Bangladesh declared independence from the Pakistani rules on March 26, 1971 following which she had to witness a bloody liberation struggle with the occupation ores 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 Jibing BEMA Corporation BBC), established in May, 1973 for transacting the life insurance business, took over the assets and liabilities under life oratorios 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 SWOT Analysis By samaras indigenous companies, but by undertaking and successfully implementing innovative and welfare oriented life insurance schemes. It introduced an array of conventional fife 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 fulfillment 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-UCM-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 Grahame BEMA for the rural people and Goon BEMA for the poor and marginal savers of the urban areas were initiated to devote themselves 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 the facility of regular savings on a long-term basis. At a later stage I. E. N the year 2002, the projects were merged into a division of Delta Life, namely, Goon Grahame BEMA Division.
The ANGRY Division has been growing at a first rate of more than 25% p. . 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 molding 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 microinsurance products.
The SWOT Analysis of Delta Life Insurance Co. Ltd.
Bangladesh, usually Micronesians products are offered by Life Insurance Companies. The Delta Life Insurance is the first private regulated insurance company in Bangladesh that entered in the Micronesians in 1988, inspired by the growing success of the Grahame Bank and other Microcircuit schemes in Bangladesh. Delta launched Micronesians product named Grahame BEMA or village insurance. With the tremendous success of Delta Life Insurance, some private life insurance impasses came forward to offer Micronesians products to the poor people.
At present among the 18 Life Insurance Companies, 13 companies are identified offering Micronesians products.
Life Insurance Company Productiveness’s
Different simple term life insurance and life insurance products with endowment.
Different premium rate based on clients age, sum insured amount, maturity time Different maturity time.
Products contain various benefits. Commitment to continuous improvement.
Marketing Different clientele groups I. E. Moderate poor, vulnerable non-poor, and middle-class people.
Concentrated business approach. Countrywide experienced and trained commissioned agent based marketing.
Reward system for commission agent.
Operations Structured underwriting process.
Different premium collection procedures (monthly, quarterly, biannually, annually, single premium etc. ).
Efficient management and professional staffs.
Accounting Proper documentation and accounts maintaining.
Some companies have automated insurance tracking system.
Prepare financial statements regularly.
Invest collected premium in government bonds and different financial instruments.