The Guardian has launched SafeGuard 360, a service that combines life insurance, long-term care and disability.
The carrier developed SafeGuard 360 by focusing on underwriting needs for these various forms of insurance, according to Bill Erbin, head of product management for the individual with a disability at The Guardian.
“The only thing that I think is different for us about this product is that we aim to really create a unified underwriting and application experience,” he said. “So when we were designing the language, we really had to develop something that would conform to multiple sets of rules, yet be combined into one product, so I would say that is the kind of genius behind Safeguard 360.”
The Guardian began developing SafeGuard 360 even before the Covid lockdown, conducting surveys and researching policyholder preferences. His research found that products sold individually are tedious and confusing about which coverage to get first.
“There are reasons why insurance companies separate them, because the rules are different and all that, but we said that we are not here to follow the regulatory environment,” Eurbin said. “We are here to truly serve customers. Therefore, we must find a way to make this task easier for them.”
With SafeGuard 360, Guardian now has a single product for different types of coverage as well as a “single service concept,” Erbin said. “If they ever have an event where they need to use a product, it will be the only phone number and you call it, and it’s policyholder services, it’s claims, that’s it. person versus lifer versus long-term caregiver. It will be one contact.
Combined coverage also helps support more comprehensive financial planning, Eurbin says. Of those who consider building a long-term financial strategy a top priority, only one in three said they are good at following good habits for this task, the Guardian study found.
“The focus on the consumer takes this product to the next level,” Erbin said. “Get out, listen to consumers, hear what they have to say, and then do your best to break down the traditional boundaries that regulations, insurance companies and insurance companies in general have set to really highlight that customer experience.”
