Guardian Life settles over 150,000 claims in 2024

Guardian Life Insurance Limited settled over 150,000 insurance claims in 2024, setting a benchmark by settling 95 percent of them within just three working days.

Among these claims, more than Tk 241 crore was disbursed in compensation for 36,000 deaths.

Additionally, Tk 109 crore was allocated for health and medical expenses, while over Tk 89 crore was paid out for policy maturities and various other claims.

In total, the life insurer settled claims amounting to Tk 439 crore last year, according to a press release.

Sheikh Rakibul Karim, additional managing director and acting chief executive officer of the life insurer, remarked, "At Guardian Life, we are steadfast in our commitment to the vision of 'Insurance for All', having already extended coverage to over 1.26 crore individuals."

He further emphasised that fostering customer trust through transparency and accountability is paramount in reshaping the insurance landscape, underpinned by the company's unwavering "zero tolerance" policy.

"Ensuring rapid and transparent claim settlements remains our foremost priority," he stated.

"While the majority of claims are settled within three days, we continually refine our technological infrastructure and operational efficiencies to expedite the process even further," he added.

"This demonstrates that life insurance is not merely about offering protection; it is a promise to drive meaningful change in people's lives," Karim concluded.

Notably, Guardian Life has pioneered a range of innovative insurance solutions, including micro-insurance, InsurTech, and bancassurance, designed to enhance the accessibility of insurance services across the nation.

The insurer also provides comprehensive insurance coverage to employees of over 450 local and multinational organisations.