IAP, CDC for digital aggregation of insurance products

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December 03, 2021 (MLN): Under the regulatory impetus of the Securities Exchange Companies of Pakistan (SECP), the Insurance Association of Pakistan (IAP) and Central Depository Company (CDC) on Friday signed an agreement for digital aggregation of insurance products through CDC’s Emlaak Financials, a press release showed.

CEO-CDC Badiuddin Akber said that “this fintech solution of ‘Emlaak Financials’ is indeed a landmark initiative of national significance, as it aims to become ‘Digital Financial Super Market’ in Pakistan by leveraging the potential of technology to increase outreach for various financial products.”

IAP Chairman Azfar Arshad applauded CDC and SECP’s efforts and said the initiative will pave way for the growth of the insurance industry.

The distribution of insurance products through the digital portal EMLAAK is expected to provide a low-cost and centralized solution to policyholders by providing a comparative cost-benefit analysis of different products on a centralized platform.

This will lead to a reduction in the protection gap as new market segments are accessed as well as an increase in the insurance penetration. The goal of the regulator is to enable the insurance industry to play its rightful role both in terms of providing the social safety net as well as the development of the capital market.

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