The global economy and the national economy is recovering from recession and we can see the growth of insurance business sector (both Life insurance & Non-Life Insurance). I want to remind you that the country`s prospective economic growth is particularly relevant to the growth of Non-Life Insurance sector. But, unfortunately, we remain stagnant in comparison to India, China and other emerging developing countries in insurance sector. We have to devote attention to this industry, not only to increase public safety and assurance, but also enhance Bangladesh`s standard of living and way of life.
SOCIO ECONOMIC SCENARIO
As we all know, the last few months towards the end of last year was difficult for business. There are still a lot of obstacles in this particular industry since insurance market in Bangladesh remains extremely competitive due to the existence and operation of a large number of companies. A robust economic growth covering trade, commerce and industry has a positive impact on the non- life insurance business development. However, in order to make significant development, the insurance market needs to explore diversity i.e. expose the concept of insurance and its services to a range of different consumers with various backgrounds, The entire rural market is left to be developed and micro-credit can be used as a weapon of poverty alleviation. Insurance can help serve mutual benefits to both people and the business industry resulting in an overall increase in the country`s state of affairs
PURSUIT OF EXCELLENCE
Nitol Insurance Company Ltd (NICL) has succeeded for a number of reasons. We are motivated by a strong sense of purpose, honesty, business ethics and pursuit of excellence to conduct our business. Our financiers` trust, dedicated efficient personnel and the right marketing strategy enable us to satisfy our clients. We will remain true to our philosophy of high ethical standards and the pursuit of excellence. As a result, Premium Income and Net Profit has increased substantially. At the same time Net Asset Value per share has also been increased compare to last year. All this financial performance has been described in the Directors report. Despite a lot of hurdles and instability in the business sector due to last year`s events, we have still achieved our business target. Our target for 2014 was to digitize existing branches by creating an online network with updated software and profile, maintain good governance, expand business, and lastly, add two more branches to the existing 21 branches. However, at the same time, we are analyzing the performance of certain branches and monitoring results; next year will determine if we need to close any branch not performing up to the mark.
INTERNAL CONTROLS & RISk MITIGATION
The company`s well defined organization 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 control in place. This is to ensure that your assets are safeguarded against loss from unauthorized use or disposition and maintain security. We have set very high standards to protect our clients.
With 2014`s implementation of efficient strategy and organization, our team is well positioned to deliver business growth into the future. This year we focused on the utilization of technology. Moreover, we have concentrated on Online Marketing, hiring a digital marketing company to help us reach a wider audience as well as spread the idea of Insurance and its services in Bangladesh. Our Facebook page is always updated with relevant news and information regarding safety and insurance. On a different note, we are always prompt about any claim settlement- our motto is Quick Claim Settlement. We are very concerned about our clients and prioritize their satisfaction. The company will maintain its utmost positive strategy in achieving growth in business and profitability in the years to come and would look forward to continue successfully. I am optimistic, not only as the Chairman, but also as an investor. Working at NICL has been a thrilling experience and I believe our best days are yet to come In sha Allah.
I thank all our shareholders and my colleagues on the Board of Directors for their guidance and support. I also convey my sincere appreciation to the management and staff of the company for their dedication and hard work under the able leadership of the Chief Executive Officer (CEO). I am also thankful to BIA for working like a friend as a negotiator. We must appreciate their active participation for promoting the benefits of Insurance to the Govt., Regulator, Policy Maker and the public. Special thanks go to Insurance Development & Regulatory Authority (IDRA), Bangladesh Securities and Exchange Commission (BSEC), Registrar of Joint Stock Companies & Firms, Dhaka Stock Exchange Limited (DSE) and Chittagong Stock Exchange Limited (CSE). Also, I want to thank the authorities of the People`s Republic of Bangladesh for their harmonious, heart rending 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 requirments 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 destination is the Apex of Success. We have to reach to that goal by our modern thinking, hard labor, time-worthy decision, sincerity and unparalledled service to the Clients. We are committed to our slogan "Your Security is Our Responsibility".
To provide the financial security to our clients, with utmost good faith, sincerity and dedications.
To provide service to the insuring community, according to their need and expectation.
To conduct business fairly, honestly and with transparency.
- To follow Utmost good faith & other principles of Insurance strictly.
- Best Service to our clients.
- Protection of investment of our shareholders.
- Welfare of our employees.
- Due Revenue colection for the Government.
- Ethical and moral social order.
- Good govermance for us and all around us.
- Transparency in Disclosures.