The document discusses interviews conducted with employees and policyholders of an insurance company in Bangladesh. In the interviews: - Employees provided details on the types of policies offered, how premiums are collected, and loan facilities available to policyholders. - Policyholders described both their satisfaction with insurance reducing their risks and mental pressures, and providing investment opportunities, as well as their dissatisfactions with complex processes and lack of quality service. - Potential customers from different occupations expressed varying levels of understanding of insurance, willingness to purchase policies, and premium amounts they would be willing to pay, depending on their needs and financial situations. - Problems in the Bangladeshi insurance sector were identified as including low public awareness, poor economic conditions

1. Interview Session Of TheInterview Session Of The
EmployeesEmployees
we ask 10 relevant questions to Md Bodrul Alan
Khan who is the senior officer of the Pragati life
insurance company Rangpur branch & Md Rabi
Hasan who is the field worker of the Pragati
insurance company limited, Rangpur branch.

2. 1.What type of policy service they provide to customers?
They provide 2 policies-Term life insurance policy &
pension policy. They have no permanent policy.
2.How they collect insurance premium & what is the
range of premium?
They collect premium monthly,quarterly,semiannually,
annually & permanently through mobile banking, bank
account or cash basis. Minimum amount of premium
starts from 200tk & maximum amount of premium
depends on the income ability & the coverage amount of
the policyholder.

3. How many projects they have under this branch?
3 projects- Pragati insurance division, IPL
insurance division & Money pool division.
Is it mandatory for the employees of Pragati life
insurance limited to take insurance policy from
this company?
No, not mandatory. But if they take insurance
policy from the company, they will get extra benefit
like commission, advance etc.

4. Do they provide any loan facility to the policyholder?
Yes, they provide 75% loan facility to the policyholder.
What is the interest rate that the policyholders have
to pay against the loan?
Up to 8%-10%.
What are the investment sectors of their company?
Share market, Real estate business &
Industrial sectors
What type of social activities they perform?
They perform various types of social activities such
as relief work, tree plantation etc

5. :
What is the process of paying coverage?
First, the insured person has to inform about the
occurrence & claim coverage from the company.
Then, the insurance company forms an
investigation team in this regard. If the
occurrence was happened according to the
policy terms & conditions then they agree to pay
the full coverage otherwise not.
What is the condition of suicidal case?
In the suicidal case, the insured person has to pay the
premium at least 2years continuously. After 2 years if he
suicides, his beneficiary will get the money but their is
huge rules & regulations in this policy.

6. Interview Session Of Two Policy-Interview Session Of Two Policy-
holdersholders
To know about insurance service we asked twoTo know about insurance service we asked two
policy holders named Jesmin Akter and Md.policy holders named Jesmin Akter and Md.
Lutfar Rahman. They informed us some featuresLutfar Rahman. They informed us some features
make them dishearten too.make them dishearten too.

7. The point of satisfaction mentioned below:
1. Reduction of Risk:
Risk is a good servant but a bad master. So handling
risk is not a easy matter. So a policyholder can easily
transfer his/her risk by insurance.
2. Less Payment Huge Cash back:
The policyholders pay less amount of money as
premium but they get huge amount of coverage
money that helps them to lead a comfortable life.
3. Loan Facility:
The insurance company provides 75% of the
premium a customer pays which is very useful to a
customer.

8. 4. Family Protection:
Insurance may be created or taken by one person but it protects
all the members of a family which is the main point of satisfaction
of a policy holder.
5. Reduction of mental Pressure:
Risk create a mental pressure for the future uncertainty but
insurance transfers the risk from an individual to company
which reduce the mental pressure of a policyholder and helps
him/her to live a peaceful life.
6. Investment Facility:
Insurance provides the investment facility and return the
money after a period of time with a great rate of profit or
interest which make the policyholders delighted.

9. Some factors of dissatisfaction they also
mentioned. Those are:
1. Huge Formality:
Basically a large number of formalities are maintained by a
policyholder to start or to end an insurance policy which is a
matter of irritation to them.
2. Lack of Quality Service:
Insurance companies’ take a high rate of premium but their
service is very low quality .they cannot satisfy customers
by their inexperience service provided by the employees.

