ISLAMABAD: The digitization of the entire insurance industry, encompassing both life and non-life companies, has been mandated by the Securities and Exchange Commission of Pakistan (SECP).
Commissioner Insurance Aamir Khan emphasized innovation, digitalization, and data accessibility as important goals of the plan, while emphasizing the insurance sector’s growth and expansion.
He informed the industry representatives of the steps the SECP has taken to digitize the insurance industry and of their collaboration with insurance companies to create an auto insurance repository and an insurance policy finder that will make it easier to track policies and enforce the requirement for motor third-party insurance.
In addition, he discussed how the industry can use technology to enhance the customer experience and boost organizational effectiveness. He asked the audience for suggestions on how to improve this further.
The representatives of life insurance firms drew attention to the problems with the rules that are now in place, which were developed with the intention of regulating the physical distribution of savings products and are presently impeding their digital distribution.
In order to facilitate a greater penetration of insurance, the representatives of non-life insurance companies emphasized the necessity of data repositories, mandatory insurance, partnerships, and information exchange for improved digitalization of the insurance industry.
The report’s suggested digital infrastructure and areas for end-to-end digitalization throughout the customer journey would be covered, the commissioner announced.
