EP 185 – Moniruzzaman Khan – SEVP & Head of Digital Business at Green Delta Insurance – We Try to Find a Different Way


Michael Waitze worked in Global Finance for more than 20 years, employed by firms like Citigroup, Morgan Stanley and Goldman Sachs, primarily in Tokyo.  Michael lived and worked in Tokyo from February 1990 until December 2011.  Michael always maintained a particular focus on how technology could be used to make businesses more efficient and to drive P/L growth. Michael is a leader in the digital media space, building one of the biggest and fastest-growing podcast listener bases in the region.  His AsiaTechPodcast.com show has listeners in more than 170 countries and his company, Michael Waitze Media produces some of Asia’s most popular podcasts.

Khan Moniruzzaman has more than 17 years experience in technology driven distribution and product innovation from scratch to commercially viable solution. He is currently working in a senior leadership role at Green Delta Insurance, Bangladesh's largest general insurance company where his major responsibilities are to strategize the digital ambition of the operator, crafting different digital projects. Prior to joining Green Delta, he was with Grameenphone (Telenor) for a considerable time. Khan did his BBA majoring in Finance & Banking from University of Dhaka, and his MBA from the same school majoring in Finance.

The Asia InsurTech Podcast spoke with Moniruzzaman Khan, the Head of Digital Business and Senior Executive Vice President at Green Delta Insurance, about the emerging insurance market in Bangladesh and the opportunities to build digital ecosystems to reach more people and expand the addressable insurance market. 

If you want to learn more about the insurance market in Bangladesh, listen to our episode with Ala Uddin Ahmad, the CEO of MetLife Bangladesh. 

Here is the transcript of our conversation with Moniruzzaman Khan. 

Michael Waitze  0:02  

Hi, this is Michael Waitze and welcome back to the Asia InsurTech Podcast today we are joined by Moniruzzaman Khan, the head of digital business SVP, Senior Vice President at Green Delta Insurance. Zaman, it’s great to have you on the show. How are you doing today?

Moniruzzaman Khan  0:19  

I’m doing great, Michael. And thank you very much for having me here today.

Michael Waitze  0:23  

It is my pleasure. Before we get into the main part of the conversation, we’d like to ask our guests like a specific question. What do you think is the biggest trend in insurance and InsurTech innovation in Bangladesh?

Moniruzzaman Khan  0:37  

You know, the industry average insurance industry average in Bangladesh is around 40-45 years. But the technology adaptation in this particular industry has just started probably four or five years back. So the term InsurTech is is yet to be popularized in Bangladesh, but the form of technology adoptation that we are having, you can call it as a digital adaptation in insurance. And right now actually we are we are seeing that a lot of aggregators are coming up. Aggregators means actually comparison sites where actually particular products can be compared by an individual having the same price quotes or same product from different insurance operators. So this is one right now ongoing trends that we are having in Bangladesh. And the good part is like it’s so many startups are coming every day, almost every moments, and they are actually thinking about insurance because this is absolutely a greenfield while actually no one has worked anything in this technology in this area before. So startups, young entrepreneurs are coming up every days with innovative ideas that how insurance can be adapted with the help of technology and that can be you know, embraced by the customers that we are having right now.

Michael Waitze  1:56  

I like it, I like it. Can you now give us a little bit of your personal background as well for some context?

Moniruzzaman Khan  2:03  

Yes, I have been I have graduated from country’s largest Business School University of Dhakar. I can do this in four and then I joined the telecom giant Telenor Telenor Bangladesh operation Grameenphone. And then I worked for 12 long years. And in that 12, long years, actually, I worked in almost every avenues of sales and distribution and marketing. Before I before I left common phone, I was the head of brand communication and consumer engagement there. And back in 2016, I joined brindle insurance, as their head of brands and communication. I worked there for two and a half years, and then I got the chance to work for business digital business since I actually was part of telecom for a long, long time. So you know, technology was in my DNA. And the transformation with the help of technology was something that I was in love with. So that’s why I took the challenge. And here I am today.

Michael Waitze  3:06  

Was this a purposeful move on your part, in the sense that you saw the coming digitalization of other industries, besides the telco you just looked for a place where you thought you could have the most impact?

