Insurance is one of the world’s oldest industries. Despite that, penetration rates in Bangladesh are still relatively low, sitting at less than 1% as of 2014. Year on year growth rates of around 10% show this to be a fast growing industry with much potential.
With insurance being so new to most of the population there, growing pains are to be expected.
The first year lapse rate for policies in Bangladesh is as high as 60%, far higher than the 10% to 20% experienced in developed nations. In addition, little has been done to uncover the reasons for this.
MisirGuru believes that such a fast growing industry will be clamouring for an information exchange platform to help them make the right insurance purchase decisions.
MisirGuru aims to create Bangladesh’s first platform for consumers to rate and review their insurance experiences.