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Oct 2019

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Bangladesh: Insurer introduces country's first online motor policy

Source: Asia Insurance Review | Sep 2019

Publicly listed Nitol Insurance has introduced a car insurance policy that can be bought online, the first such product in Bangladesh.
 
A policyholder can obtain the insurance policy, called Nirapod, via the insurer’s website or an app. Also, policyholders can submit their claims online. 
 
The policy, with coverage of up to BDT500,000 ($5,900), will cover vehicle damage, liability for third party injury and death, property damage, personal accident and vehicle tracker. The product will also provide coverage against natural disasters.
 
The Daily Star newspaper quoted, chairman of the Insurance Development and Regulatory Authority chairman Shafiqur Rahman Patwari as saying, “It is a milestone for the insurance sector.” He urged insurers to design new products to increase the insurance penetration rate in the country. A 
 
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