Moniruzzaman Khan  2:03  

Yeah, absolutely, we’re right, you know, that, as I worked in sales and marketing, for a long, long time, and in the middle of 2014, and 15, we have started seeing that how financial inclusion are coming under the technological space, you know, in 2013, or 14, the banked population of Bangladesh was around 13, to 14%. But after adaptation of mobile financial services, this bank population has gone up to around 30 33% by now. So, yeah, so this is a clear and winning example, how technology can you know, change the landscape of a monotonous industry or a, you know, an industry that has a very less impact in the market? So this is the reason actually, I thought I should have you know, move to a business vertical where I can use my technology know how my passion for technology and I can change the landscape to a greater heights.

Michael Waitze  4:21  

Are there like big? What’s the right word like incumbent insurers in Bangladesh that have been around like the pioneers, you know, for the past 40 or 50 years, as you mentioned? And where does Where does Green Delta fit in to that? In other words, how long has Green Delta been operating? And does it give it an edge if it’s newer than some of the existing players, if that makes sense?

Moniruzzaman Khan  4:42  

You know, Green Delta has been operating in this industry for last 36 years. We are by far the largest non life insurance provider having the largest market share of 13% largest non life insurance in terms of revenue in terms of subscriber base in terms of game settler into of everything. And we are the first organization in this country who brought digital insurance back in 2017. And from then actually, gradually, we are actually trying to, you know, you we are trying to use technology in a way so that our customers, our clients can, you know, use our services in their day to day life.

Michael Waitze  5:24  

Does does being in the lead right as being the market leader in nonlife give you also an edge in being the leader in the digitalization of the processes as well.

Moniruzzaman Khan  5:35  

Yes, being since we are the market leader, actually people used to look up to the look up to us. Actually, you know, the industry itself, actually, since we had the market leader in the industry, always look across what Green Delta is doing. Our competition is always actually trying to trying to, you know, see what innovations we are working with, what are the technologies we are bringing in the market, internally and externally. So this is something good from, from our culture point of view. And also, this is something a very, you know, challenge as well, because if we do anything wrong, then actually the industry can take it in a different way. So this is good as well as this is something challenging thing we are doing as well.

Michael Waitze  6:17  

And you do feel a responsibility there, though, right? Like, as a market leader, if you do something wrong, or lead people down, like a different path, you everyone’s gonna follow, right? If you’re the if delta is the market leader, and then they’re gonna have to come all the way back around and kind of reinvigorate this process. You feel that as well.

Moniruzzaman Khan  6:33  

Absolutely, absolutely. That’s why actually, we need to be very cautious whatever we do.

Michael Waitze  6:38  

Yeah. And what do you how do you look at partnerships, in the sense that if there are other startups in other verticals, right, so not directly related to insurance, but let’s say in health or in wellness, or even in medicine, or in other types of distribution? Where does an insurer fit in, in the digital transformation process to work with some of those other companies that seemed like just ancillary related to insurance.

Moniruzzaman Khan  7:06  

You know, here comes the main point, from last year, actually, where we started building up a solid digital insurance ecosystem. When I’m talking about the ecosystem, it means a partnership model. And with this ecosystem, actually, we have on boarded one of the country’s largest telecom operator, we have one of the largest mobile financial service operators, we have couple of aggregators, we have couple of marketplaces. And these, these all the partners, actually, they are selling our, you know, our products from their channels. And they have online and offline, both the channels, and actually, we are selling our health, our motor insurance, and a bit of micro products from the channels. So this is how actually we are we have built a solid digital ecosystem. And we strongly believe that by the end of 2023, we will have you know, we’ll ensure at least 35.8 million customer will have access to insurance with the help of this partnership model.

Michael Waitze  8:08  

What is penetration, like right now, particularly on the digital side for nonlife in Bangladesh, so Bangladesh has a population of what 165-170 million people Yeah?

Moniruzzaman Khan  8:16  

Yes, it’s not small. It’s very big. 

Michael Waitze  8:21  

So what is the penetration like as it stands now, and the non life sector and how does digital actually help to expand that?

Moniruzzaman Khan  8:28  

You know, considering the you know, population based penetration is very low, only 0.4%. Actually, we contribute from this industry, compared to our GDP, overall GDP, so you can understand, you know, the penetration is very, very low compared to our neighboring countries. Yeah. And if you ask me, what is the contribution? What is the penetration of digital? Actually, we need to go long to answer these questions, because it’s way, way below.

Michael Waitze  9:01  

Okay. Can I ask you this, though? If you’re at the beginning of this process, or if you’re just in the early stages of it, do you look outside not just your country, but outside the industry to look at other industries that have digitally transformed and try to look at successful models and then try to adapt them to your own market? If that makes sense?

