Bangladesh's insurance sector needs to develop a strategy that enables the recruitment of talented executives and promotes the development and retention of skilled people, industry players say.
This call was prompted because the sector has long been facing a skills gap at all levels because of a poor pay structure, unconducive work environment and a lack of relevant education and awareness, reports The Daily Star.
“The industry faces an image crisis and a lack of confidence in claim settlements,” Mr Shafiqur Rahman Patwari, Chairman of the Insurance Development and Regulatory Authority (IDRA), said at a recent roundtable on the subject “How to overcome the biggest workforce challenge in the insurance industry through empowerment of professional development”.
“We are working to build trust in insurance,” said Mr Patwari.
He urged insurers to provide professional training to develop human capital for the industry.
Mr Ahasanul Islam, Chairman of Sandhani Life Insurance, said that while Bangladesh has an insurance academy, it cannot produce enough trained manpower, adding that many insurance companies are not getting chief executives due to the lack of an efficient workforce.
Mr Sainesh Dar, regional director of the Chartered Insurance Institute for South Asia, said that not only salary but also the working environment mattered in recruiting the right people for the industry. He said a skills gap exists at all levels and the insurance companies should initiate a move to introduce relevant courses at different levels.