Page 100 - ICE BUSINESS TIMES March 2020

Insurance Industry

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