Recruitment & Selection Process in Bangladesh: A Case Study on Pragatilife Insurance PLC

Abstract

Company Building Pragati Life Insurance PLC. was established on January 30, 2000 as a public limited company under the Companies Act, 1994 with the philosophy of maintaining competitiveness and balanced with prudent management and fairness to all policyholders. The Company obtained registration from the Department of Insurance on April 11, 2000 under the Insurance Act, 1938 to carry out insurance business. The Company started with a Paid up capital of Tk. 30 million against an Authorized Capital of Tk. 250 million. Now the paid up capital stands to Tk.325.45 million as at 31 December 2024. Pragati Life has been sponsored by some renowned business entrepreneurs of the Country linked with different industrial groups. The Company went for public issue in 2005 and listed in both Dhaka Stock Exchange PLC. and Chittagong Stock Exchange PLC. Pragati Life was established with the vision of participating effectively in the process of providing financial security to the clients as well as facilitates creation of Long term capital in the market. The Company, in the process of materializing its vision, has been developing new customer oriented and innovative products developed by its own Actuarial Department. Within a short span of time, the Company has created a franchise value in the market by expanding its business network with a diversified product lines across the Country. Pragati Life has re insurance agreement with the largest Reinsurer of the world-Munich Reinsurance Company, Germany since its inception. Pragati Life is also the first insurer in Bangladesh introducing the status of the policies through Push-Pull (SMS) service to its Policyholders. In addition, the policyholders can also know their policy details from anywhere in the world from its website and recently launched mobile apps. Pragati Life has also initiated digital premium payment options like payment through EFTN, using Debit/Credit Card, Mobile Banking and use of Agent Banking..