Moniruzzaman Khan  9:22  

Absolutely, as I know, as I told you, just a few minutes back that the mobile financial services, how they have changed the transforming how they change their banking industry in Bangladesh. So we actually we have taken a few learning from there, we are taking actually different learnings from different parts of the world. And we are trying to add up them in our country within the capacity that we have, and we are seeing good results out of it as well.

Michael Waitze  9:49  

So what kind of products do you think that customers want? Right? In other words, if you’re going out and asking them, how do you find out what they want? What is the testing like of the digital product transformation? And how do you know if you’re like going down the right path? Is there a? Is there a data play here as well, that will then give you the clues as to what clients want? How does that work?

Moniruzzaman Khan  10:09  

You know, Bangladesh is a country where insurance is treated as a social taboo. Right.

Michael Waitze  10:15  

As a social taboo. Why is that?

Moniruzzaman Khan  10:20  

Because there is long story. Mmost of the people in our country, they don’t trust insurance at all. Still. Yeah, still, yeah, they don’t trust insurance, you know, when I joined this industry, because I was part of a telecom giant. So when I joined this industry, a couple of my friends asked me whether I’m on the verge of retiring.

Michael Waitze  10:42  

Was it like a sarcastic thing? Or were they just gonna like, Dude, what are you doing,

Moniruzzaman Khan  10:46  

I don’t know what they actually meant to. But this is this is something that I had to face. But gradually, actually, when I started doing good, then the killer perception has changed. But this is something happened to me. But the trust issue is a big issue in our country, because most of the people whenever wherever we are going with we talk about insurance, they don’t trust the feel that maybe as insurer will take the money and will go away. And this perception is not a brand new perception, it has been carried away for a long, long years. But yes, as a insurer as a top notch insurer, number one insurer, actually, we are using technology. And we strongly believe that most people come on people, they do believe in technology, yeah, more than anything else. Because let me give you an example, a maybe a fake news, which is coming on social media, people started believing in that. Because it’s coming on the social media, it’s coming on Instagram, it’s coming on Facebook, but it’s a fake news, but this is this is the reality people started believe, you know, believing technology more than anything else. So we are trying to you know, get this momentum going, you know, going forward with the help of technology, we are you know, bundling with different consumer products, we are bundling with different, you know, commodity products, we are developing different micro health products. And we are distributing in a very convenient channels where actually customer comes in, and they can easily you know, buy the insurance. And another thing about Bangladesh is Bangladesh, people are very price sensitive, they don’t want to pay much for any, any services, it’s better if they can get it in free, complimentary, it’s better. But if not free, then a very tiny amount of money they want to pay off. And this is a reason actually, we are heavily focusing on micro products. And we are getting a good fraction out of it.

Michael Waitze  12:49  

But do we believe that micro products are leading a good kind of loss leader if anything into bigger products? Like do we have data on this that show that if we can serve people micro insurance or even microfinance, but then they’ll move into bigger insurance products or bigger bigger financial services products as well?

Moniruzzaman Khan  13:07  

Not yet, but we are working with couple of development organization like NGOs and all. And they have sort of analyzes that, out of their monthly expenditure. A very tiny amount of money, a household, actually they are interested to pay for having an insurance coverage. But not that much of you know, research and analysis we have at this moment.

Michael Waitze  13:37  

I got I’m really curious about this. You know, you talked about trust, right, or lack of trust and how people trust technology, like Instagram or Facebook and stuff like that, right where they can go and they believe the news that they read whether it’s true or not, because they see it on some kind of technology product, by the way, that’s a beautiful watch. Thank you for this love that color combination. And I’ll take that out anyway. Um, but are there other companies in the digital space and you know, just some of them that I know, like child doll like a rogue or other companies that are building trust with their customers that will then make a good distribution mechanism for insurance because the trust is already there. And you can piggyback on their trust as well. And he did. Are you doing that already?

Moniruzzaman Khan  14:17  

Oh, we actually we haven’t started doing that. But yes, you’re absolutely right. We are actually you know, writing on some, you know, trusted brands, trusted ecommerce platforms by which actually be able to sell our products we will be able to bundle our products. You have mentioned couple of names like child doll and all. So we have Yes, we have some giant ecommerce marketplaces in Bangladesh. We are actually we we are on discussion with them. And pretty soon, hopefully by next month, or in just two months, actually we’ll be having the Partnership on board.

