Md. Jaharul Islam
Senior Vice President and Head of Bancassurance
Pragati Life Insurance Limited
Md. Jaharul Islam has 17 years of experience in the banking and insurance industries, making him a seasoned professional in both fields. Currently serving as the Senior Vice President and Head of Bancassurance at Pragati Life Insurance Limited, he has a strong background in financial management, risk assessment, and digital integration within the insurance industry. With a deep commitment to leadership development, Jaharul has successfully led transformative initiatives, including innovative digital solutions that have streamlined bancassurance operations. His academic credentials include an MBA in Finance and degrees in Psychology, which have bolstered his ability to navigate complex financial landscapes and drive business growth.
Let’s learn about his journey.
The InCAP: Mr. Md. Jaharul Islam, please share your exemplary career procession with our readers!
Mr. Md. Jaharul Islam: I accomplished my schooling with the Rajshahi Board, and my educational compass brought me to Rajshahi University. I dedicated myself to the pursuit of knowledge, eventually earning a Bachelor’s and Master’s degree with a specialization in Psychology from Rajshahi University, as well as an MBA in Finance from IBA, Rajshahi University. My profession has greatly benefited from my educational background, which has allowed me to assess intricate financial issues and make wise judgments in my positions that are relevant to my line of work.
Getting started employment with Banglalink, one of Bangladesh’s biggest mobile network providers was an incredible opportunity. As a relationship manager at Banglalink, I garnered valuable expertise that piqued my interest in customer involvement and prepared me for a future in corporate leadership.
My professional journey gained momentum at United Finance Limited, where I began as a Trainee Officer and it directed me to the next pathways of my entire career. During my time at this company, I have acquired knowledge of sales, relationship building, risk management, credit administration, retail and SME banking, wealth management, and financial portfolio management. at this company. After that, I relocated to Prime Finance & Investment Limited, where I spent only two years of my professional life. I worked in the corporate investment division at this time, where I gained knowledge of several facets of corporate investment in the financial sector.
Transitioning to IPDC Finance Limited as Assistant Manager marked a pivotal milestone. Leading the part of a business team, I orchestrated transformative initiatives that redefined to building of a substantial portfolio in the SME business segment. During my time here, I have transformed into various leadership roles and developed my expertise areas in Digital Integration and Partnering, Strategy and Planning, Financial and Performance Management, Marketing and Brand Management, Market Intelligence, and People Management.
Since then, developed skills as an insurance professional in developing leaders, putting budgeted and goal-oriented policies into place, and building up and managing sales teams and distribution channels for insurance products through the Banks.
This experience was priceless since it sharpened my managerial and operational abilities and laid the groundwork for my future professional accomplishments, particularly when working under my mentor, the CEO of Pragati Life Insurance Limited.
Can you please describe a challenging project you’ve led in setting up and managing distribution channels for insurance products through banks? How did you approach it, and what were the outcomes?
As everyone is aware, there is an adverse impression of life insurance products across the country, and hence, insurance penetration rates compared to other financial products are very insignificant. Getting the designated bank officer involved in the insurance product sales process is a major hurdle in developing the bancassurance channel.
We have set up a channel of distribution to reach every partner bank branch, and every member of the distribution team is raising awareness and inspiring bank employees to sell insurance products to their clients. They have been assigned to respond to all inquiries from customers and bank employees. As an outcome, we are experiencing the desired outcomes, and we expect that this channel is going to have an influential effect on the insurance industry.
In your experience, what strategies have you found most effective in developing leaders within your teams, especially in the context of bancassurance and insurance sales?
Since selling insurance products is the most arduous in the context of the country, I have adopted the following strategies to cultivate team leaders.
- Established an environment where the team could continue to learn
- Initiate sales strategic sessions in every week
- Empower the team and enhances their ability to make decisions.
- Lead an example from the front to demonstrate the desired attitudes and behaviors.
- Created a culture of collaboration, trust, and respect, where everyone feels valued and supported
- Focused to ensure that the entire team is aligned with the same objectives and maintain consistent and efficient communication.
Mr. Jaharul, how do you integrate digital solutions and partnerships into your bancassurance strategy? Can you share an example of a successful digital integration initiative you’ve implemented?
Digital integration is the key part of Bancassurance process. Customer onboarding, underwriting, claims processing, and service procedures are all done manually in the traditional sales process. But in Bancassurance, we have integrated digital solution in collaboration with partners bank to expedite the full operation. For example, a bank official would enter the client’s information on a shared platform. A machine would then be able to underwrite the proposal without human intervention, and the bank official would be able to issue the policy document in five minutes instead of the eight to ten days it would take in a traditional process.
Risk management is crucial in the insurance sector. How do you assess and mitigate risks, particularly when expanding into new markets or introducing new insurance products?
Yes, I did agree. In the insurance industry, risk management is crucial. We have implemented an algorithm in the system that caters to all risk factors, both medical and non-medical, in the Bancassurance process. Thus, the system can figure out specific insurance risk issues. In addition, we regularly schedule training sessions for Bank executives to educate them on the insurance risk and the entire underwriting process.
Could you elaborate on your approach to financial and performance management in your current role? How do you ensure alignment with budgetary and goal-oriented policies?
For financial management, I determine, agree and monitor the achievement of sales and service KPIs (including the appropriate number of staff for each location of sales and service targets) with the Bancassurance Partner and Shared Distribution. For performance management,
Provide strategic direction, guidance, and support to the Bancassurance team. Foster a culture of collaboration, innovation, and continuous improvement to drive high performance and employee engagement. Established key performance indicators (KPIs) for Bancassurance and digital channels, regularly monitoring and analyzing performance against targets.
Mr. Md. Jaharul Islam, please say something to the readers!
Insurance, as we all know, is the most important tool for protecting our lives and health from risk, but in the context of our nation, it is stigmatized heavily. However, in my experience as an insurance professional, both good and awful things have happened to people who have insurance and those who have not. Therefore, one thing I would recommend is to get insurance to save your loved ones and the future. It would be great to get an insurance through bancassurance channel.
Quick Chat With Md. Jaharul Islam
The most outstanding achievement of your life as of now:
Taking the charge of Head of Bancassurance in 2023 and in 2019 Best Regional Manager awards.
The greatest philosopher in your view:
Prophet Muhammad (SAW).
Your Icon:
It was my father who taught me how to adapt the challenges and conquer them.
Name the most influential books you have read:
The Holy Quran.
Your greatest fear:
Time, it is not able to run backward.
Best piece of advice you’ve received:
I’ve learned to embrace challenges as opportunities to grow and develop.
You in only three words:
Adaptable, intelligent and Resilient
Skill Set
- Hard Skill: Sound Computer Knowledge, Detail Oriented, Compliance, Documentation, Marketing, Communication, Customer Service, Negotiation, Relationship Management and Selling skill
- Soft Skill: Teamwork, Problem solving, Adaptability, Analytical and quantitative skills Critical thinking, Time management, Networking and Presentation & Public Speaking.
Prayer For The Human Civilization
Pleading to keep us free from anything that is not part of your kingdom, including evil, sin, temptation, fear of the dark, fear of people, illness, diseases, doubts, and anger.
The InCAP: Thank you, Md. Jaharul Islam! It’s a glittering conversation with you!
Md. Jaharul Islam: My pleasure! Wish you all the best! Thank you
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