A Memorandum of Understanding (MoU) was signed between the Pakistan Software Export Board (PSEB) and State Life Insurance Corporation (SLIC) of Pakistan to develop and offer insurance products and services tailored to meet the needs of ICT industry professionals and freelancers.
The MoU was signed by Managing Director PSEB, Osman Nasir, and Chairman SLIC, Shoaib Javed Hussain.
Speaking at the occasion, Secretary IT, Muhammad Sohail Rajput, said that running a business always comes with inherent risks. The use of insurance products is widespread in well-developed markets across the world for protection against a myriad of risks such as lawsuits, financial losses, physical asset losses, protection of brand image, and other threats in order to ensure business continuity, he added.
He hoped that MoU between PSEB and SLIC would result in the rapid development of insurance products and services for the IT industry professionals. He congratulated PSEB on a stellar 36 percent increase in the number of companies registered with the Pakistan Software Export Board, which surged to over 4,040 by January 2022 compared to 2,950 in January 2021.
Managing Director PSEB, Osman Nasir, in his comments, said that the insurance sector in Pakistan has well-developed products for the goods industry, but does not currently have tailored products and services for IT professionals. It was, therefore, the need of the hour to actively undertake steps to develop products and services to meet the unique needs of Pakistan’s IT/ITeS industry and freelancers, he added.
Chairman of State Life Insurance Corporation of Pakistan, Shoaib Javed Hussain, said that the number of IT professionals is increasing in Pakistan, thereby making it necessary to develop protection plans for them. SLIC would work closely with PSEB to develop and provide Life Insurance, Accident & Health Insurance, Disability Insurance, Pension Scheme, Employer Liability Insurance, Equipment Insurance, and Fire Insurance plans for the ICT professionals, he added. He further said that SLIC would work with PSEB towards establishing Software Technology Parks in SLIC-owned buildings.
The IT Industry has been a star in Pakistan’s economy, generating stellar year-on-year growth rates. ICT export remittances, including telecommunication, computer, and information services for the period July 2021 to February 2022 during FY2021-22 surged to the $1.689 billion at a growth rate of 29.92 percent in comparison to the \$1.3 billion during the same period in FY 2020-21.