Guardian Life hosts automated system first-ever settling claims!

Guardian Life Insurance — a fourth generation insurer — has introduced an automated claim processing system (ACPS) — a 100% paperless facility to settle its customer's claims very fast for the first time in Bangladesh.

As a result, with the advent of the system, their average insurance claim processing time reduced by 50%, and now it able to settle policy holder's claim within five business days, and specific COVID-19 claims settled in only three days, claims the company.

The insurer said, the corporate and easy life customers will be able to submit their life and medical insurance claims, including hospitalization and death by automated claim processing system anytime from anywhere.

To provide errorless and fast service, specific parameters have already been set to the portal through which the inserted claims get filtered and sent to further processing.

After evaluating the claims, the company pays its customers via online payment channels, including banks, MFS & DFS.

"Customer first is a core philosophy of Guardian Life and we are always striving to improve the customer experience journey, the ACPS platform is a testament to that", said Sheikh Rakibul Karim, CEO (Current charge) of the fourth generation insurer to The Business Standard.

He also said, "To serve and to provide the best services to customers, we need to settle claims with utmost efficiency, however we felt that there is significant room for improvement in whole claim processing system across the industry, it is still mostly manual and paper driven. Hence we decided to develop an insurtech based system that will give the customers a pleasant user experience and also allow us to handle the claims with a much higher efficiency and effectiveness".

According to the company, as of 2021, Guardian Life had covered more than 11 million lives through innovative business models while claim payout ratio is 97%.

With the launch of ACPS, a staggering 60% of claims get settled now within one day, and the rest within 5 days. Statistically speaking, 97 out of every 100 people making claims get their claim settled and all the claims get settled on time and there is not a single claim that sits around for more than 5 days!

ACPS is a part of the bigger strategic plan of Guardian Life to launch smooth and seamless Bancassurance Service. It is the next level insurance service delivery platform where Banks & Insurance companies come together to provide insurance services right from the banks' branches. Bancassurance service is currently under review of the committee consisting of both regulators and other crucial stakeholders and is likely to be launched very soon. 

The process

Customers can log into ACPS system via MyGuardian App by entering ID and verification code and choosing customer category.

Then, the customer needs to enter the claim amount and the timeline followed by uploading of proper documentation to submit.

The company said that the ACPS system has allowed Guardian Life to settle the highest ever monthly claim of BDT 50 crores in December 2021. The company paid out BTD 250 crores in claims in 2021.

Guardian Life in a brief

Guardian Life Insurance has been churning out innovative agendas to accomplish breakthroughs in the Bangladeshi insurance industry since its inception in 2014.

Major sponsors of the company are BRAC, Square Group & Apex Group.

Being the best group insurer and pioneer of financial inclusion through micro insurance has made Guardian Life Insurance already a well-reputed Life Insurance brand in the country.

Over the years, Guardian Life has been the harbinger of best practices and services in the industry.

The company said, introducing value-added services that ensure superior customer experience has always been a core priority for the organization. At the same time, the company considers claims to be the most crucial and integral part of insurance service.