SECP targets tech-enhanced insurance growth by 2028.

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.