SECP targets tech-enhanced insurance growth by 2028.

March 20, 2024
1 min read

TLDR:

  • SECP is aiming for tech-driven growth in the insurance sector by 2028 through digitization and innovation.
  • Initiatives such as an insurance policy finder and auto insurance repository are being launched to streamline processes.

The Securities and Exchange Commission of Pakistan (SECP) is focusing on technology-driven growth in the insurance sector by 2028. The SECP has been in discussions with life and non-life insurance companies to push for the digitization of the insurance industry, aiming to foster growth and innovation. Aamir Khan, Commissioner Insurance, has emphasized the SECP’s dedication to expanding the insurance industry through a 5-year Strategic Plan that aims to create an inclusive, innovative, and robust sector by 2028.

The strategic plan revolves around key elements such as innovation, digitalization, and data accessibility. The SECP is launching initiatives like an insurance policy finder and an auto insurance repository to streamline policy tracking and enforce compulsory motor third-party insurance. Khan has briefed the industry representatives on the SECP’s efforts in digitalization and the upcoming launch of these tools to facilitate policy tracking.

Khan also highlighted the industry’s responsibility in utilizing technology to enhance customer experience and organizational efficiency. Input from participants was sought for further advancements in leveraging technology within the insurance sector. Representatives from life insurance companies raised concerns about existing regulations that were developed for physical distribution of saving products, hindering digital distribution of the same products.

Overall, SECP’s focus on technology-driven growth in the insurance industry through digitization and innovation is aimed at creating a more efficient, inclusive, and robust sector by 2028. The launch of tools like the insurance policy finder and auto insurance repository will play a crucial role in streamlining processes and enforcing regulations in the insurance sector.

Latest from Blog

Your Daily InsurTech Briefing – 2024-07-23

Let’s see what’s in the news today. TMN reveals new partnership with UnderwriteMe Try Mortgage Network has announced a new partnership with insurance technology platform, UnderwriteMe, with the new platform being fully

Oka and Socotra team up for carbon insurance services!

TLDR: Oka and Socotra have announced a strategic partnership focused on carbon markets and climate solutions The partnership aims to de-risk carbon credits through innovative insurance solutions Oka, The Carbon Insurance Company™,

TMN announces exciting collaboration with UnderwriteMe.

TLDR: Mortgage Network partners with UnderwriteMe to integrate their insurance technology platform into CRM provider, One Mortgage System. UnderwriteMe’s Protection Platform offers underwritten quotes from multiple insurers for multiple products, saving time

Your Daily InsurTech Briefing – 2024-07-22

Let’s see what’s in the news today. AIA Singapore Appoints Chief Tech Officer The Singapore unit of AIA has announced an internal promotion to the position of chief technology officer. Read the