Page 44 - IBT December 2020

Insurance industry Nation
Builders

at low cost. With more than 350,000+ lives covered settled with 1.69 billion BDT (19.8 million USD) paid nominee NID (both sides) along with face
under health and life coverage, the secret to GLIL’s out to date. However, the numbers alone cannot justify verification (cross-matching and verifying
information with Election Commission database)
the magnitude of GLILs’ achievements. They are
success in group business lies in the core values of the
Transforming Our company which are: Customer Service, Relationship protecting millions of poor families and their process. The e-KYC solution has made the entire
livelihoods across Bangladesh in the event of the
customer experience more transparent and
Management, Innovation, Networking and Quick Claim
death of a household member or the earner.
Settlement.
convenient.
GLIL has set a new benchmark in the industry for
Microinsurance is an important safety net against
Insurance Sector relationship management with corporate clients. It has various risks for the poorest and most vulnerable CLAIM SETTLEMENT AND
NETWORKING
people of Bangladesh. Guardian-BRAC Bima (GBB) is
set them apart from their peers and helped them to reach
playing a significant role in keeping millions of
new heights within a short period of time. In just a few
Parallel to the Corporate Relationship Management
years, Guardian has amassed 225+ corporate clients.
to flourish despite the loss of a crucial family member.
GLIL’s approach to clients is uniquely impressive. Rather Bangladeshis above the poverty line and helping them department, the Claims Department works
diligently to ensure that every case is handled
Guardian Life Insurance Limited (GLIL) has been making breakthroughs in the than just selling a product; they play the role of a smoothly and transparently. GLIL settles claims
insurance sector and beyond. They have brought intelligence, innovation and consultant. After evaluating the client’s expectations, BANCASSURANCE within seven working days after all the documents
GLIL’s representatives advise the best line of products
investment in an industry that was riddled with decades of lingering problems. suitable according to the client’s needs. Bancassurance is essentially a distribution channel for have been submitted. GLIL does not only ensure
that valid claims are paid but it also guarantees
Additionally, when a client is on-boarded, Guardian insurance companies, they make use of the vast that all claims are processed promptly. GLIL has
network of the banks to sell insurance products. A
keeps constant communication with the client to ensure
By Asif Tarafdar enhanced services. They have created a separate Group distribution channel is one of the key elements that already paid over BDT 400+ crores in claims over
the years. Another unique selling proposition for
Client Service function in order to ensure a strong help facilitate insurance companies in growing and Guardian Life is its wide span of the hospital
penetrating the market, functioning as arteries of
commitment throughout the lifespan of the relationship. marketing systems delivering services to customers. network. GLIL’s hospital network is more extensive
reformation. The positive They allow the clients to flexibily select the plan that has When insurance companies collaborate with banks propositions of EasyLife are accessibility and than any of the peers in the market. Currently, there
momentum prevailing across the the aggregate benefit of the company. they enter a guardianship of two regulatory bodies availability. Its services are available on-demand are 345+ hospitals under the GLIL network.
industry has been possible governing the process. This maximizes reach and regardless of the time. Without any intermediaries,
through the joint effort of MICROINSURANCE: security of the service propositions. one can buy life insurance instantly without the INNOVATION IN PRODUCT
regulators, associations and Through Bancassurance, Guardian Life Insurance is hassle of medical tests and filling-up a form. It paves DEVELOPMENT & CLAIM
some of the vigilant private GUARDIAN-BRAC BIMA (GBB) partnering up with the banks willing to re-discover the the way for illegal and unethical practices. Through
sector players who are working GLIL aspires to work diligently towards financial insurance industry as a vital source of their EasyLife, the entire process has become transparent. SETTLEMENT
as the harbingers of the brighter inclusion and touch the lives of the underprivileged Non-Funded Income (NFI) Revenue. Its team of experts Clients now have all the detailed information about In order to keep up with the ever-changing and
days. Guardian Life Insurance population with the spark of life insurance as it has a is ready to analyze the needs of its partners to create every service available; it allows them to assess and dynamic business landscapes, every company must
Limited is one of the names that starkest implication on the lives of this economic group. an innovative, cost-effective solution designed to determine the plan most suitable for them. EasyLife embrace innovation. GLIL has set a new benchmark
comes at the forefront. It is the In line with the idea, GLIL has tried to work out on enhance the VAS for its (partner) customers. In a short aims to educate the market about the aggregate in the industry by innovating to make every step of
fastest-growing life insurance innovative models of microinsurance that can prove to period, GLIL's bancassurance program has benefits of insurance and ultimately encourage them the process easier and more transparent. With
company and is setting be sustainable. GLIL made a breakthrough with accumulated an outstanding portfolio. It has partnered to buy insurance. product innovation complementing the overall value
benchmarks for the industry. Guardian-BRAC Bima (GBB), under which more than 10 up with some of the leading banking and non-banking In its latest effort in making life insurance more chain, they have also developed software which