Michael Waitze  14:53  

Oh, okay. I mean, that’s a big deal, right? Because, like I don’t want to go to embedded insurance already, particularly for market that’s in its earliest It is right. But insurance itself has been distributed historically in developed markets through bancassurance, right, so through and then through fintechs. And you’re now starting to see it happen on platforms, right? So platforms are starting to do this child doll would just be one example of this. But before we get to embedded right, what other platform companies like child doll do you think would be and what other types of sales channels are there? Besides that?

Moniruzzaman Khan  15:28  

You know, actually, we strongly believe that we are working, we are working in a way that we want insurance to be a commodity product. Okay. Yeah. Insurance to be a commodity product. Yeah. Yeah. So you know, there are there are hundreds and 1000s and lakhs of retail outlets all over all over our country. And we are making products, we are making the technology in a way so that every retail outlets, every little points in every corner of the country, they will be able to sell our products. And this is how actually we are bundling we are shaping our products and our ecosystem. And this is one of the examples that we have gone with one of the largest telco operators, they have more than 12,000 sells point all over the country. And they are selling our products, they are selling our micro products from their sales channel. And they are are learning from from that sales, and we are getting a lot of revenue out of it as well.

Michael Waitze  16:29  

What is the challenge in training these different sales channels to actually understand what the insurance products are at the beginning? Right? In other words, a typical telco salesperson doesn’t necessarily understand financial products at scale. So how does that education or literacy come about? And then what is the result of that when they go out to sell? You know what I’m 

Moniruzzaman Khan  16:53  

Yeah, initially, actually, we had to face a lot of trouble training this, this marginal people this fill forces, because you are right, the telco people, the telco field forces, or the MSSP forces, they are very much, you know, custom with selling products, SIM cards, devices and everything. But they actually they didn’t any, they didn’t have any idea. What is insurance, how the insurance actually the model, how does it work and everything. So actually, we had invested a lot of time and resources to train them to train their bases, and actually actually record around six to seven months to train this 10 to 12,000. Base. And actually, every almost every month, we have to interact with them, because we are bringing innovations and changes in the product line. So every time we had to communicate with them, they this is how this new product will work in the market. And this is how the query should be answered. When any customer asks you anything.

Michael Waitze  17:52  

Do you do you look abroad and all right into India, into China into Singapore into Southeast Asia to either partner or or even just learn best practices from some of the insurtechs that are in the rest of the world? And then try to bring those things back? I mean, I know during the pandemic that it was hard to travel, but with digital communication being pretty easy. Was there a way to then understand what some of the insurance tax particularly on the distribution and product innovation side were doing that then you could then bring home?

Moniruzzaman Khan  18:25  

Absolutely, right before the pandemic hits, actually, we visited talent, talent market, because talent is a bit, you know, upgraded version of for InsurTech. Because we visited couple of InsurTech solution provider there, we have visited couple of traditional insurance providers as well. And I found that how technology is changing the landscape. We have learned something from that market. And actually, we we are supposed to implement one or two ideas in Bangladesh coming back to our country. But unfortunately, right at the moment, the pandemic comes and everything, you know, gone in a different way. But is still still Yeah, we are in discussion with them. And maybe next year, we’ll be able to rule out something

Michael Waitze  19:16  

I brought up Thailand. I think during some of my research a couple of years ago, there were somewhere between 65 and 70 something insurance licenses right broker licenses in Thailand. And the you know, the insurance regulators there we’re trying to minimize the number that were there. So just letting people that that had them kind of just kind of die off a little bit not not the people but the companies and then not giving out new licenses. What’s the situation in Bangladesh? Like how many licenses do you think there are? I don’t need an exact number but you don’t I mean, isn’t that many was it like seven kind of thing?

Moniruzzaman Khan  19:52  

It’s it’s that many Yeah, we have around 7079 operators, you know, Bangladesh right now. Oh wow. So 46 belongs to all life segments where we are and risked our life. So for a country like Bangladesh, where the penetration is only 0.4%. The insurance literacy is very low, I believe the number is very high.

