ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed digitalisation of the whole insurance sector, including life and non-life companies.
While prioritising the growth and expansion of the insurance sector, Commissioner Insurance Aamir Khan highlighted innovation, digitalisation and data accessibility as core objectives of the plan.
He apprised the industry’s representatives of the initiatives taken by the SECP on the digitalisation front and engagement with the insurance companies to launch an insurance policy finder and an auto insurance repository to facilitate policy tracking and enforce compulsory motor third-party insurance.
He also shed light on the industry’s role in leveraging technology for improved customer journey and organisational efficiency and sought input from the participants for further advancements.
The representatives of life insurance companies highlighted the issues in existing regulations which were formulated concerning the physical distribution of saving products and currently creating hindrances to the digital distribution of the same products.
The representatives of non-life insurance companies emphasised the need for the availability of data repositories, implementation of compulsory insurance, collaborations and information sharing for enhanced digitalisation of the insurance sector, to pave the way towards increased insurance penetration.
The commissioner announced the initiation of working on the report covering suggested digital infrastructure and areas for end-to-end digitalisation throughout the customer journey.
Published in Dawn, March 14th, 2024