With more than ten million lives million recipients of BRAC Microfinance came under the financial institutions of the country including BRAC accessible, Guardian Life has implemented e-KYC calculates estimated premiums on the spot. A similar
insured, GLIL is penetrating the scope of GLIL’s credit shield micro-insurance program Bank, Mutual Trust Bank, IDLC and LBFL while (Electronic Know Your Customer) solution within its estimation used to take a lot of time but now can be
market at a rate that was (including spouse). BRAC is the largest NGO in the world, providing protection to lives of about 1.5 lakh EasyLife. It is the first e-KYC integration of the whole done even in a few seconds. Innovation has truly put
unimaginable a decade ago. with 83% of its clients (microfinance) being women. After insurance industry in Bangladesh allowing GLIL at the forefront of the insurance boom.
Insurance is one of the most financial distress to a family or establishment. going through some pilot phases, Guardian-BRAC Bima (Approx.) people. customers to buy life insurance in just 5 minutes!
integral parts of the modern Over the past decade, Bangladesh has CORPORATE (GBB) was fully launched in 2017. The entire scheme Guardian Life has introduced this major initiative to OCS (ONLINE CLAIM
economy. It protects financial experienced significant growth in various was developed in partnership with BRAC to ensure it DIGITAL CHANNEL have a better and secure customer onboarding
aspects of an unexpected death, sectors. It is one of the fastest-growing SOLUTIONS meets the needs of the community. It was enhanced so Since its inception, the idea of Digital Bangladesh has process through app/web. Customers are being able SUBMISSION SYSTEM)
injury, loss of property, loss of economies in the world, with an average A Group Life Insurance policy is that the spouse of the borrower could also be covered, as transformed the average life of every person in the to complete life insurance buying journeys through “Customer First” has always been a strong
earning power, legal liability or growth rate that is well above the Asian essentially a health/medical in most cases; the spouse of the borrower inherits country. With the proliferation of the internet and e-KYC by just taking pictures of NID (both sides) and resolution for Guardian Life and a commitment to
other unexpected expenses. average. Conversely, the growth of the insurance plan that covers all the financial responsibility of the family and repayment of digital services, technology is also transforming the pay claims is one of the core values of them. Hence,
However, the contribution of the insurance sector has not been at par with the members of a particular group, in the debt incurred. financial sector ensuring better access and Guardian Life Insurance Limited (GLIL) has been
sector to an economy is often economic boom. The insurance penetration this case, employees of an This entire venture has resulted in 40,843 claims being transparency. Guardian Life Insurance Limited is one of the most diligent companies throughout the
understated. Insurance sector rate in the country hasn’t reached the expected organization. In a Group leading the insurance industry in Bangladesh towards pandemic in ensuring exceptional client service. As
contributes significantly to the level compared to other developing countries. insurance policy, members get digitalization. GLIL has done an incredible job in the pandemic situation continues, they are
aggregate economic growth of a According to Swiss Re data, a leading global insurance coverage at a reduced creating a user-friendly and intuitive app which is innovating ways to provide uninterrupted client
nation by providing stability to reinsurer, Bangladesh’s overall insurance cost as the provider’s risk is compatible with the average financial literacy of services. Even under this lockdown and social
the functioning of businesses penetration stood at a meagre 0.57% in 2018, spread across a significant Bangladesh. distancing situation, Guardian life has kept its
and generating long-term the lowest in the emerging Asian communities. number of employees. As our EasyLife is primarily a Digital Sales Channel activated commitment to the customers by introducing the
financial resources. It also In recent years, there has been a lot of positive economy advances, Group via app and web. It is intended to make insurance “Online Claim Submission (OCS)” platform to
provides financial support and buzz around the insurance sector. An Insurance is becoming a more accessible to consumers. A significant number of submit claims digitally. It allows the corporate
reduces uncertainties that increasing number of individuals and entities necessity for many companies. It people in our country are now connected through the customers to submit Life and Medical claims
individuals and companies face are leaning towards insurance as a means of is a major compliance issue for internet; Easy Life allows them to purchase insurance (Hospitalization / Outdoor Patient / Death) via
at every step of their life cycles. safeguarding themselves against potential major MNC’s and the local policies through both app and web. One can conduct mobile, laptop or desktop anytime, anywhere. The
It provides an ideal risk risks. Through the reinforcement of trust and companies, it allows a all the activities entirely online for buying an claims are then evaluated by the team from the
mitigation mechanism against transparency, there is a sense of positivity competitive advantage in the insurance policy and also pay the premium for being system and are paid out from the system via online
events that can potentially cause around the sector which has initiated its provision for employee benefits under coverage instantly. The very distinctive payment channels.

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