In recent years, life insurance assistance, which is currently being supplied by the top three mobile phone operators to their loyal users in exchange for a substantial monthly income generating, has become popular in the telecom business.
According to reports, the three major operators, Robi, Grameephone, and Banglalink, are presently offering this service, bringing roughly 75 lakh consumers inside the insurance net.
Robi, the country’s second-largest telecom provider by revenue, was the first to introduce this revolutionary idea in the country’s telecom industry in July 2012, and it has already paid out approximately 273 claims totaling Tk86 lakh.
Robi executives say that as of May this year, they have enrolled about 47 lakh of their customers in the insurance programme.
In 2013, the operator won the Asia Communication Emerging Market Initiative of the Year award for the life insurance service.
The Dhaka Tribune quoted Matiul Islam Nowshad, Robi’s Chief Corporate and People Officer, as saying, “Robi is devoted to provide such services to our loyal customers to show them that we are always with them especially in the moment of their need.”
Axiatia, Robi’s parent business, had launched the same service in two of its markets, Sri Lanka and Indonesia, at the same time.
Former Robi Chief Marketing Officer and Axiatia officials Bidyut Kumar Basu has described the programme as “unique” in the world.
“Though many individuals are unfamiliar with the notion of insurance as a safety net, free microinsurance given by mobile operators is assisting low-income groups in obtaining coverage and raising knowledge about insurance products,” said Marcus Adaktusson, Grameenphone’s head of communications.
He maintained, however, that this approach would also assist enhance the country’s insurance market.
Pragati Life Insurance underwrites Grameenphone’s offering, which is powered by Micro Ensure Bangladesh.
Grameenphone, which has about five crore active customers, has successfully satisfied 51 claims totaling Tk20 lakh so far. The majority of claims were resolved within seven days, and in many cases, within 24 hours.
Banglalink, the country’s second-largest mobile operator by users, joined the party in June this year, bringing the total insurance coverage to Tk10 lakh.
According to Banglalink authorities, all of their ‘Priyojon’ clients are automatically enrolled for insurance coverage, and the number is growing by the day.
According to Bangllink administrators, about five lakh customers have already benefited from the service. They hired a third-party company called “Aparajito,” which also works with major life insurance firms like Alico, Delta, and others.