|
Delta Life Insurance Co.
Ltd. established mainly through the initiative of a group of Bangladeshi
professionals then working abroad along with a few enthusiastic
local entrepreneurs, started its operation in December, 1986 after
the Government of Bangladesh allowed the private sector to operate
in the insurance sector in 1984 to carry on the business of insurance
in the Private Sector. A brief explanation as to the growth of life
insurance business in Bangladesh is in order here. Bangladesh declared
independence from the Pakistani rules on March 26, 1971 following
which she had to witness a bloody liberation struggle with the occupation
forces lasting for 9 months before they were defeated. Insurance
business which was exclusively carried on in private sector before
independence was nationalized after liberation in 1972 primarily
to address the emerging situation of eroding public confidence in
the industry that was left staggeringly short of resources in the
face of huge losses caused by the war of liberation. After a series
of experimentation, a state-owned body, namely Jiban Bima Corporation
(JBC), established in May, 1973 for transacting the life insurance
business, took over the assets and liabilities under life portfolios
of all erstwhile private insurance companies and started business
in its own name. However, things did not improve; rather, in many
respects became more exacerbating and the Government then thought
it better to allow private sector participation in insurance business.
Since inception, Delta Life set before itself a high standard of
all round performance coextensive with professional soundness and
proficiency. It soon made a mark in the life insurance arena by
not only being the leader among the private sector indigenous companies,
but by undertaking and successfully implementing innovative and
welfare oriented life insurance schemes. It introduced an array
of conventional life and group insurance products - many of which
were the first in Bangladesh. For the first time, health insurance
products were also introduced by Delta Life. But more importantly,
in fulfilment of the avowed commitment towards social development,
Delta Life for the first time not only in Bangladesh but probably
in the World, devised and introduced micro-life insurance-cum-savings
products specially suited to the needs and pockets of poor people
of the country who constitute more than 80% of the people of Bangladesh.
Two
projects of the company namely Grameen Bima for the rural people
and Gono Bima for the poor and marginal savers of the urban areas
were initiated to devote themslave exclusively to marketing and
management of these innovative products. We are happy to report
that we have achieved a good measure of success although there is
a long way to go. These schemes that we have introduced have created
great stir and enthusiasm among the general mass who, before these
projects started functioning, could not even dream of owning a policy
that provides the much needed life insurance coverage along with
facility of regular savings on a long-term basis. At a later stage
i.e. in the year 2002, the projects were merged into a division
of Delta Life, namely, Gono Grameen Bima Division. The GNGRB Division
has been growing at a first rate of more than 25% p.a. for the last
couple of the years and is poised to maintain this growth rate at
least in the next five years or so.
Delta
Life can take pride in moulding the saving habits of the lower and
middle class people and transforming them into prospective policyholders.
The potential is now so strongly perceived that all life insurance
companies - old and new alike - operating in the country have started
their own micro insurance products.
|
|
