Guardian Life Insurance Ltd is dedicated to transforming the insurance landscape by ensuring that protection is accessible, trustworthy, and available to everyone. Believing that insurance is a necessity rather than a luxury, Guardian Life Insurance Ltd is working to break down barriers and simplify the industry for individuals and families alike. Sheikh Rakibul Karim, Additional Managing Director & CEO (Acting), discusses how the company is using digital innovation to make this vision a reality.

The Daily Star(TDS): Ten years ago versus now — how much has your product lineup grown and evolved?

Sheikh Rakibul Karim(SRK): A decade ago, the life insurance market in Bangladesh was dominated by traditional, savings-linked products. Today our portfolio has evolved into a diversified and purpose-driven range designed around real-life needs and specific risks.

We have introduced specialised coverage such as Cancer and Cardiac insurance, alongside flexible savings and protection products. One of the most transformative steps has been our work in microinsurance. To increase accessibility, we launched nano insurance, including a Tk 10 per-day accidental protection plan designed especially for youth and first-time insurance adopters. It allows them to try, test, and understand insurance with minimal entry barriers. Many of our services — from onboarding to claims — are fully digital and paperless, making insurance faster, simpler, and more inclusive.

TDS: What steps have you taken to make the claim process easier for customers?

SRK: At Guardian, we believe a claim is not just a process — it is the moment where we fulfil our commitment and reinforce the trust of policyholders. That mindset drives us to build one of the fastest and most seamless claim experiences in the industry.

To enable this, we introduced a fully digital, claim-centric platform accessible through our mobile app and web portal. Policyholders can now submit claims anytime, from anywhere. From document upload to status tracking, everything happens online with complete transparency.

Our system is built with a single purpose: fast settlement with zero friction. Automated screening, digital validation, and real-time notifications ensure accuracy while dramatically reducing processing time. In short, when customers need us most, we respond with speed, clarity, and care

TDS: What are the most common reasons claims get delayed or rejected, and how are you fixing that?

SRK: The most common reasons claims get delayed or rejected are incorrect or incomplete documentation, lack of awareness about required paperwork, and, in some cases, customers not disclosing pre-existing medical conditions at the time of policy issuance. These gaps often create avoidable delays and misunderstandings.

To address this, we introduced a 100% paperless Automated Claim Processing System (ACPS). The system screens claims automatically using predefined parameters, helping eliminate manual errors and ensuring faster validation. Claims are then processed digitally and settled through secure online and mobile financial channels.

Apart from that, our 24/7 customer support helpline assists policyholders with documentation, ensuring missing information is identified promptly and guiding them through the process to further reduce delays and improve accuracy.

TDS: How do you protect your system and customers from fraud?

SRK: At Guardian Life, fraud prevention is a core part of our operational and customer protection strategy. We follow a combination of proactive communication, digital safeguards, and process-level controls to minimise risk and ensure trust across every interaction.

To protect customers from misinformation or unauthorised transactions, we send automated reminder messages before premium due dates, and our customer care team actively follows up with policyholders when needed. This ensures customers remain aware of timelines and are not misled by third-party intermediaries.

We have also fully shifted to a 100% cashless system for both premium collection and claim settlements. By removing cash-based handling, we significantly reduce the risk of manipulation, unauthorised collection, or misrepresentation.

In addition, we continuously run awareness campaigns through press communication and social media to encourage safe digital habits and discourage sharing sensitive information with unverified sources.

From a system security standpoint, we maintain strict compliance procedures, layered authentication, and monitoring mechanisms to detect suspicious behaviour early.

TDS: Are young people buying life insurance, or does it still mostly appeal to older clients?

SRK: For a long time, life insurance in this country appealed mostly to an older and financially established demographic, largely because traditional policies required long-term commitments. However, this trend is gradually shifting. With increasing financial awareness, the rise of digital platforms, and the introduction of more flexible small-ticket insurance options, younger people are now showing growing interest in insurance.