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Strategic management class lectures_250719340-insurance-company-strategic-management

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North South University
Introduction
Insurance is not a new business in Bangladesh. Almost a century back, during British rule in
India, some insurance companies started transacting business, both life and general, in Bengal.
Insurance business gained momentum in East Pakistan during 1947-1971, when 49 insurance
companies transacted both life and general insurance schemes.
The government of Bangladesh nationalized insurance industry in 1972 by the
Bangladesh Insurance (Nationalization) Order 1972. Through an ordinance passed in 1984
amending the Insurance Act 1938 and the rules under the Insurance Corporations Act 1973, the
initial entrants into the market, including Pragati Insurance Limited (PIL), by the way of their
.professional approach were instrumental in bringing a change and gave the insurance sector a
decent shape and structure. However when subsequent insurance companies entered into the
market, the insurance sector found itself saturated which caused unethical practices and
relentless competition.
Pragati, as being the first generation insurance company in Bangladesh, realized the
problems within the industry at the very outset and were able to commission a very structured
and pragmatic base for managing the affairs of the company.
Company Information
Pragati Insurance Limited was established in 1986. A group of young entrepreneurs of
Bangladesh who had earlier launched a commercial Bank in the private sector sponsored the
company with 30 million taka worth of capital. Sponsors included Shipping Magnets, Engineers,
Road Builders, Top Garment Exporters and Importers.
Equipped with a team of experienced personnel, the company is ever-ready to cater to all the
insurance needs required by people of Bangladesh thus providing protection to personal
properties and cover unfortunate casualties. Almost all the Multi-nationals working in
Bangladesh are in Pragati Insurance Company’s port-folio and they provide them with
international standard services.

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The Company looks forward to reaching people through their personalized services as well as
through various media communications. They are ensuring quality services at a competitive price
and promises to be beside anyone as soon as they need
Business Details
Board of Directors
Abdul AwalMintoo - Chairman
Khan Mohd. Ameer Vice Chairman
Mohammad A. Awwal - Director
Abdul Monem - Director
Al Haj KhalilurRahman - Director
Syed M. AltafHussain - Director
Md. SyedurRahmanMintoo - Director
Mohammed A. Malek - Director
Md. Sarwar Kamal - Director
TabithMohd. Awal - Director
A.S.M MohiuddinMonem - Director
TafsirMohd. Awal - Director
NigarJahanChowdhury - Director
Md. MushfiqurRahman - Director
Mrs. NahreenSiddiqua - Director
NasirLatif - Director
AhmedulHoque - Director
A.K.M Shamsuddin Independent Director
Md. Manirul Islam Managing Director

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North South University Introduction Insurance is not a new business in Bangladesh. Almost a century back, during British rule in India, some insurance companies started transacting business, both life and general, in Bengal. Insurance business gained momentum in East Pakistan during 1947-1971, when 49 insurance companies transacted both life and general insurance schemes. The government of Bangladesh nationalized insurance industry in 1972 by the Bangladesh Insurance (Nationalization) Order 1972. Through an ordinance passed in 1984 amending the Insurance Act 1938 and the rules under the Insurance Corporations Act 1973, the initial entrants into the market, including Pragati Insurance Limited (PIL), by the way of their .professional approach were instrumental in bringing a change and gave the insurance sector a decent shape and structure. However when subsequent insurance companies entered into the market, the insurance sector found itself saturated which caused unethical practices and relentless competition. Pragati, as being the first generation insurance company in Bangladesh, realized the problems within the industry at the very outset and were able to commission a very structured and pragmatic base for managing the affairs of the company. Company Information Pragati Insurance Limited was established in 1986. A group of young entrepreneurs of Bangladesh who had earlier launched a commercial Bank in the private sector sponsored the company with 30 million taka worth of cap ...
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