10. 4. Costly:
Insurance seems to be cheap but it is really a expensive things
for a policyholder that’s why many policyholder breaks their
policy before exact time/period.
3. Hidden Rules:
There are many hidden rules which is not disclosed
at the first time with an policyholder which creates
a lot of problem in future.

11. Interview Session Of 5 PotentialInterview Session Of 5 Potential
CustomersCustomers
We interview 5 potential insurance customers
(student, rickshaw puller, service holder,
shopkeeper and teacher) and ask the following 10
relevant questions regarding how to build
awareness and attraction among them about
having an insurance policy.

13. Potential customer 1
Name is Debu roy student of marketing
department at begum Rokeya University,
Rangpur .His age is 26.
His opinions are in following

14. Q1.Do you have any idea about
insurance?
Yes, I have.
Q 2.Do you feel any risk in your
life?
Yes.
Q 3.what type of risk is it?
unemployment risk.
Q 4.Do you think to take any
insurance to reduce risk?
still not, but I have thought about
it.
Q 5.What type of policy will you
take?
term. Insurance policy
Q 6: How much premium will you
prefer to pay for this Insurance?
Up to 1000tk- 2000 tk
Q 7: Are you married?
No
Q 8: Any of your family members
have any insurance?
No.
Q 9: Why don’t you take any
insurance yet?
I feel the necessity of insurance,
but my income is very poor
Because, I have started my job
recently.
Q 10: what kind of facility or
service will attract you or make
you more you more inspired to
take an insurance policy?
The insurance policy should be
easy and simple

15. Definition of HR
In general context

16. Potential customer 2
Name is firoz hossain. He is a
rickshaw puller in Rangpur city. His
age is 32
His opinions are in following

17. Q 1: Do you have any idea about
insurance?
No.
Q 2: Do you feel any risk in your
life?
Yes.
Q 3: What type of risk is it?
life risk, Accidental risk.
Q 4: Do you think to take any
insurance policy to reduce this
risk?
No, because I don’t know about
insurance policy.
Q 5: Are you married?
Married.
Q 6: At present are you
interested to take any insurance
policy?
No, because, my income is very
poor and I live from hand to
mouth.
Q 7: If insurance company gives
you the minimum premium facility
and other financial coverage,
then will you take insurance or
not?
yes, I will take.
Q 8: How much minimum
premium will you prefer to pay for
this insurance?
Up to 200tk-400 tk monthly.
Q 9: How long will you prefer to
carry the insurance policy?
Up to 8-10 years.
Q 10: who will be the beneficiary
of your insurance policy?
Answer: My wife’s children.

18. Potential customer 3
Name is Md. Shirazul Islam. He is a
service holder. His age is 39.
His opinions are in following

19. Q 1: Do you have any idea about
insurance?
Ans: Yes, but not sufficient.
Q 2: Do you feel any risk in your life?
Answer: Yes.
Q 3: what type of risk is it?
Answer: life risk.
Q 4: Do you think to take any
insurance to reduce this risk?
Answer: No, Because, I have bank
account and provident fund. So I don’t
feel the necessity of insurance.
Q 5: Don’t you think insurance policy
is more profile than the bank deposit?
Answer: yes, may be.
Q 6: what type of policy will you
prefer to take?
Answer: life Insurance policy.
Q 7: what kind of facility or service
you need?
Answer:
(a)Easy premium paid system (b)
Less complexity of the policy
system.
Q 8: How much premium will you
prefer to pay for this insurance?
Answer: up to 1000tk -1500 tk
Q 9: How long will you prefer to carry
the insurance policy?
Answer: upto 8-10 years.
Q 10: What will be the coverage
amount of your insurance policy?
Answer: 10000000Tk.

