Page 40 - ICE BUSINESS TIMES January 2020

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Cover Focus

time for the reputed & agents like banks and NGOs to How will this benefit the online platforms. To cater to this
weel-managed companies. sell insurance i.e. Bancassurance. banked population? special segment, we have launched
However for the rest, it usually Our current regulatory board, Whenever a family loses a member the first Life Insurance App of
Bangladesh, namely EasyLife.
Insurance Development &
takes much longer to get
A Promise disbursed. It is mainly because the Regulatory Authority Bangladesh towards supporting the family, it term life insurance product and
who earns an income that goes
Primarily, we started off with a
(IDRA), along with Bangladesh
money was diverted in different
affects them negatively, insurance
then introduced monthly savings
Bank, are seriously considering it.
units, and the cash flow was not
works as a safety net in this
plan with profit. We are the
We are expecting the channel to
appropriately maintained.
scenario. Likewise, if this member
pioneers of Digital Life Insurance
come up sometime within next
The other issue is the customers’
becomes unable to support the
of Protection lack of knowledge about finances year. We are also hoping for some family due to disability, the in Bangladesh. EasyLife is a suite
of pull products aimed at sharing
policy changes by the government
and the industry as a whole.
insurance company steps up to
knowledge and inspiring
to promote insur-tech. There
Generally, people tend to compare
provide the financial support
customers to buy our products.
needs to be some regulatory
insurance companies with banks,
instead. Insurance benefits ensure
although philosophy is different
play a vital role in the next five
efficient.
between the two. We have to changes to make the process more social safety. It is the most virtual Globally, insur-tech is going to
strength of insurance, to bring
inform the customers of the Currently, upon policy purchase, social stability and enable smooth years. We are preparing ourselves
In a conversation, M M Monirul Alam, difference, such as when investing we need to send the documents growth of the society. to cope up with what is happening
on the other side of the world. If
Managing Director and CEO of Guardian Life money in insurance, they cannot back to the customer to get a wet we don’t upgrade ourselves and
signature, this process is very
Insurance Limited elaborates on the withdraw from it whenever they inefficient. We also have to affix How do you see digital keep us updated, then someone
want. Instead, it is a long term
importance of creating awareness, investment for their future; but BIMA stamp on the policy application changing the else will come and capture this discounts on medical bills.
digitalizing the insurance sector and the usually, customers surrender their documents. The documents are insurance landscape in the market. So we are preparing Customer centricity is also of
future of the industry in Bangladesh policy prematurely, resulting in available online, but the entire coming years? How will ourselves, and via this digital paramount importance for
them not getting their full money process is not 100% digital yet. consumers benefit from it, platform, we are using our Guardian Life. We launched the
back. To change this practice, we Also, the KYC that has been recently you have knowledge to take us forward. first 24 X 7 call center in the
are encouraging the government issued by the central bank is very inaugurated an app for industry back in 2018 and still
bodies to include a subject or complicated, which discourages your consumers, could you What do you think about now we are the only one in the
paper on financial knowledge in customers. Consequently, people share some information the future of health whole industry. Our call center
Having spent close to Doing something outstanding the idea of insurance? two or three more companies got the national curriculum. The aim usually get frustrated and give about that? insurance for our country? short code is 16622. When the
three decades in the and challenging the status quo Looking back at how the approval who had the intention to is to create a way to educate up. So, we are encouraging the When I joined Guardian Life, we We need health insurance. I am doctor advises a medical
sector, you are a veteran is not easy and I was at a insurance industry has evolved, it create quality executives. Before people on various investment government to introduce eKYC. looked into the opportunities and stating this from my professional treatment, the policyholder can
of the industry, when did certain plateau of my career becomes clear that we have not they could realize that intention, alternatives, not only in insurance The operation will have the same strengths that would take the and personal perspective. People to any of the enlisted hospitals
you join Guardian, was where I really wanted to dream been able to bring much change 12 other companies came into the companies but also in banks. The user-friendly feature as BKash, company forward. We focus mostly do not necessarily anticipate and and call our call center for smo
that a new leaf in your big. When Guardian Life to people’s minds in terms of market in 2000 which resulted in idea is to make people understand enabling people to buy a policy on corporate business and prepare for sudden medical needs. admission and processing. With
career, did you want to do approached me, they gave me a service. It was primarily due to further demand along with the importance of insurance and with the swipe of a finger. microinsurance. Our sponsor BRAC No budget is set aside to cope with Guardian Life Health Card, the
anything differently? good understanding of their misconceptions. By 1985, we had shortfall of talented people. its role in securing one’s future. has 4.5 million microcredit such situations. In reality, policyholders can get treatment up
When I joined the insurance vision with the company. It is a only one nationalized company However, 2000 was a turning point We have already graduated lenders. When the microcredit according to statistics, 70% of to the coverage limit without
industry back in 1991, I had no Company sponsored by Apex, and severe lack of professionals for this industry, business was What do you believe is the from the list of LDCs. How borrower dies, recovering the treatment expenses are paid from paying any cash, Guardian Life
notion of what I could do to BRAC and Square Group, who in the industry. By the nineties, good, although the potential most crucial challenge the crucial would be the role of money becomes a challenge for the out-of-pocket expense in provides that guarantee of
contribute to it, and how long I have a very long track record of market was much bigger. insurance sector is facing? financial inclusion for our NGOs. It also becomes very Bangladesh. The other 30% comes payment to hospitals on behalf of
would sustain here. Through their commitment and ethical Insurance is a long term business, Currently the major channel of country? difficult for the family of the from insurance facilities provided the policyholder.