Michael Waitze  20:18  

Yeah. So does that mean that the companies like yours also have the necessity to increase the literacy by doing financial education for people? Right? In other words, in the US in Japan, like Japan is just a complete different market, right? Because they’re the insurance companies like some of the biggest companies in the country, and everybody kind of understands the product. So they don’t spend a ton of time educating people about it. But are there channels that you have to build purposefully, to educate the other people that’s to get, you know, the GDP penetration of insurance up to 6%? Or 7%? From the point 4%, than it is? And is this something that you do on your own? Or do you do it in partnership with some of the other insurance companies and insurance license holders in the country?

Moniruzzaman Khan  21:00  

No, actually, the scenario in Bangladesh is not like that. We as a individual insurance company, we are trying our level best to build an interest rate too high. But the good part is we have organization, we have an association, which is Bangladesh Insurance Association, where all the insurance companies are, you know, the member of that particular association. And from that association, actually, they are taking different initiatives from, you know, different capacities to increase the literacy to increase the know how to increase the knowledge gap. knowledge gap that we are right now having in our country, and they have a clear mandate, they are working relentlessly as and they are working relentlessly, with individual insurer like us, and also with the regulatory commission. And hopefully, the way they are working in next two or three years, something good will definitely happen in Polish.

Michael Waitze  21:55  

And is there a regulatory sandbox in Bangladesh as well, where you can test out all products? 

Moniruzzaman Khan  21:59  

No not like no sandbox kind of thing? But yes, our regulators are very open, they have, you know, they are there, their gate is always open. And we are so free that we can we have any idea, if we develop any products or any solutions, we can anytime go there, and we can pitch and there is a board to approve the product. And if the product is approved, we can you know, roll it in the market at any time.

Michael Waitze  22:25  

And what kind of support does the government give from your perspective, to insure tech companies in this type of digital transformation and digital innovation to speed up this process? Right, it’s been my experience that the Bangladesh government is very supportive of this stuff. I’m wondering what it looks like from you on the ground there.

Moniruzzaman Khan  22:46  

Yes, you are absolutely right. Bangladesh government is very, very supportive for the insurance industry as a whole. But the nitty gritty, the technology adopted and Schwinger InsurTech solutions, it has to be the mandate of our regulatory commission and our regulatory commission they are working, working inside to you know, formulate something for the InsurTech industry, the problem is, you know, we are operating in a tariff driven market. So a true InsurTech solution is, you know, it can be a bit difficult to operate in a trade union market, because actually InsurTech is what, like the customer can buy insurance the way he or she wants, right. And it is only possible when there is a non tariff market. But our our regulators are working on that, and I believe something definitely will come soon.

Michael Waitze  23:40  

And what’s your view on like, the use of artificial intelligence and machine learning and stuff like that to augment the sales process that brokers go through? And I’ll tell you why I’m asking. I bought health insurance at the beginning of this year. And I did it through a physical like I talked to a woman who was my agent, we had a great experience, but she had all this digital technology with her my belief is that solution is the wrong word. But that the way this problem is gonna get solved is through sort of a hybrid solution. A lot of people do talk about, you know, replacing the broker, I don’t think this is going to happen. What do you think?

Moniruzzaman Khan  24:14  

Yeah, you know, the adaptation of artificial intelligence in Bangladesh is going very fast. But from the insurance point of view, it hasn’t started yet. But I know a few startups right now, they are working with artificial intelligence and how this AI and machine learning or big data can come up with some product ideas or product solutions for an individual and they are actually on the verge of you know, launching their services. And, and I believe the new the new technology or regulatory formation guideline that we’ll be having from our regulatory commission that will definitely help us and also their startup they are working that are working to go bigger, but yes, this is something that bothers us also. trying to develop.

Michael Waitze  25:01  

So this whole idea of digital transformation requires also a mindset change, right? Amongst anybody who’s going through it, whether it’s a telco, whether it’s an insurance company, or any kind of company, really, when you when you get together. Yeah, I mean, when you get together with the other association of insurers in Bangladesh, do you see kind of this bifurcation where there, there are companies that completely understand that this is necessary and others that are just like, we’re just not there yet. And we can’t keep up kind of thing, if you know what I mean.

Moniruzzaman Khan  25:29  

We don’t actually I didn’t have to go to any other companies. You know, when we started digital business in green Delta insurance, couple of my colleagues actually, sarcastically said me, this cannot be happened in power. This was something because this is, you know, this insurance is legacy business in Bangladesh, you know, people are doing business, a traditional business in a traditional way. So yeah, the mindset was a big challenge at that particular time, three or four years back, but right now, trust me, if if we talk about us, then we have around 700 resources in our organization, each and every one that believe in technology, because not only for InsurTech. For our day to the activities, we are heavily adopting technology digitalization in our workspace. So right now the environment, the culture, we are having a digital culture in our organization. And I believe there are 10 to 12 organization in our country, out of 8080 87. They are also heavily believing, trusting and investing on technology.

