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SECP holds meeting with insurance ‘Companies on Digitization’

by News Desk
April 2, 2024
in Business
SECP

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has held meetings with insurance companies, including life and non-life separately, on the digitization of the insurance sector in Pakistan.

Insurance Commissioner Aamir Khan, while prioritizing the growth and expansion of the insurance sector as evident in the launch of a 5-year strategic plan aimed at an inclusive, innovative, and healthy insurance industry by 2028, has highlighted innovation, digitization, and data availability as the Plan’s Main Objectives, a press release issued by here on Wednesday.

He also highlighted the industry’s role in using technology to improve the customer journey and organizational efficiency and sought input from attendees for further progress. Representatives of life insurance companies highlighted the problems of existing regulations, which were formulated for the physical distribution of savings products and currently act as obstacles to the digital distribution of the same products.

Representatives of non-life insurance companies emphasized the need for the availability of data repositories, the introduction of compulsory insurance, cooperation and information sharing for the enhanced digitization of the insurance sector to pave the way for higher insurance penetration.

In closing remarks, the Insurance Commissioner reported on the start of work on a report on the proposed digital infrastructure and areas for end-to-end digitization throughout the customer journey. He also informed about the work on the venture capital regime and the start of data collection in this regard in the coming days, which will be followed by consultation meetings with insurance companies next week.

Tags: Election 2024GazaIMRAN KHANISLAMABADIsraelNawaz SharifPAKISTANpalestinePlan's Main ObjectivesPPPpublic purveiwSecurities and Exchange Commission of Pakistan (SECP)
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    ‘Call Me Bae’ review

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    25 years of Bebo: Bollywood's ultimate performer

    25 years of Bebo: Bollywood’s ultimate performer

    Iqra Aziz

    Iqra Aziz steals spotlight in no-makeup look

    Deepika Padukone and Ranveer Singh welcome baby girl

    Deepika Padukone and Ranveer Singh welcome baby girl

    'Kyunki Saas Bhi Kabhi Bahu Thi' actor Vikas Sethi dies

    ‘Kyunki Saas Bhi Kabhi Bahu Thi’ actor Vikas Sethi dies

    Anees Bazmee confirms Bhool Bhulaiyaa 3 release date

    Anees Bazmee confirms Bhool Bhulaiyaa 3 release date

    Popular Indian tv actress Shweta Tiwari has once again mesmerized her lovers along with her present day photoshoot, wherein she looks breathtakingly lovely in a saree.

    Shweta Tiwari Stuns Fans with Gorgeous Saree Look

    Hania Amir

    Hania Amir demands Legal Action Over Fake AI video

    Sumbal Iqbal

    Sumbal Iqbal’s Beach Pictures Stuns Everyone!

  • Tech
    TECNO

    TECNO Launches PHANTOM V Fold2 & Flip2 5G – Innovation Redefined

    Pakistan Ranks Among Top Countries in Global Cybersecurity

    Pakistan Ranks Among Top Countries in Global Cybersecurity Index 2024

    Apple AI

    Apple AI expected to star as new iPhones are unveiled

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    WhatsApp soon allow to message any APP

    YAMAHA

    YAMAHA self-driven bikes recognize its owner

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    AI getting smarter by rereading questions

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