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Home/Financial Foundation/LIFE INSURANCE UNDERWRITING · HSA ELIGIBILITY IRS RULING

Bangladesh’s First AI-Powered Insurance App Launches With 1- to 3-Day Claim Settlement

JF

Jasper Fairfax

life insurance underwriting · Apr 16, 2026

Bangladesh’s First AI-Powered Insurance App Launches With 1- to 3-Day Claim Settlement

Source: DojiDoji Data Terminal

Claims on insurance policies in Bangladesh can now be settled in as little as 1 to 3 working days, thanks to the launch of the country’s first AI-powered InsurTech app. The platform, introduced by Labaid InsureTech Company Limited, integrates Health, Life, Motor, Travel, Pet, Crop, Device, and Property Insurance into a single digital interface, enabling users to apply, verify identity, file claims, and receive support without visiting an office.

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A 31% surge in first-party fraud is shifting risk to lenders — and younger borrowers are driving the trend

Consumers aged 35 and under account for the largest share of fraud-related credit loss in auto delinquency balances. This shift is not isolated — a 31% year-over-year rise in first-party fraud across Canada has lenders recalibrating risk models, especially as younger applicants increasingly misrepresent their financial reality to secure credit. First-party fraud, where individuals use their real identity but falsify income, employment, or debt data, nearly doubled in credit card applications, jumping from 0.08% to 0.15% between Q4 2024 and Q4 2025. The most common tactic: submitting contradictory or mismatched financial information, which now accounts for 77% of such cases, up from 59%. Ontario bore the brunt, with fraud-linked credit losses in the card sector hitting $123 million. Banking and deposits saw a parallel shift. While third-party fraud attempts fell from 0.45% to 0.32%, first-party fraud climbed from 0.51% to 0.68%. Falsified financial information surged within that category, leaping from 1.5% to 21% of cases. Account abuse also rose, from 14% to 24%. Auto and mortgage fraud rates declined overall, but delinquent portfolios still carry significant hidden losses — particularly among applicants aged 26 to 45 in mortgages and those 35 and under in auto lending. The trend reflects a broader change in consumer behavior, not just criminal opportunism. Lenders can no longer rely solely on identity verification; they must now detect inconsistencies in self-reported data. That’s where AI-driven systems like Equifax’s FraudIQ come in. The platform uses cross-sector data from Canada’s largest known fraud consortium to flag anomalies in real time. Such tools are now essential. They’ve helped institutions avoid an estimated $3 billion in fraud losses annually — a number that may need to grow as more borrowers blur the line between financial desperation and deception.

The app uses Bangladesh’s first AI-based Insurance E-KYC system, allowing instant digital identity verification. Once a claim is submitted, real-time tracking, AI-driven fraud detection, and smart underwriting accelerate processing. Online claim submission, 24/7 doctor support, cashless treatment, and AI customer service further streamline access.

Related Brief2h ago
retirement plan administration

IRS Updates 402(f) Rollover Notices to Close Compliance Gaps

Plan administrators using outdated 402(f) language face compliance failures and potential lawsuits from participants challenging payouts. The IRS released Notice 2026-13, which updates the safe harbor 402(f) model explanations for eligible rollover distributions. Section 402(f) requires that a written explanation be furnished to any participant or beneficiary eligible for a rollover distribution within a reasonable period of time before the distribution is paid. The updated model notices now provide separate notices for non-Roth and designated Roth accounts. They incorporate expanded exceptions to the 10% early withdrawal penalty under SECURE 2.0 and reflect changes to required minimum distribution rules, including updated RMD ages and special surviving spouse provisions. Outdated 402(f) language is a preventable compliance failure.

Labaid InsureTech is working with Pragati Insurance, Chartered Life Insurance, Meghna Life Insurance, Micromaster Insurance Belgium, and Shanta Life Insurance to expand coverage. The platform specifically targets low- and middle-income individuals, families, small businesses, and agriculture-based entrepreneurs. Future plans include embedded insurance, usage-based models, micro-insurance, and group solutions to broaden financial protection.

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cryptocurrency

Morgan Stanley's Bitcoin ETF Lowers the Cost of Bank-Issued BTC Exposure

Investors in the Morgan Stanley Bitcoin Trust ETF (MSBT) pay a 0.14% fee for Bitcoin exposure. This cost structure is part of the first bank-issued spot Bitcoin ETF. The fund purchased $83.6 million worth of BTC during its debut week. As of August 15, the MSBT holds $64.4 million in BTC in on-chain addresses.

The soft launch marks the entry of intelligent, human-centered technology into a traditionally slow, paper-based insurance sector. By reducing settlement times and digitizing access, the platform aims to increase trust, awareness, and long-term financial safety across Bangladesh’s digital economy.

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Goldman Sachs Bitcoin ETF Caps Upside for Monthly Yield

Investors in the proposed Bitcoin Premium Income ETF will receive monthly income distributions but will be capped on potential profits during periods of significant price appreciation. Goldman Sachs Asset Management filed for the fund on April 14, 2024. To generate yield, the fund sells call options on 25% to 100% of its spot Bitcoin exposure. The premiums collected from these options are distributed to investors as monthly income. The fund allocates at least 80% of net assets to spot Bitcoin ETPs, derivative contracts, and other Bitcoin-linked instruments. To navigate regulatory restrictions on direct commodity holdings, the bank structured the ETF through a Cayman Islands subsidiary. Investors maintain downside exposure to the price of Bitcoin.

life insurance underwritingHSA eligibility IRS rulinginsurtech funding regulationcrypto IRS rulingSECURE 2.0 IRS guidanceIRA contribution limit IRS

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