Socio Economic Scenario
Last year has been a fairly stable economy. However, this is not to say that there is no political unrest whatsoever. There still have been incidents that I hope everyone can understand as the repercussions of a few particular incidents can still be felt, maybe not directly in the insurance sector but there are still ripples in the pond which, if left unchecked can transform into vicious wave is a tempest out at sea. Even through the midst of all this turmoil, our economy is still growing at a very rapid pace. Coming to our sector, the insurance industry is a major part of a country`s economic development and without its real progress, that will be severely hampered. There still lie several opportunities as almost the entirety of the rural sector of the country has yet to see the benefit of what the insurance sector can offer. This includes an extremely diverse variety of consumers form diverging places. Compiling all this, Insurance can help serve mutual benefits to both individuals and businesses resulting in an increase in the country`s overall state of affairs.
Pursuit of Excellence
Nitol Insurance Company Limited has succeeded for a number of reasons. We are driven by a strong sense of resolve, honesty, business-ethics and a pursuit of fineness in conducting our business. Our Financiers` trust, the dedicated and efficient personnel and the adaptive marketing strategy allow us to satisfy our clients. We still remain true to our philosophy of high ethical standards and will continue to do so in the future and the pursuit of excellence. As a result, our premium income and net profit has increased by a fair margin. At the same time the net assets value per share has also increased compared to the previous year. All this financial performance has been described in the directors` report. Despite all the hurdles and instabilities in the business sector due to last year`s events, we have still achieved our business target. The branches that are not performing to standards are being monitored and with that, steps are being taken to rectify the hitches present.
Internal Controls & Risk Mitigation
The company`s well defined organizational structure, predefined authority levels, documented policy guidelines and an extensive system of internal controls ensure optimal utilization and protection of resources, reporting of financial transactions and compliance with applicable laws and regulations. The company has adequate systems of international controls in place. This is to ensure that your assets are safeguarded against losses due to unauthorized use or disposition and to maintain security. Our standards are set very high in order to protect our clients.
Considering the technological advancement and innovation, we reached to a Digital World. Also the Bangladesh Government, has taken a lots of initiatives to digitalize the country. I am verydelighted to pronounce that Nitol Insurance is also moving towards this advancement by implementing its Online Service. We have already upgraded our IT system for securing the computer based service. We have already gave concentration on Online Marketing and reached to the wider audience. This year we gave much more emphasis on our internal software for deep integration with the operational activity. Last year we did the highest motor insurance policy in the insurance industry. At the same time we were the highest claim payer in motor segment.
We earn the reputation in the claim settlement as "Quick Claim Settlement" insurance company. Our honest initiatives for customer satisfaction motivated us to meet all claims sufficiently. This ultimately benefited the business with the passing time. The company will maintain its utmost positive strategy in achieving growth in business and profitability in the years to come. I am enthusiastic, not only as the Chairman, but also as an investor. Being with NICL has been a thrilling experience and I believe our best days are yet to come In sha Allah.
We ensured the better services for the VIP clients by installing Valued Clients Centre (VCC) and Premier Clients Centre (PCC) in Dhaka. PCC is the first of its kind in the Insurance Industry
I thank all our shareholders and colleagues in the Board of Directors for their guidance and support. I convey my sincere appreciation to the management and staff of the company for their dedication and hard work under the leadership of the Chief Executive Officer (CEO). I am also thankful to Insurance Development & Regulatory Authority (IDRA) for their guidance and strong regulation policies to develop the industry. We must appreciate their active participation for promoting the benefits of Insurance to the Government. Special thanks to Bangladesh Insurance Association (BIA), Bangladesh Securities and Exchange Commission (BSEC), Registrar of Joint Stock Companies & Firms, Dhaka Stock Exchange Limited (DSE) and Chittagong Stock Exchange Limited (CSE). Furthermore, I want to thank the authorities of the People`s Republic of Bangladesh for their support. Thank you all.
A K M Monirul Hoque
Because your insurance needs are divergent, we offer a wide spectrum of versatile products and services. Moreover, our highly qualified and experienced professionals will identify your special requirements and draw up plans exclusively for you. We pay promptly all covered claims in a just and fair manner.
Nitol Insurance Company Limited is a Public Limited Non-Life Insurance Company. It is incorporated in Bangladesh on October 04, 1999 as a public Limited Company under the companies Act, 1994 to transact all classes of non-life insurance business.
We are dedicated to developing a long-term relationship with our clients by providing them outstanding services.
We offer a wide spectrum of versatile non-life insurance products and services. Moreover, our highly qualified and experienced professionals will identify special requirements and draw up plans exclusively for our clients. We pay promptly all covered claims in a just and fair manner.
Our vision is the Apex of Success. We have to reach to that goal by our modern thinking, hard labor, time-worthy decision, sincerity and unparalleled service. We are committed to our slogan Your Security is our Responsibility.