IAP, CDC sign MoU for digital aggregation of insurance products

KARACHI: Under the regulatory impetus of the Securities and Exchange Commission of Pakistan (SECP), Insurance Association of Pakistan (IAP) and Central Depository Company of Pakistan Limited (CDC) signed a memorandum of understanding for the digital aggregation of insurance products, CDC’s Emalaak Financials platform, a statement said.

Sadia Khan, commissioner of the SECP presided the MoU signing ceremony at the CDC House, Karachi.

Describing the features of the platform, CDC chief executive officer Badiuddin Akber said: “This Fintech solution of “Emlaak Financials” is indeed a landmark initiative of national significance, as it aims at becoming “Digital Financial Super Market” in Pakistan by leveraging the potential of technology to increase the outreach for various financial products.”

Azfar Arshad, chairman of the IAP applauded the efforts of CDC and the SECP and said that this initiative will pave the way for the growth of the insurance industry.

Sadia Khan said that this digital transformation is expected to have an impact throughout the insurance value chain, from underwriting and pricing of products, their marketing and distribution, through to claims processing and the ongoing customer servicing.

The distribution of insurance products through the digital portal Emlaak is expected to provide the low-cost and centralised solution to the policyholders by providing comparative cost benefit analysis of different products on a centralised platform.

This will lead to a reduction in the protection gap, as the new market segments are accessed, as well as an increase in the insurance penetration.

The goal of the regulator is to enable the insurance industry play its rightful role both in terms of providing the social safety net, as well as development of the capital market, she said.

She commended the role of CDC in bringing this new initiative to life by capitalising on its technological capability.

Senior members of IAP’s Executive Committee and other high ranking officials of the insurance industry were present on the occasion.

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