Interview with Chairman of Beema Samiti Pro.Dr. Fatta Bahadur Kc

How is possible for a insurance sector to develop in a condition economic growth is limited to 3% to 4%?

It is true until economy of nation develops, non of sector will expand. However since 5 years of time Nepalese insurance sector has been developing. We instead of giving permission for new entry of the organizations, the existing companies are focused for quality services and capital expansion, ethical issues and on investigation. Focusing on these small matters have made insurance sector to develop.

There has been a comment that Insurance sector is centralized in city area only, how you have viewed this situation?

At present insurance has reached to 68 districts. It is becoming rural oriented. Insurance facilitires have been extended to both city and rural areas which is the greatest achievement. Though quantitative expansion is on slow pace, quality services of insurance sector is improving. The concept of insurance centralization in city area is thus not true.

How is beema samiti playing role for hiring and managing active manpower in insurance sector?

In case of hiring manpower, Beema samiti has been providing training to beema agent, surveyor, and employees related with this sector. Although training only is not enough for quality work thus we have been preparing for establishing Beema Academy. We are focusing on quality manpower.

It is said that claiming process in insurance sector is huge problem, How is the situation Now?

Till few years back, it was the problem. About 25 thousands of claims were on waiting list however with the effort of samiti, the situation could be handled within 6 months and from that the claim has decreased to around 12 thousands. It is a good symptom of Samiti. Recently the rumor has showed that the claim has again increased to 14/15 thousands. Timely management of those claim itself is a goodwill of the company. Thus the unfavorable situation regarding claim will be solved very soon and the distracting process in insurance claim will remain no more.

In your visit to international conference as a representative of Nepal, how have you found Nepal in comparisons with international market scenario?

In Comparing Nepal with international level, we are not at much back. However in comparision with developed nation it is a different part because Japan has 100% life insurance similarly korea is with 70% but Nepal is roaming on only 5% insurance awareness. Thus in the list of develoed countries it is hard to find out the Nepals position but among developing countries we are at satisfactory level.