ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has held meetings with insurance companies, including life and non-life separately, on the digitization of the insurance sector in Pakistan.
Insurance Commissioner Aamir Khan, while prioritizing the growth and expansion of the insurance sector as evident in the launch of a 5-year strategic plan aimed at an inclusive, innovative, and healthy insurance industry by 2028, has highlighted innovation, digitization, and data availability as the Plan’s Main Objectives, a press release issued.
He briefed the industry representatives about the initiatives taken by the SECP on the digitization front and the SECP’s engagement with insurance companies to launch a policy search engine and auto insurance repository that will facilitate the tracking of insurance policies and enforcement of compulsory motor insurance.
He also highlighted the industry’s role in using technology to improve the customer journey and organizational efficiency and sought input from attendees for further progress. Representatives of life insurance companies highlighted the problems of existing regulations, which were formulated for the physical distribution of savings products and currently act as obstacles to the digital distribution of the same products.
Representatives of non-life insurance companies emphasized the need for the availability of data repositories, the introduction of compulsory insurance, cooperation and information sharing for the enhanced digitization of the insurance sector to pave the way for higher insurance penetration.
In closing remarks, the Insurance Commissioner reported on the start of work on a report on the proposed digital infrastructure and areas for end-to-end digitization throughout the customer journey. He also informed about the work on the venture capital regime and the start of data collection in this regard in the coming days, which will be followed by consultation meetings with insurance companies next week.