Impact of Climate Change on the Smart Bangladesh Vision

Bijon Islam, CEO at LightCastle Partners, recently attended the conference titled, “Reimagining Paradigm Shift in Bangladesh Insurance Industry – Bridging the Protection Gap”, as one of the key panelists for the second session titled, “Reaping Dividends of Smart Bangladesh Initiative”, alongside:

Prof. Pratik Priyadarshi, Associate Professor and Program Coordinator at Birla Institute of Management Technology (BIMTECH);
Rubaba Dowla, Country Managing Director at Oracle Bangladesh, Nepal, and Bhutan;
Farzanah Chowdhury, Chartered Insurer, Managing Director & CEO at Green Delta Insurance Co. Ltd;
Ambarish Dasgupta, Senior Partner at Intueri Consulting LLP;
Dr. M. Masrur Reaz, Chairman and CEO at Policy Exchange Bangladesh and Co-founder of TREDX (Fintech)/ OGGROW (HRTech);

The event, jointly organised by the Bangladesh Insurance Association (BIA) and Birla Institute of Management Technology (BIMTECH), took place on May 8, 2023, at the Sheraton Dhaka.

*Prof. Pratik Priyadarshi, Associate Professor and Program Coordinator, at BIMTECH, moderated the second session, “ Reaping Dividends of Smart Bangladesh Initiatives”*

The session aimed to address challenges and opportunities in the insurance sector while exploring innovative approaches to bridge the protection gap in the country. The discussion revolved around the transformative potential of a Smart Bangladesh and its impact on revolutionising the insurance industry.

The panelists touched on the significance of Big Data in the development of a Smart Bangladesh and emphasized how harnessing big data can empower insurance companies by providing valuable insights for decision-making, optimizing operations, and enhancing customer experience. The conversation then drifted towards looking at the vision of Smart Bangladesh in a broader sense and naturally, the question of climate change arose.

Bijon Islam shared his insights on how climate change-induced natural calamities hinder the vision of Smart Bangladesh. Taking into account the country’s high ranking in the Global Climate Risk Index, it is crucial to take proactive measures to ensure climate resilience and safeguard the welfare of its citizens.

Panelists of the Second Session — From the left: Ambarish Dasgupta, Senior Partner at Intueri Consulting LLP; Rubaba Dowla, Country MD at Oracle Bangladesh, Nepal, and Bhutan; Prof. Pratik Priyadharshi, Associate Professor and Program Coordinator at BIMTECH (Moderator); Md Imam Shahin, Bangladesh Insurance Forum Senior Vice President; Farzanah Chowdhury, Chartered Insurer, MD and CEO at Green Delta Insurance Co. Ltd; Dr. M. Masrur Reaz, Chairman and CEO at Policy Exchange Bangladesh; Bijon Islam, CEO at Lightcastle Partners Ltd, at the end of the second session

Firstly, he highlighted the effects of natural calamities, exacerbated by climate change, that pose significant risks to the growth and development of Smart Bangladesh and emphasized the urgent need for investment in circularity, aiming to optimize resource utilization and reduce waste.

Secondly, he stressed that climate-induced displacement of vulnerable populations is a genuine concern and infrastructure should be enhanced to accommodate these populations and ensure their safety and well-being during and after natural disasters.

Furthermore, he shed light on the government’s initiatives to tackle climate change as part of its climate policy. These efforts include the implementation of pro-climate policies such as the Power Sector Master Plan, which emphasizes the adoption of renewable energy sources, and many others.

The panel discussion fostered a dynamic exchange of ideas among industry experts, focusing on harnessing the power of technology to streamline processes, close the protection gap in the insurance sector, and advance the Smart Bangladesh vision.