Desh General Insurance Co Insurance Review
Brief Introduction and Overview of the Company
Desh General Insurance Company Limited (DGIC) stands as a pioneering general insurance provider in Bangladesh. Established on February 8, 2000, as a public limited company under the Companies Act 1994, its operational launch occurred on March 1, 2000, with an initial paid-up capital of BDT 60.00 million. Through consistent growth and strategic planning, DGIC has significantly expanded its capital to over BDT 240 million, securing a commendable AA (long-term) credit rating. This success reflects the company's enduring commitment to its vision: building a more secure Bangladesh. Its market leadership position, cultivated over two decades, highlights its consistent performance and reliability within the Bangladeshi insurance landscape.
Key Highlights of the Company’s Market Position and Reputation
- Market Leadership: DGIC has consistently held a leading position in the Bangladeshi general insurance market for over 22 years.
- Credit Rating: The company boasts a strong AA (long-term) credit rating, signifying its financial stability and trustworthiness.
- Extensive Branch Network: With a network spanning 27 strategically located branches across the country, DGIC ensures accessibility and convenience for its diverse clientele.
Overview
Year of Establishment and Background Story
- Year of Establishment: February 8, 2000
- Background Story: DGIC's inception aimed to provide a wide range of general insurance solutions catering to diverse sectors. This includes comprehensive coverage across motor, marine, energy, property, casualty, health, accident, and liability insurance needs.
Key Milestones in the Company’s History and Growth
- Initial Capital: BDT 60.00 million
- Current Capital: Over BDT 240 million
- Growth Trajectory: The company's sustained growth reflects its market leadership and commitment to expanding its services across Bangladesh.
Regulatory Compliance and Licenses
Details on Licenses and Certifications Obtained
DGIC operates fully compliant with the Companies Act 1994 and adheres to all relevant regulatory guidelines in Bangladesh. The company holds all necessary licenses and permits to conduct general insurance operations within the country, ensuring its legitimacy and adherence to national standards.
Insurance Products and Services
Main Insurance Products
Types of Insurance Offered
- Motor Insurance: Protection for vehicles against accidents, theft, and other potential damages.
- Marine Insurance: Coverage for ships and cargo against various marine risks and hazards.
- Engineering Insurance: Insurance for machinery and equipment against breakdowns, malfunctions, and other operational risks.
- Property and Casualty Insurance: Protection for properties and individuals against risks such as fire, theft, accidents, and other unforeseen events.
- Health Insurance: Coverage for medical expenses and provision of health-related benefits.
- Accident Insurance: Coverage against personal accidents, offering financial assistance in case of injuries or fatalities.
- All-Risk Insurance: Comprehensive coverage encompassing a wide range of potential risks.
Coverage Options and Policy Details
DGIC offers customizable coverage options to suit individual needs and preferences. Clients can choose from comprehensive packages, third-party liability coverage, and other tailored solutions. All policies are designed with clarity and transparency in mind, ensuring clients understand their coverage and terms.
Additional Services
Other Services Provided
- Financial Advisory: DGIC extends its services to include financial guidance, assisting clients in managing their finances effectively.
- Retirement Planning: The company provides retirement planning services to help clients secure their future financial well-being.
- Claims Assistance: DGIC offers comprehensive claims assistance to ensure a smooth and efficient claims process for its policyholders.
Premiums and Pricing
Pricing Structure
Overview of Premium Rates for Different Types of Insurance
DGIC strives to offer competitive premium rates across its various insurance products. The company regularly benchmarks its pricing against industry averages, ensuring affordability and value for its clients. The premium rates are calculated based on a number of factors including risk assessment, coverage level, and policy duration.
Discounts and Special Offers
Available Discounts
- Multi-Policy Discount: Clients purchasing multiple insurance policies from DGIC are eligible for substantial discounts.
- Safe Driver Discount: Safe driving records can lead to reduced premiums on motor insurance policies.
- Loyalty Rewards: Long-term clients are rewarded with loyalty discounts and special offers.
Promotional Deals and Limited-Time Offers
DGIC occasionally implements promotional deals and limited-time offers to enhance its customer base and reward existing policyholders. These promotions vary and are advertised through various channels, ensuring client awareness.
Customer Service and Support
Contact Methods
Available Customer Service Channels
DGIC provides multiple convenient channels for customer support:
- Phone: +88-02-223390997-9, +88-02-223391001, +88-02-223381920
- Email: [email protected]
- Live Chat: Live chat support is readily available on the company's website for immediate assistance.
Availability of 24/7 Support and Multilingual Assistance
While 24/7 support may not be explicitly stated, the company's commitment to customer service suggests efforts are made to provide timely assistance. Information regarding multilingual support is currently unavailable on publicly accessible resources.
Pros and Cons of Desh General Insurance Co Insurance
Pros
Advantages of Choosing This Insurance Company
- Competitive Premiums: DGIC consistently strives to provide competitive and affordable insurance premiums.
- Comprehensive Coverage: The company offers a wide range of comprehensive insurance products, ensuring extensive coverage for clients.
- Reliable Service: DGIC is known for its reliable service delivery and commitment to client satisfaction.
Cons
Potential Drawbacks or Areas for Improvement
- Branch Network Limitations: Compared to some larger international insurers, DGIC's branch network might have limited reach in certain areas.
- Customer Service Variability: While generally reliable, customer service experiences may vary, potentially highlighting areas for improvement.
Conclusion
Summary of the Main Points Covered in the Review
Desh General Insurance Company Limited is a significant player in the Bangladeshi insurance market, recognized for its market leadership and comprehensive insurance offerings. They provide a broad spectrum of insurance products, coupled with reasonably accessible customer support channels. While possessing notable strengths, potential areas for improvement exist within their branch network and customer service consistency.
Recommendations on Who Would Benefit Most from the Company’s Insurance Offerings
Individuals and businesses seeking dependable and comprehensive insurance coverage in Bangladesh would find DGIC a suitable option. Its competitive pricing, extensive product range, and generally reliable customer service contribute to its attractiveness.
Frequently Asked Questions about Desh General Insurance Co Insurance
Answers to Common Questions about the Company’s Policies, Claims Process, and More
For detailed answers to frequently asked questions regarding policies, claims procedures, and other pertinent information, it is recommended to directly consult the Desh General Insurance Company Limited website. The site typically contains a dedicated FAQ section or provides contact details for inquiries.
References
- [1] https://sec.gov.bd/ipoprospectus/Desh_General_Insurance_Company_Limited_24.01.2021.pdf
- [2] https://deshinsurancebd.com/contact/
- [3] https://deshinsurancebd.com
- [4] https://www.dnb.com/business-directory/company-profiles.desh_general_insurance_company_limited.84130112b78b02d8e0eaaf44721aaf4f.html
- [5] https://www.emis.com/php/company-profile/BD/Desh_General_Insurance_Company_Limited_en_12720437.html