20. Potential customer 4
His name is Md. Motaleb. He is a shopkeeper.
His age is 25.
His opinions are in following

21. Q 1: Do you have any idea about
insurance?
Answer: Yes.
Q 2: Do you feel any risk in your
life?
Answer: yes.
Q 3: What type of risk is it?
Answer: Income risk.
Q 4: Do you think to take any
insurance to reduce this risk?
Answer: still not but I have thought
about it.
Q 5: What type of policy will you
take?
Answer: Income protection
insurance.
Q6: How much premium, will you
prefer to pay for this insurance?
Answer: Upto 500tk -1000 tk per
month.
Q 7: Are you married?
Answer: No.
Q 8: Any of your family members
have any insurance policy?
Answer: NO.
Q 9: Why don’t you take any
insurance yet?
Answer: My income sources is
not enough to fulfill the premium
of insurance policy
Q 10: If insurance company gives
you the minimum premium facility
and other financial coverage,
then will you take insurance or
not?
Answer: Yes.

22. Potential customer 5
His name is Md. Rakib uddin.
He is a teacher . His age is 45.
His opinion are in following

23. Q 1: Do you have any idea about
insurance?
Answer: Yes.
Q 2: Do you feel any risk in your
life?
Answer: Yes.
Q 3: what type of risk is it?
Answer: Health risk.
Q 4: Do you think to take any
insurance to reduce this risk?
Answer: Yes, but I cannot select
an insurance company which is
more desirable for me.
Q 5: What type of policy will you
take?
Answer: Health insurance policy.
Q 6: How much premium, will you
prefer to pay for this insurance?
Answer: Up to 1000 -20000 Tk Q 7:
How long will you prefer to carry the
insurance policy?
Answer: Unto 10-20 Years.
Q 8: Any of your family members
have any insurance?
Answer: No .
Q 9: Beside health insurance, do you
want to take any other insurance
policy and what will be it?
Answer: Yes, if I am able to pay the
premium of two policies then I will
take property Insurance policy also.
Q 10: Do you know the rules and
regulation of taking two insurance
policlinics for one person?
Answer: Yes, I know for this, I have
to disclose all the policy related
information’s to the both insurance
company and insurer otherwise they
will not agree to pay the coverage.

24. Summarization Of Problems InSummarization Of Problems In
Insurance Environment InInsurance Environment In
BangladeshBangladesh
The major problems in performing insurance businessThe major problems in performing insurance business
have been classified into some major criteria which arehave been classified into some major criteria which are
Social
Economic
Political
Legal And Other
Reasons

25. Social
Problems
Economic
Problems
Political
problems
Political
problems
Legal ProblemsLegal Problems
Other problemsOther problems
Less Public awareness
Centralization
Poor economic conditions
Poor financial position of the insurance companies
Higher cost of business
Political instability
Lack of supervision from the
government
Lack of qualified officials
Traditional method
Lack of marketing policy
Lack of qualified officials
Traditional method
Lack of marketing policy
Too much complexity

26. There are also some problems which are
categorized in the following table
Human
Resource
Problems
Lack of skilled trainers
Lack of trainers awareness regarding organization’s
code of conduct
Ineffective training of agents
Low qualification of agents
Operational
Problems
Low underwriting capacity
Required minimum paid-up capital of Tk. 400 million
Poor IT development
Lack of personnel with technical knowhow
Marketing
Problems
Low awareness of the insurance benefits among public
Policyholders’ lack of understanding of insurance policies
& terms
Ineffective marketing strategy
Ethical
Problems
Agent Malpractice
Unethical/Unhealthy Competition

27. Recommendation ForRecommendation For
Choosing Marketing StrategyChoosing Marketing Strategy
In order to make good use of the opportunities andIn order to make good use of the opportunities and
to tackle the threats for ensuring healthyto tackle the threats for ensuring healthy
development of the insurance industry and attractdevelopment of the insurance industry and attract
large number of prospects the following actions arelarge number of prospects the following actions are
suggestedsuggested

28.  The insurance companies should practice marketing through
the use of promotional tools such as
advertising
sales
promotion
public relation
and publicity
personal selling and
direct marketing
 To create the growth of insurance business in our
country, insurance companies should expand their target
market by providing responsive services
 Government must minimize the restrictions on premium
so that insurance companies can fix their premium
according to their demand.

29.  To regain and maintain a positive public image the
insurance companies should overcome the
dissatisfaction in regards to services and claim
settlements and should maintain a service standard.
 The collected premium should be invested
in large and beneficial sectors so that
insurance companies can return their
clients expected return in timely.
Insurance companies should need IT
development and efficient on-line
marketing effort

30. Here is a sample
of policy taking
form