the guidance of my mentors, I business practice in and the premium we collect is a distributing insurance is via Regarding financial inclusion, deceased to continue with their by multination companies or the
began to understand that this is Bangladesh. They also conveyed liability. The money belongs to the agents & agencies. Insurance is currently, around 45-50% of the livelihood. We formed a joint government. So, there is a vast What is your vision with
a very vital industry for that they aim to brand Guardian people, not the company, so it not a consumer good, it is a population has got banking committee with BRAC to get a market for health insurance. We Guardian?
sustainable development of the Life as one of the trusted life must be used judicially to meet service that usually needs a bit of access. Insurance companies better understanding of their are a life insurance company, but The vision of Guardian is to be
economy, and also to bring insurance company operated via future commitments. Eventually, persuasion. We use our field force, cover people both banked & needs and to develop a plan. With we also offer health insurance as a number 1. We believe and foll
social safety at large. To get a ethical practice. I soon realized the money has to reach the agents who have been trained to unbanked. People outside the Guardian-BRAC Bima Project, we supplementary product, selling it our theme, “Insurance for all”.
better understanding of the that this is the opportunity for Customer centricity is policyholders. recognize prospective customers. banking system show more have covered more than one crore to corporates and individuals. Earning reliability &
industry, I devoted myself to me to materialize my dream, also of paramount A problem we face is peoples’ After making appointments, they interest in insurance products lives, annually we are settling up Currently, around 300000 lives are trustworthiness is pivotal no
expanding my knowledge and which was a major factor for importance for misconception of insurance convey the benefits of the product and want to open an account and to 22000 claims. It has been a covered by our health insurance. for Guardian Life but also for the
focused on delivering service consideration while joining Guardian Life. We companies not being managed adequately, analyze all the make regular deposits. Most of massive achievement for Guardian We settle about 32000 claims industry as a whole, we aspire to
that customers expect from this Guardian Life. launched the first 24 X well. I often hear complaints from information, and eventually sell them are micro-insurance or rural Life, we are now the largest annually amounting to a sum of be the flagbearer of that
industry. By the time I joined customers that they are not getting the product. In recent times, due to insurance, which is now the main insurer in terms of lives covered 24 crore taka. revolution. We see a bright future
GLIL, I had accumulated two Throughout your 7 call center in the their money back at maturity. At a time constraints, it isn't focus of insurance companies. and in terms of beneficiaries. Currently, we have over 300 where Guardian Life plays a lead
and a half decades of experience, how do you industry back in 2018 bank, when the FDR gets matured, straightforward to set up The unbanked population is the As for the younger generations, hospitals enlisted with us, the role in bringing about changes to
experience. My aspiration has think the sector has and still now we are the customers get the cashback on the appointments with clients as they major focus area now. As a result, i.e. those who are 25-35 years old, people who are covered with us the insurance industry by
always been to deliver the best evolved, and do you only one in the whole same day or the following day. In have become very busy. As a the bank and the insurance ideally the digitally active under health insurance, can get a generating a positive mindset and
customer service, which became believe that our industry. Our call center the insurance industry too, the solution, we are advocating the companies are complementing population; we are conveying the wide array of services from these credibility regarding life insur
a challenge at some point. consumers match up to short code is 16622. fund disbursement takes very less government to permit corporate each other for financial inclusion. insurance knowledge to them via hospitals and avail exclusive amidst the greater population.
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