The Securities and Trade Fee of Pakistan (SECP) has been holding separate conferences with life and non-life insurance coverage corporations to hunt their enter on the digitalisation of the insurance coverage sector in Pakistan.
On the conferences, insurance coverage commissioner Aamir Khan spotlighted innovation, digitalisation and knowledge accessibility as core aims of the SECP’s 5-year strategic plan focusing on an inclusive, revolutionary and sound insurance coverage trade by 2028.
In its digitalisation plan, the SECP goals to launch an insurance coverage coverage finder and an auto insurance coverage repository to facilitate coverage monitoring and implement obligatory motor third-party insurance coverage.
In a press release, the SECP stated that life insurers’ representatives highlighted points with present laws which hinder the digital distribution of insurance coverage savings merchandise. The representatives of non-life insurance coverage corporations emphasised the necessity to determine knowledge repositories, implement varied strains of obligatory insurance coverage, and have interaction in collaboration and data sharing to improve digitalisation within the insurance coverage sector.
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