Muhammad Nurul Alam Chowdhury The third-generation South Asia Insurance Company believes it would achieve the target of Tk 1.0 billion premium income in 2025 as it has adopted cutting-edge technologies and increased the quality of customer service.
The insurance company is among the 46 non-life insurance companies in Bangladesh started its journey in December 1999. The insurance company has now 51 branch offices across the country.
The company this month is celebrating its 25th anniversary, setting an example in the insurance sector by increasing the quality of customer service and paying claims in the fastest time.
Muhammad Nurul Alam Chowdhury, Chief Executive Officer (CEO), South Asia Insurance Company Ltd said this and shared his company's journey and vision in the coming days in an interview with the FE.
At the time of establishment, the paid-up capital of this company was Tk 60 million. After going through various ups and downs, the company has stood on a solid foundation today. At present, the paid-up capital of the company has increased to Tk 400 million, according to Mr Chowdhury.
"The company has adopted various strategies including the use of cutting-edge information technology to grow its business and is constantly making new efforts for further improvement," he said, adding that the company has already prospered under the leadership of renowned insurance managers in Bangladesh.
In 2022, the company's premium income was net Tk 600 million. With the well-thought-out guidance of the company's board of directors and the tireless efforts of the authorities, the company's premium income in 2023 stood at net Tk 650 million and the premium income until November 2024 has reached about Tk 700 million.
"We hope to be able to achieve the target of Tk 1.0 billion premium income in 2025. We are firmly optimistic that the company's overall business and inter-development will accelerate further in the coming days with the continuous guidance of the company authorities and the sincere efforts of all concerned," Mr. Chowdhury noted.
Currently, the company's credit rating is AA+ which bears the signature of the company's financial capacity.
"We hope that its rating will be raised to a higher level in the upcoming 2025," the CEO added.
This company is committed to promoting and expanding the insurance business and has been carrying a good reputation in the insurance sector of the country for completing all activities including quality customer service and quick insurance claim settlement in a smooth and fastest manner compared to the past, he continued.
In sum, it has been able to create a business-friendly environment by following all the guidelines and rules of the Insurance Development and Regulatory Authority, which will be remembered as a milestone for the coming generation, Mr. Chowdhury commented.
Considering the current overall situation, we are firmly confident and optimistic that South Asia Insurance Company Limited will be able to improve the insurance business step by step and reach higher heights, he mentioned.
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