Guardian Life Insurance Limited is the fastest-growing life insurance company of Bangladesh. With Group Business, they are ushering a new era of corporate insurance in Bangladesh.
Insurance is one of the most integral parts of the modern economy. It protects financial aspects of unexpected death, injury, loss of property, loss of earning power, legal liability or other unexpected expenses. However, the contribution of the sector to an economy is often understated. Insurance sector contributes significantly to the aggregate economic growth of a nation by providing stability to the functioning of businesses and generating long-term financial resources. It also provides financial support and reduces uncertainties that individuals and companies face at every step of their lifecycles. It provides an ideal risk mitigation mechanism against events that can potentially cause financial distress to a family or establishment.
Over the past decade, Bangladesh has experienced significant growth in various sectors. It is one of the fastest-growing economies in the world, with an average growth rate that is well above the Asian average. Conversely, the growth of the insurance sector has not been at par with the economic boom. Insurance penetration rate in the country hasn’t reached the expected level compared to other developing countries. According to Swiss Re data, a leading global re-insurer, Bangladesh’s overall insurance penetration stood at a meager 0.57% in 2018, the lowest in the emerging Asian communities.
In recent years, there has been a lot of positive buzz around the insurance sector. An increasing number of individuals and entities are leaning towards insurance as a means of safeguarding themselves against potential risks. Through the reinforcement of trust and transparency, there is a sense of positivity around the sector which has initiated its reformation. The positive momentum prevailing across the industry has been possible through the joint effort of regulator, associations and some of the vigilant private sector players who are working as the harbingers of the brighter days. Guardian Life Insurance Limited is one of the names that comes at the forefront. It is the fastest-growing life insurance company and is setting benchmarks for the industry. With more than ten million lives insured, GLIL is penetrating the market at a rate that was unimaginable a decade ago. With intuition and innovation, GLIL has been able to introduce products specialized for various sectors and Group Business (Group Insurance) is one of the most successful product areas where GLIL has changed the impression of corporate insurance.
A Group insurance scheme is essentially a health/medical insurance plan that covers all the members of a particular group, in this case, employees of an organization. In a Group insurance policy, members get insurance coverage at a reduced cost as the provider’s risk is spread across a significant number of employees. As our economy advances, Group Insurance is becoming a necessity for many companies. It is a major compliance issue for major MNC’s and for the local companies, it allows a competitive advantage in the provision for employee benefits at low cost. With more than 300,000 lives covered under health and life coverage, the secret to GLIL’s success in group business lies in the core values of the company which are: Customer Service, Relationship Management, Innovation, Networking and quick Claim Settlement.
The positive momentum prevailing across the industry has been possible through the joint effort of regulator, associations and some of the vigilant private sector players who are working as the harbingers of the brighter days.
Insurance has a lot to do about quality delivery of service. Insurance companies are service-oriented industry. It is an intangible product; a good insurance company should have excellent customer service as core to its business. GLIL is dedicated to ensure that customers are updated with every piece of information they need through its sales team, service team and 24/7 call center.
GLIL has set a new benchmark in the industry for relationship management with corporate clients. It has set them apart from their peers and helped them to reach new heights within a short period of time. In just a few years, Guardian has amassed 222 corporate clients. GLIL’s approach to clients is uniquely impressive. Rather than just selling a product; they play the role of a consultant. After evaluating client’s expectations, GLIL’s representatives advise the best line of products suitable according to the client’s needs.
Additionally, when a client is on-boarded, Guardian keeps constant communication with the client to ensure enhanced services. They have created a separate Group Client Service function in order to ensure a strong relationship throughout the lifespan of the relationship. It allows the client’s flexibility to select the plan that has the aggregate benefit of the company.
With more than 300,000 lives covered under health and life coverage, the secret to GLIL’s success in group business lies in the core values of the company which are: Customer Service, Relationship Management, Innovation, Networking and quick Claim Settlement.
Claim Settlement and Networking
Parallel to the Corporate Relationship Management department, the Claims Department works diligently to ensure every case is handled smoothly and transparently. GLIL settles claims within five working days after all the documents have been submitted. GLIL does not only ensure valid claims are paid but it also guarantees that all claims are processed promptly. GLIL has already paid over BDT 95 crores in claims in the segment. Another unique selling proposition for Guardian Life is its wide span of hospital network. GLIL’s hospital network is more extensive than any of the peers in the market. Currently, there are 348 hospitals under GLIL network.
In order to keep up with the ever changing landscapes, every company must embrace innovation. GLIL has turned the entire insurance industry around a corner by innovating to make every step of the process easier and more transparent. They design a product according to the group client’s needs. They have also developed software which calculates estimated premiums on the spot. A similar estimation used to take a lot of time but now can be done even in few seconds. Innovation has truly put GLIL at the forefront of the insurance boom.
In a short span of six years, GLIL has established itself as the most reliable and competent insurance company in Bangladesh. Group business has high potential in Bangladesh. It has become a necessity for numerous companies; GLIL wants to be the harbinger of modern group insurance in Bangladesh. The company believes, the more transparency they can provide, the better they can penetrate in this promising market.