On August 20, Bhutan Insurance Limited (BIL) marked its foundation day with a significant milestone: the launch of its first-ever handbook dedicated to basic insurance literacy. The handbook aims to educate and empower Bhutanese citizens, equipping them with essential knowledge to make informed financial decisions.
Crafted with clarity and accessibility in mind, the handbook is a comprehensive guide that demystifies fundamental insurance terms and concepts. It covers a broad spectrum of insurance types, including motor, fire, engineering project, personal accident, student care, liability, marine hull and cargo, and workmen’s compensation insurance. By addressing these diverse areas, the handbook seeks to illuminate the impact of insurance on both personal and financial well-being.
Damdi Dorji, Chief Executive Officer of BIL, emphasized the importance of simplifying insurance information for the general public. “Our goal with this handbook is to make insurance concepts more understandable and accessible to everyone,” he said. “By fostering greater insurance literacy, we hope to empower individuals to secure their futures through appropriate insurance coverage.”
The handbook will be distributed to 168 middle schools and technical training institutes across Bhutan, ensuring that students and young adults are introduced to the principles of insurance at an early age. Tobgay Dorji, Head of Marketing and Research at BIL, highlighted the gap in current education systems regarding insurance literacy. “Insurance is not typically covered in school curricula, which is why we are taking the initiative to bring these concepts to students through our handbook,” he explained.
In addition to physical copies, the handbook will be available online as an e-copy on BIL’s website, broadening its reach and accessibility. Tobgay Dorji acknowledged the current limited public awareness about insurance, noting that many view it as an unnecessary expense. “Insurance is often overlooked, yet it is a crucial component of sound financial planning,” he stated. “As awareness grows, so will the need for comprehensive insurance solutions.”
Looking ahead, BIL plans to build on this initiative with a second edition of the handbook. This forthcoming edition will delve deeper into specific insurance clauses and advanced concepts, further enhancing public understanding.
Through these efforts, Bhutan Insurance Limited is setting a precedent in promoting insurance literacy and preparing Bhutanese citizens to navigate the complexities of financial planning with greater confidence.