Michael Waitze  26:36  

Do you worry that some of the other ones are gonna get left behind?

Moniruzzaman Khan  26:41  

I do I do.

Michael Waitze  26:43  

And I do. And what does this look like to you? You know, I go back to my experience at Morgan Stanley. And when I first joined Morgan Stanley, like nobody had even had a computer on their desk. And as soon as we started putting, and I begged for one, right, because when I came out of university, I had been using one to do some stuff at school. And I just came there and there was literally I don’t even know if you know what, this is a Tenki. Like literally one of those calculators with paper that came out the back on my desk. And I had to argue pretty hard to get like a computer on my desk. But once I did, everybody started getting them. Do you see the same? I know it’s different today? For sure. We’re not at that stage in Bangladesh, we’re way past it. But is there an upgrade process constantly going on on the hardware and the software side as well? It’s visible so people can actually see this happening on a day to day basis?

Moniruzzaman Khan  27:29  

Yes, yes, absolutely. Because from our organization point of view, we, our board, our management committee, they are heavily investing on technology that we are heavily investing on people. And we strongly believe that five years down the line, if an individual they are not equipped digitally, then their carrier will not you know that be good. No way right now. Yeah, absolutely. Absolutely. So so every each and every individual for their own sake, they are coming, they are going everywhere, to learn about digital to learn about technology to learn how the way of work can be digitally transformed. And we are seeing the results, the good results coming up.

Michael Waitze  28:13  

It’s got to be a massive change when you when you go out to hire now, right? I mean, whether there’s a recession or inflation or anything like the companies, big companies are always in a constant state of hiring and replacing people. Do you see a difference in the new grads that are coming into the company that they’re just so much more technologically advanced? You know, like, yes, absolutely. I was this one says one thing is it kind of shocked me. I’m working with college students as well in my business. And I was having a conversation with one of the young ladies that works with us and she was literally on her phone. It must have been like an iPhone 13 Plus Maxi whatever it was called. And as I was talking to her, I’m on my keyboard like typing stuff. And I’m definitely digitally savvy, but she was on her phone just like taking notes and doing things and I said to her like doing. Do you don’t I mean, she was like so using just completely different tech than I was. Do you see the same thing as well?

Moniruzzaman Khan  29:05  

Yes, absolutely. We are seeing absolutely the same thing. Because in last one year we have on boarded. So many, you know young dreads and all of them are absolutely tech savvy. You know, in my team, actually, I have hired three to four people in the last six months. One of them, one of them are telecommunication engineer, one of them aeronautical engineer, one in cybersecurity specialist. So, all these people I know they are ahead of me, in fact, I in fact, I am learning every day from them. Yeah, because you know, though I was part of a telco for a long time. But technology is something that which is you know, changing everyday. Since young chap, actually, these young, these young chap, they are very much into technology. They are very much into website. They’re very much into different startup ecosystems, domain and everything. So Actually, me, my management team, my organization, everyone, we’re learning from each other. And this is how actually, we are trying to save our job.

Michael Waitze  30:09  

But are you? Are you still because I’m so excited, right? Like, when this young lady was showing me this stuff, I was actually super excited to learn, like this different perspective, and this different way of looking at how I can use existing Tech because I use tech for everything that I do. Right. But sometimes a different view on it, then gives me a view, and I’m so excited about it. Are you still excited about the prospects here?

Moniruzzaman Khan  30:29  

Absolutely, you know, while having the partnerships, we have to have some integration, you know, technology integration, you know, one brand to another brand, you know, I had no simple way of thinking for a certain period of time, but when actually I on boarded this bunch of people, young kids, they have shown me a different angle. And trust me, the new angle that I have seen from b&n was absolutely amazing, from the process point of view, from the optimization point of view from everything. And we are actually, you know, adapting everyday. And this is this is the beauty of this young chap, having a great mind on digital.

Michael Waitze  31:07  

So do you do this sometimes, like expose your own senior management, including yourself, right? So as head of digital, you have all these people reporting to you and other senior managers that your level? Do you sometimes think it’s a good idea to just get in a bunch of 20 year olds and just say, what are we doing? Right? What do we do, you don’t have to listen to them, but at least hear what they’re saying, you know, you don’t have to do what they say. You can always hear what they’re saying. And go. Yeah, I hadn’t thought about that before you do this, as well.

