Article on Insurance Company of Bangladesh.
Abstract
Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Insurance business gained momentum in East Pakistan during1947-1971, when 49 insurance companies transacted both life and general insurance schemes. At present there are 44 general insurance companies running in Bangladesh. There are some problems of insurance company also such as less public awareness, centralization, poor economic conditions, poor financial position of the insurance companies, legality, problem of planning and administration and many more. The prospects of insurance business in Bangladesh influence much by higher GDP, increased population, new business’s individual insurance, scope of investment and others. There are some factors which is important for selecting an Insurance company. reference, sources of information, role of the sales force, reputation, physical evidences, payment process, service cost, premium term, ROI(return on investment), survive power in political situation, location, number of branch, tax benefits, govt. rules & regulation these factors influence a customer decision much for purchase an insurance. There is some renowned insurance company in Bangladesh like Metlife Alico, Delta Life Insurance, Bangladesh National Insurance, Popular Life Insurance and more. As familiar insurance company these companies influenced much by those factors. By collect the data of those factors through calculation and analysis there are some findings like considering physical evidences and interior design of the insurance office. Most of the people don’t have the idea about the TAX
Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Insurance business gained momentum in East Pakistan during1947-1971, when 49 insurance companies transacted both life and general insurance schemes. At present there are 44 general insurance companies running in Bangladesh. There are some problems of insurance company also such as less public awareness, centralization, poor economic conditions, poor financial position of the insurance companies, legality, problem of planning and administration and many more. The prospects of insurance business in Bangladesh influence much by higher GDP, increased population, new business’s individual insurance, scope of investment and others. There are some factors which is important for selecting an Insurance company. reference, sources of information, role of the sales force, reputation, physical evidences, payment process, service cost, premium term, ROI(return on investment), survive power in political situation, location, number of branch, tax benefits, govt. rules & regulation these factors influence a customer decision much for purchase an insurance. There is some renowned insurance company in Bangladesh like Metlife Alico, Delta Life Insurance, Bangladesh National Insurance, Popular Life Insurance and more. As familiar insurance company these companies influenced much by those factors. By collect the data of those factors through calculation and analysis there are some findings like considering physical evidences and interior design of the insurance office. Most of the people don’t have the idea about the TAX
References: -Kindurys. V.(2010). Marketing Strategies Application Problems of Life insurance services, Market//Economics. -Bangladesh Insurance Association (2010), Insurance Year Book, Dhaka: Bangladesh Insurance. -Case Study: The success Factors behind insurance Marketing in Bangladesh, Journal of the faculty of business studies, Jahangirnagar university.Vol.01, June 2011 - „PERCEPTIONS OF THE CUSTOMERS TOWARDS INSURANCE COMPANIES IN BANGLADESH-A STUDY BASED ON THE SURVQUAL MODEL’ BRAC University Journal, Vol. IV, No. 2, 2007, pp. 55-66 - Bangladesh Bureau of Statistics. 2010. “Report of Financial Service Providers in Bangladesh” - Economic Advisory Committee, Ministry of Finance, Peoples Republic of Bangladesh. Economic Review-2004, p.47