Micro insurance is made for bringing the segment of poor and ultra-poor people under the insurance coverage. The term 'micro' is discussed in many ways in many countries. Basically, 'micro finance' is better known in many countries in the world. The concept of 'Micro Insurance' is being implemented in our country firstly in non-life insurance, also in the sectors like health, agriculture, credit shield or climate and crop insurance.
The whole world is now running with digitization so, we all must have to gain skills on the automation and digitization. It is nothing to be imposed forcibly, you must have all the IT based preparations and data. Now you see the thieves are so clever because they are equipped with IT knowledge. In the past, less criminal activities would occur because of lack of IT knowledge but now the scenario is different. Use of digital device, android mobile phone etc. has made many things easier for the criminals.
Life insurance system has been made digital in the global arena through using the facilities of digitization. The new act has incorporated many new standards in insurance industry in line with global practices. 'Solvency Margin' is being much talked now a days. Now question is whether the Bangladesh Insurance industry is ready to fulfill the solvency margin?It’s an internationally more applied area where the capacity of a company is ensured to fulfill the claims of the clients. It has just started in our country in a limited scale. It’s the task of actuaries though a negligible number of actuaries are in our country. As you know, Indian Insurance authority is providing guideline for their Actuaries, Insurance etc. and they are doing this with perfect perception.
