Business Desk :
Fourth generation insurer Guardian Life Insurance Limited (GLIL) has introduced 100% paperless facility to settleits customer’s claims very fast for the first time in Bangladesh named automated claim processing system (ACPS).
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, said a press release.
The insurer said, the corporate and easy life customerswill be able to submit their life and medical insurance claims, including hospitalization and deathby 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 company.
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 insurrect 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 11million lives through innovative business models while claim payout ratio is 97%.
With the launch of ACPS, astaggering 60% of claims get settled now withinone 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 claimthat 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.
