The Guardian Life Insurance Ltd has launched e-KYC (electronic Know Your Customer) solutions within its EasyLife app, along with a newly designed and revamped EasyLife website, allowing customers to buy life insurance in just five minutes.
This is the first instance of e-KYC integration in the whole insurance industry of Bangladesh.
Company officials said Guardian Life has introduced this major initiative to have a better and secure customer onboarding process through app or web.
From now on, customers will be able to complete life insurance buying journeys through e-KYC by just taking pictures of national identity cards of theirs and their nominee(s) as well as having their faces verified.
The e-KYC solutions will make the whole customer experience much more convenient and complete EasyLife customer app or web journey in less than five minutes.
Officials also said the selling process of the life insurance industry in Bangladesh is dominated by conventional tied agents. Due to the Covid-19 pandemic, customers are facing challenges to submit their premiums in person. So, the initiative is a new boost to the company's digital innovation.
On Wednesday, the company arranged a press conference online to make announcements about the new tool.
Dr M Mosharraf Hossain, chairman (in-charge) of Insurance Development and Regulatory Authority (IDRA), was present there as the chief guest.
The company's sponsors, including Tapan Chowdhury, Syed Nasim Manzur, Sameer Ahmad and Syed Afzal Hasan Uddin, and directors, including Syed Akthar Hasan Uddin and David James Howard Griffiths, were also present at the event.
The virtual event was attended, among others, by Guardian Life's Chief Executive Officer MM Monirul Alam, Chief Operating Officer Shamim Ahmed and Senior Management members.
The e-KYC integration solution was launched with an attractive online video commercial (OVC) that clearly illustrates the customer journey, click the link to view the OVC: https://www.youtube.com/watch?v=6cZigY2Q5tg