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PRESENTATION

PRESENTATION TITLE
Career Opportunity of Insurance
Companies in Bangladesh
Introduction

Insurance is one of the most important and most
complex financial aspects that are still used in
almost every facet of life in almost all countries.
Insurance is simply having something insured if
something were to go wrong we can insure a
variety of things, ranging from our vehicles to
even our own life.

Objectives of the study

The basic objective of this study is to create a
diagnostic assessment of the history and career
opportunity at insurance companies in
Bangladesh. The objectives of this study are :
To learn about insurance company and career
opportunity at insurance companies in
Bangladesh
To identify the problems and prospect of the
general insurance in Bangladesh.
To find out the way to solve this problems.

Limitations
The limitations of this report are:
Data from different sources were quite
inconsistent which created some problems in
making the report & compelled us to verify the
data diligently.
The data collection was full of complexities
because relevant data sources were hard to find
out.
Confidential information that no organizations
inclined to share due to their business interest was
another limitation




Methodology

This report is primarily based on our experiences.
We have used both primary and secondary data
in this report.
Primary Data
Primary Data were collected though the
participation in in-depth group discussion and
meeting which have given us the opportunity to
take very relevant information regarding the
particular topic of our report


Methodology

Secondary Data
Secondary data have been collected from
Insurance companys official web sites. This
data are helped us to complete the report.

Definition of Insurance
Insurance is a co-operative device to spread
loss caused by a particular risk over a number
of persons, who are exposed of it and who
agree to insure themselves against the risk.
Under the contract, the insurer agrees to
indemnify the insured against a loss which
may accrue to the other on the happening of
some event.

Insurance Companies in Bangladesh
Insurance business is not new in Bangladesh. This
business gained momentum in East Pakistan
during 1947-1971, when 49 insurance companies
transacted both life and general insurance
schemes. Tista and Karnafuli Bima Corporation
were for general insurance and Rupsa and Surma
for life insuance. The insurance sector was
originally regulated by the Insurance Act, 1938.
The Government of Bangladesh nationalized
insurance industry in 1972.
Insurance Companies in Bangladesh
As a result of the nationalization of the insurance
industry, on 14 May 1973, a restructuring was
made under the Insurance Corporations Act 1973
After 1973, insurance companies in the private
sector to operate side by with Sadharan Bima
Corporation and Jiban Bima Corporation. In
2010, a New Insurance Act passed by Parliament
called Insurance Act, 2010 to replace the old Act
of 1973.

Insurance Companies in Bangladesh
The people of our country are not interested on
insurance because they don't know how the
insurance can ease and free our life from risk.
The people who are concerned with insurance
business are not trained. There are no sufficient
institutions in our country to give training to
employees and entrepreneur. On the other hand,
The insurance companies are not fully able to
pay the claim of insured.



Career opportunity at Insurance Company
There are a wide range of careers in insurance,
from insurance agent careers to insurance
adjuster careers, plus careers in insurance
sales, insurance broker careers, life insurance
sales careers, etc. In this article we look at
these careers, plus a whole raft of further
potential careers.

Career opportunity at Insurance Company

Findings
Lack of skilled staff
Limitations of insurance knowledge
Lack of training
Insufficient service
Delay in payments of claims
Lack of motivation of public
Solutions
Spread of insurance education
Increase of training facilities
Modernization of insurance Business
Increasing publicity & awareness of the people
Formulation of effective Principles.
Payments of claims must be given in right time.
conclusion
After preparing this report, we realized that the
condition of insurance company is not highly
satisfied in our country. People are not
interested about insurance because they dont
know properly about insurance. But there are a
wide range of career opportunity in insurance
company.