Moniruzzaman Khan  31:31  

Absolutely. You know, this is this is the reason actually, right now, I have a team of nine individual. And out of nine, eight individuals, actually, they don’t have any experience on insurance, right? They, they came to a different background from a different background. And the reason behind this, actually, I didn’t, I didn’t want people come and talk about insurance, I actually wanted people come and talk about the solution, the prospects itself, how we can you know, see insurance going forward. So this is the beauty and we are seeing the great results right now,

Michael Waitze  32:09  

what excites you on the product side?

Moniruzzaman Khan  32:13  

Ah, you know, there are so many things right now, actually, you know, one of our founders in something that it can ensure anything in this planet, and he actually showed me one pain, and he said this pain can be insured, the shown his thigh, and he said this can be insured as well. So every day, when I come to office, every day, when I go to my home from my office, actually, I see the prospect of insurance, everything that I’m seeing everybody that I am actually experiencing that can be insured. But this is this is something that maybe not happening right now. But maybe five or 10 years down the line, that will definitely happen. If we don’t do it, definitely someone will come and they will do it.

Michael Waitze  33:03  

So this is the last thing I want to ask him. And I feel like I could keep going on and on. It’s such an interesting conversation for me. But when you left the job at a telco in your previous role, right, in your previous company, there must have been a little bit of trepidation, right? Just a little bit of fear of is this the right thing to do? When you look you’re smiling, but when you look back now, do you think this was 100% the right thing to do? You know what Absolutely,

Moniruzzaman Khan  33:25  

actually that decision I have taken to join this industry, I am absolutely very glad that I have joined this industry. Because you know, in 12 years carrier in telco I have learned definitely certain things. But in just last six years, I have learned almost lost 24 years experience, because because every day there is something new coming up to me every day, there is something that I haven’t worked before and I need to jump on to it right now. I have learned how to you know, manufacture the product for for, you know, market that we are operating in, I have actually the opportunity to mingle with people who are actually financially constrained but you know, but insurance can help them to overcome their constraints in in certain way. So, these are a few areas actually, that excites me everyday. And since since you know, the market, the penetration is only 0.4%. And we have long, long, long way to go. So I believe this is the right place for me having the right team, having the right leadership to go forward and enjoy the life.

Michael Waitze  34:33  

Okay, I have to go on I’m sorry, because I just I just want to ask you one more thing and who knows how many more but one more thing. Do you look at your surrounding environment in a different way? Now that you’re part of the insurance industry? You know, like you just as you’re walking around before it’s a telco you’re like maybe we should have had a tower there. Maybe we have better thing here but talk is very densely populated. So it’s like this works and that works. But now that you’re in the insurance business are you walking around On our driving around now saying, I bet that thing’s not insured. And I bet we could build a product. Do you know what I mean? Do you have those thoughts?

Moniruzzaman Khan  35:07  

Yes, yes, absolutely, you know, last, just giving you a very small gossip that I had with my CEO, just two weeks back, you know, I went to a barber shop, you know, for my hair and everything. So, I was thinking and the barber actually was continuously talking to me, how are you? Where are you going next weekend and everything. So, at certain point of time, actually, I started getting bothered because I was not liking it, because actually there I wanted to relax a bit

Michael Waitze  35:39  

and have the classic haircut situation just cut my

Moniruzzaman Khan  35:42  

hair and leave me alone right. Yeah, absolutely. But then I realized and I thought what if this individual is paved with a micro product of insurance, and while you know, while just you know, cutting my hair, because that time actually I am bound to listen to him, right. And actually, he speaks about the product, he speaks about the services, the benefits and everything and as a customer and if I agreed, then he will tell me please come to the booth in front and you can buy it now, right. So, instead of instead of giving him a tip, I can you know, buy the product from him and in any way he will get certain amount of benefit from the insurance company. So yes, you are absolutely right. Since now, I belong to this industry. So we my colleagues, every time we we try to find out a different way, how insurance or how InsurTech or how this particular products or segment can be developed in a different way.

Michael Waitze  36:37  

That is a killer story. Okay, I will now let you go. Sorry to take up so much of your time. Zaman Khan, the head of digital business SVP at Green Delta insurance. Thank you so much for doing this today.

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