The Securities and Exchange Commission of Pakistan (SECP) held meetings with the insurance companies on digitization of the insurance sector in Pakistan.
Commissioner Insurance Aamir Khan apprised the industry’s representatives of the initiatives taken by SECP on the digitalization front and SECP’s engagement with the insurance companies to launch an insurance policy finder and an auto insurance repository to facilitate policy tracking and enforcing compulsory motor third-party insurance.
He also shed light on the industry’s role in leveraging technology for improved customer journey and organizational efficiency and sought input from the participants for further advancements.
The representatives of life insurance companies highlighted the issues in existing regulations that were formulated concerning the physical distribution of saving products and currently act as a hindrance to the digital distribution of the same products.
The representatives of non-life insurance companies emphasized the need for the availability of data repositories, implementation of compulsory insurance, collaborations, and information sharing for enhanced digitization of the insurance sector, to pave the way towards increased insurance penetration.
In the closing remarks, Khan informed of the initiation of working on the report covering suggested digital infrastructure and areas for end-to-end digitalization throughout the customer journey. He also provided an update on the work done on the Risk-Based Capital Regime and initiation of the data collection exercise in this regard, which would be followed by a consultative session with the insurance companies next week.
