insurance and Rupsa and Surma for life insurance.
Thus they are left with little amount, which may not deemed to sufficient for the payment of premiums.
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