Message From Chief Executive Officer
Bismillahir Rahmanir Rahim
Dear Valued Stakeholders,
Assalamu Alaikum,
On behalf of the Management Team, I am honored to present to you the Annual Report for Federal Insurance Company Limited for the year 2023. I would like to express our deepest appreciation and grateful acknowledgement for your uninterrupted and praiseworthy support and co-operation for Federal Insurance Company Ltd. As we reflect on the past year, it is with great pride that I share our achievements, challenges, and strategic advancements that have collectively shaped our journey.
Performance and Growth:
In 2023, Federal Insurance Company Limited has made significant strides in fortifying our market position and expanding our service offerings. Despite the global economic volatility and challenges posed by the lingering effects of the pandemic, we have demonstrated resilience and adaptability. Our underwriting income grew by 4.39%, reflecting our strong underwriting discipline and strategic market expansion efforts.
Customer-Centric Initiatives:
Our unwavering commitment to our customers has been the cornerstone of our success. This year, we introduced several customer-centric initiatives for our policyholders. It is also pleasing that Federal Insurance made good progress on reducing its environmental footprint through many efforts such as reducing paper and energy consumption, improving social and community wellbeing, while also being able to offer customers more innovative and sustainable products and services. Our focus on innovation and technology has enabled us to offer seamless and personalized services, reinforcing our reputation as a trusted insurance partner. Ultimately, ensuring a better future for all our stakeholders.
Sustainability and Social Responsibility:
Sustainability remains at the heart of our operations. We have undertaken numerous initiatives aimed at promoting environmental stewardship and community development. Our corporate social responsibility programs have focused on education, healthcare, and disaster relief, making a positive impact on the communities we serve. In alignment with Bangladesh’s Vision 2041, we are committed to contributing to the nation’s sustainable development goals.
Operational Excellence:
Efficiency and operational excellence have been pivotal in driving our performance. We have invested in advanced technologies and streamlined processes to enhance our service delivery and operational efficiency. Our efforts in risk management, governance, and compliance have fortified our operational framework, ensuring robustness and reliability in our service offerings.
Technology & Human Capital Development:
Being financial service providers, we invest in human capital development in addition to our investment in IT sector. ICT investment can provide us advantages for certain period of time, and it cannot easily be imitated. But our competency in human resource development which provides us with real competitive advantages over the year. Thus we arrange congenial environment to our staff for ensuring self-motivation by discharging responsibilities in most professional manner. By creating satisfactory employment at Federal Insurance Company, we contribute to an economic impact in the country’s employment indicator.
Prompt Settlement of Claims:
Ensuring customer services, particularly at the time of claims settlement, Federal Insurance aims at becoming the forerunner since claims are the only event when the customers are in distress and they need mental and financial supports and, in such a situation, insurance should be standing beside the customers. We embed this into our practices.
Future Outlook:
Looking ahead, we remain optimistic about the future. The insurance industry in Bangladesh is poised for significant growth, and we are well-positioned to capitalize on emerging opportunities. Our strategic focus will be on expanding our product portfolio, deepening customer relationships, and leveraging technology to drive innovation. We will continue to build on our strengths, foster a culture of excellence, and deliver sustainable value to our stakeholders.
Compliance to IDRA’s Regulations :
Compliance to regulations introduced by “Insurance Development and Regulatory Authority (IDRA)” is our top priority. It is our core strengthen area which facilitates good corporate governance in adequate service levels for sustainability. We have to abide by all regulatory changes made by Bangladesh Securities and Exchange Commission and Bangladesh Banks, Bangladesh Insurance Association, Dhaka Stock Exchange PLC., Chittagong Stock Exchange PLC., CDBL and Bangladesh Association of Publicly Listed Companies. We believe that adherence to business ethics and complaint to regulations would pay us in the long run to this edge, we have committed towards self-regulation, which is the heart of a complaint company.
Gratitude:
It is my pleasure to express my sincere thanks to our shareholders, stakeholders and my fellow colleagues for their dedication and commitment throughout the year. I also believe that all you will extend whole-hearted support as well as co-operation to uphold the images of Federal Insurance Company as one of top insurer in the country.
Finally, my special thanks go to our Honorable Chairman and the members of the board of Director for their proper guidance and patronization and I also thanks to the prudent management team of FICL for their commitment in expediting and implementing our strategies, over and above, building the company in a tougher time.
I believe in combined efforts of all stakeholders will bring a better tomorrow for all of us.
Thanks to all,
Sincerely,
AMM Mohiuddin Chowdhury
Chief Executive Officer