What is Bancassurance?
Bancassurance is a form of partnership with Banks and Life Insurance Companies to sell life-insurance and other assurance products. There is a huge scope of tagging banking products with life insurance products that can be a perfect combination to make banking products more attractive.
In hedging the credit risk, assurance can be impactful to tackle the risk due to customer’s death or disabilities. If combined with right spirit and implemented with efficiency, bancassurance can be a win-win situation for all the participants’ viz., banks, insurers and the customer.
Guardian Life Insurance is looking to partner with the banks who are willing to re-discover insurance industry as a vital source of their Non-Funded Income (NFI) Revenue. Our Bancassurance team is ready to provide your bank a sustainable insurance tagged product proposition that will surely help grow the overall banking portfolio. Our collaborative relationships will add up value to your banking business. Our team of experts is ready to analyze your needs and create an innovative cost-effective solution designed to enhance the VAS for your customers. As we uplift the commitment of our sponsors i.e. Apex, Brac & Square “to revolutionize the insurance spectrum of Bangladesh”- we believe in innovation and service to deliver best in class services for you and your customers.
Benefits For Bank Customers
Benefits For Bank
Increasing Revenue through the sale of insurance products (Minimum investment with high return. More utilization of existing Channels/Branches/Sales Points)
Minimizing Credit risk exposures in Mortgage/Personal/SME/Loan & Credit cards.
Motivating Staffs through additional income opportunity through incentives/commission income earned from selling Insurance Products.
Credit Risk Migration Products
Having credit card is good while your customer is active and earning enough to pay the bills. But due to sudden unexpected incident may cause discomfort both for the bank and the customers as defaults due to customer death or disability. The credit card outstanding then becomes a serious burden for the card holder or his/her family. Our credit card shield product will remain as a trusted friend to give relief to cover the uncertainties at this difficult time by paying the outstanding to the bank. Also the family will get a sum equal to outstanding as death benefit.
Various features that Banks can add with their Credit Cards:
Banks or Financial Institutions (FI) give mortgage loan that is just not a simple loan but it is a key to fulfill the dream of owning a home. As uncertainties in our life may shatter many dreams – mortgage loan, if turned out to be default, adds woe to the bank portfolio and to the life of the deceased borrower’s family.
Banks can hedge the default risk due to death or disability of the borrower by partnering with Guardian Life Insurance Ltd. in the form of mortgage assurance. Guardian remains as a trusted partner with the bank customer to safeguard their family by paying the remaining outstanding to the bank/financial institution. Our robust underwriting team will help the banks/FI to mitigate their credit risk.
Personal loan is great for both the bank/FI and the borrower. This any purpose loan brings in high revenue for the bank. But due to the uncertainties of life and health hazard of the borrower, this portfolio might be a ‘pain in the brain’ for the bank/FI.
Our ‘PL Assurance’ will come as a rescue for limiting the credit risk of banks/FIs. We are committed to repay the loan to the bank/FI in case of death or disability of the borrower. This is a great tool to reduce the portfolio risk of the banks/FIs. So this is a smart solution for the smart banks/FIs offered by Guardian Life Insurance.
As a bank, you give hope to millions of entrepreneurs through SME loan and help flourish the strongest driving force of inclusive economic growth. But the downside risk of SME lending like NPL is also high. And if the risk arises due to the life casualty or other severe health hazards, both bank and the borrower face acute problem.
To mitigate such risk of lives, Guardian Life SME Banking Assurance can be a prudent way to diversify the risk of SME portfolio. Guardian is ready to make lives of borrowers worry free. We will pay the outstanding liabilities to the bank in cases of life casualties.
Many employers consider employee insurance benefits as an additional cost to the company. What is the very employees account that a bank opens to facilitate salary/benefit payment also provide employee insurance coverage?
Guardian Life Employee Banking Insurance schemes, will give you customized insurance coverage with minimum cost bundled with the employee/salary accounts.
Please call us to get the Customized Solution ‘Right Now!’
Depository Insurance Products
Guardian life offers attractive deposit insurance scheme for current and savings accounts for the bank customers. In case of any death or casualties the account holder family can get lump sum/specific amount to cover their loss.
As a bank you are safeguarding the deposit of your client to ensure their financial security as well as protect their families. But every family is different. So why not your deposit plan be customized with our Guardian Life Deposit Insurance plan as per the need of your deposit accountholders. We offer a range of attractive deposit insurance solutions that can be linked with your deposit scheme.
Benefits We Are Offering
A death occurs due to nature and natural causes (such as age or disease) other than accident or violence. In case of death of the borrower during the insured term, a certain amount of money will go to the nominees as beneficiaries.
Maternal insurance is a complementary benefit that covers the cost of maternity treatment for insurers during coverage, including childbirth costs.
Accidental Death Benefit is a policy that provides a benefit to the beneficiary if the cause of death is direct due to an accident caused by an external and violent way.
If you are seriously ill, you can focus on recovery with the help of Guardian Life CI Illness Solutions. It's designed to help you and your family financially when you're dealing with diagnoses - so you can focus on your recovery without having to worry about how to pay the bill.
Permanent total disability is a permanent disability, injury or illness that affects your ability to live. These benefits may be immediately recognized in the case of complete and irreversible damage to both eyes and two or more limbs (wrist or ankle or above). In case of permanent disability of the insured during the term of the insured, Guardian Life helps to rehabilitate, pay repayments and meet future living expenses.
Hospitalized insurance is a complementary benefit that will include the cost of hospitalized treatment for insured due to illness or injury during the coverage period, including pre-admission and post-discharge treatment costs.