Gazi Anowarul Hoque :
Bangladesh Insurance Forum (BIF) started its function after long days of speculation with high hope of contribution to the second largest financial sector of the country to its growth and prosperity, industry insiders said.
BIF, the newly formed association of the sector’s Managing Directors and CEOs has started its operation having new theme for developing insurance sector and expansion of business.
“We are hopeful of developing the sector after forming the forum as professional organization is very much essential for the growth of any industry. It facilitates exchange of views and experience with each other,” says B.M.Yusuf Ali ,CEO of popular insurance company and Chairman of BIF.
“It will also enhance standard of professionalism. Almost all MDs and CEOs have expressed their same opinion about formation of the BIF saying their long cherish desire will be materialized through the platform,” he added.
“The reason behind their happiness is that MDs and CEOs had long been thinking for a separate organization of their own where they could share their experience and well and woes with each other, which was not possible in insurance association, Yusuf said.
According to the insiders, Insurance industry is the second largest financial sector in private sector. In Bangladesh there are 75 insurance companies where about 2-2.5 million people are working.
In any company, position of CEOs and MDs responsibility are just after the Board of Directors. So all the business activities including profit and loss, business development and others depend on the efficiency and knowledge of them.
Before forming BIF, Bangladesh Insurance Association (BIA) was the sole policy maker and the sectors’ bargaining agent of with the government. But MDs and CEOs were not independent to put their opinion in any of the discussion at BIA. But formation of the new forum will pave way to its members to opine for the sake of the development of this sector, they said.
Members of the new forum said that, sometimes-authoritative concern used to impose various decisions on them which was challenging for them to implement. MDS are hopeful that past scenarios will be changed in present perspective.
An experienced former MD said, a separate organization for the MDs is a must. In his view BIF is the right organization that is formed on time. He assumes that it is no doubt, one day BIA will be owner’s association and BIF will be MD’s organization. So, if one or two MDs would represent owner there will be no problem.
He also said, those MDs who are representing owners should join the forum driving away all ego.
However, Chairman of BIA SK Kabir hossain comments that organization like BIF is required in Bangladesh. He welcomed a professional organization like this. He also said, MDs should have established such kind of organization before for developing profession.
“MDS can develop industry through organizing seminar and discussion meeting on many business issues,” he said.
“Actually MD or CEO conducts the company. So it is clear that they should have platform for their business expansion and progress,” he said.
“Until forming this forum insurance MDS had no platform where they can share their experiences. Now MDs will be able to take various realistic decisions for the development of the insurance sector as they have got a platform. This type of professional organization always plays vital role establishing strong position by working on the week point of the concerned sector,” prominent insurance expert Das Dev Prasad told New Nation on Friday.
Bangladesh Insurance Forum (BIF) started its function after long days of speculation with high hope of contribution to the second largest financial sector of the country to its growth and prosperity, industry insiders said.
BIF, the newly formed association of the sector’s Managing Directors and CEOs has started its operation having new theme for developing insurance sector and expansion of business.
“We are hopeful of developing the sector after forming the forum as professional organization is very much essential for the growth of any industry. It facilitates exchange of views and experience with each other,” says B.M.Yusuf Ali ,CEO of popular insurance company and Chairman of BIF.
“It will also enhance standard of professionalism. Almost all MDs and CEOs have expressed their same opinion about formation of the BIF saying their long cherish desire will be materialized through the platform,” he added.
“The reason behind their happiness is that MDs and CEOs had long been thinking for a separate organization of their own where they could share their experience and well and woes with each other, which was not possible in insurance association, Yusuf said.
According to the insiders, Insurance industry is the second largest financial sector in private sector. In Bangladesh there are 75 insurance companies where about 2-2.5 million people are working.
In any company, position of CEOs and MDs responsibility are just after the Board of Directors. So all the business activities including profit and loss, business development and others depend on the efficiency and knowledge of them.
Before forming BIF, Bangladesh Insurance Association (BIA) was the sole policy maker and the sectors’ bargaining agent of with the government. But MDs and CEOs were not independent to put their opinion in any of the discussion at BIA. But formation of the new forum will pave way to its members to opine for the sake of the development of this sector, they said.
Members of the new forum said that, sometimes-authoritative concern used to impose various decisions on them which was challenging for them to implement. MDS are hopeful that past scenarios will be changed in present perspective.
An experienced former MD said, a separate organization for the MDs is a must. In his view BIF is the right organization that is formed on time. He assumes that it is no doubt, one day BIA will be owner’s association and BIF will be MD’s organization. So, if one or two MDs would represent owner there will be no problem.
He also said, those MDs who are representing owners should join the forum driving away all ego.
However, Chairman of BIA SK Kabir hossain comments that organization like BIF is required in Bangladesh. He welcomed a professional organization like this. He also said, MDs should have established such kind of organization before for developing profession.
“MDS can develop industry through organizing seminar and discussion meeting on many business issues,” he said.
“Actually MD or CEO conducts the company. So it is clear that they should have platform for their business expansion and progress,” he said.
“Until forming this forum insurance MDS had no platform where they can share their experiences. Now MDs will be able to take various realistic decisions for the development of the insurance sector as they have got a platform. This type of professional organization always plays vital role establishing strong position by working on the week point of the concerned sector,” prominent insurance expert Das Dev Prasad told New Nation on Friday.
