Guardian BRAC Bima insures 10m people

As many as 10 million Bangladeshis are covered by an insurance policy, Guardian BRAC Bima (GBB). It is a life insurance service by Guardian Life Insurance Limited which was initiated to bridge micro-insurance and micro-credit. Any client with a loan with the GBB is exempted of the dues if s/he dies. The nominee of the deceased client is also awarded the same amount of money.

BRAC, the world's biggest NGO, and big companies Square and Apex are backing the initiative. Its CEO Monirul Alam sees this involvement as a source of their strength and trust. Spouses of over 5.7 million clients of BRAC get the opportunity, only open to them, are also covered by the policy.

In 2013, Guardian Life launched life insurance business after it attained its license. It launched the GBB as an innovative commodity service in 2017. It was commenced in consideration of the financial losses a family suffers following the death or maiming of its earning members. BRAC does not recover the unpaid loans of a client if s/he dies all on a sudden. This enables Guardin Life to cover the insurance of huge people.

The price of GBB premium is determined by recognised insurance experts. The beneficiaries include the clients, BRAC and Guardian Life. The claims of the clients are disposed in five work days. So far, Tk 1.69 billion of over 40,000 insurance claims have been paid.

GBB have won Guardian Life Insurance a number of local and international awards, including Insurance Asia Award, according to a top level official of the company. "You wouldn't be bankrupt for adopting an insurance policy, but denying it may turn one of your dear ones bankrupt," Monirul said referring to a remark made by Jack Ma, Chinese business magnet and co-founder of Alibaba Group.

Guardian Life has set an example by initiating group or community insurances. The policy covers employees of an institution which can be called health or medical insurance, too. It has a network comprising 348 hospitals. Each of the insurance holders is given a card which can avail them 5-30 per cent concessions at hospitals.

The group insurance policy costs low as it covers a large number of employees. About 300,000 people have been covered by the health and life insurances. The clients receive 24/7 call centre privilege. The company has 222 corporate clients. The group medical insurances too dispose claims within five days. So far, claims of Tk 950 million have been settled. Guardian Life supersedes all in this regard.

Earlier, traditional method took time to calculate a client’s premium, but now it’s a matter of seconds as a calculator designed by Guardian Life calculates it instantly.

*This piece, originally published in Prothom Alo print edition, has been rewritten in English by Nusrat Nowrin