To explore opportunities and challenges in the digitization of the insurance business, the Securities and Exchange Commission of Pakistan (SECP) organized a workshop called: “Promotion of Digital Insurance – Opportunities, Challenges, and Way Forward”.
According to SECP’s statement, the workshop was aimed at encouraging stakeholders to utilize Regulatory Sandbox for innovation.
SECP Commissioner (Insurance) Shaukat Hussain welcomed the participants and shared the commission’s vision and commitment to transforming the insurance sector into a financially sound and technology-driven industry. The primary purpose of this workshop was to encourage open dialogue and brainstorming between various stakeholders for the development of digital insurance.
Participants from diverse backgrounds, including insurance companies, insurance brokers, web aggregators, insurtech/fintech companies, young startups, and educational institutions attended the workshop and shared their ideas for the development of the insurance industry through technology. The participants also discussed the hurdles and bottlenecks that need to be addressed.
During the workshop, the participants were also encouraged to brainstorm on the new and innovative ideas under Pakistan’s first Regulatory Sandbox for the financial services industry.
The participants lauded SECP’s efforts in bringing the various stakeholders on a platform to work together for the betterment of the insurance industry.