The Securities and Exchange Commission of Pakistan (SECP), to explore opportunities and challenges in the digitization of insurance business, organized a workshop on “Promotion of Digital Insurance – Opportunities, Challenges and Way Forward”.

The workshop was aimed at encouraging stakeholders to utilize platform of Regulatory Sandbox for introducing innovation.

The SECP Commissioner (Insurance) Shaukat Hussain said, The primary purpose for organizing this workshop was to encourage open dialogue and brainstorming between the various stakeholders such as regulator, insurance industry, technology providers for development of digital insurance.

During the workshop, the participants were also encouraged to brainstorm on the new and innovative ideas that can be brought under the enabling platform provided by SECP through introduction of Pakistan’s first Regulatory Sandbox for financial services industry.

Participants from diverse backgrounds, including insurance companies, insurance brokers, web aggregator, insurtech/fintech companies, young startups, and educational institutions attended the workshop and shared their ideas for development of insurance industry through technology innovations.

The participants also discussed current hurdles and bottlenecks that needs to address for the development of digital insurance.