The Securities and Exchange Commission of Pakistan (SECP) has organized a workshop on Insurtech (Insurance Technology) for Inclusive Insurance: Opportunities and Challenges for Developing Countries in Islamabad.
Considering the evolving role of technology in the distribution, administration and servicing of insurance globally, and the opportunities inherent therein, it becomes imperative to discuss and explore the evolving area of insurtech and underlying issues and opportunities therein at the domestic level. The SECP Commissioner (Insurance) expressed his resolve to extend his all-out support for the development of insurance industry and the continuation of such knowledge-sharing events.
Participants from diverse backgrounds, including insurance companies, insurance broker, web aggregator companies, banks providing digital banking services, the microfinance institutions’ network, and non-banking financial companies attended the workshop. Various issues were highlighted and deliberated upon at length such as data privacy, data confidentiality, cyber security, client experience and engagement, client value risk etc. It was discussed as to how the inherent features of insurtech, i.e. cost efficiency, speed, convenience, accessibility, transparency, and engagement, which make it especially relevant and feasible for the low-income segment, can be leveraged for tapping the unserved and underserved segment of the society, i.e. low-income segment.
The workshop was also joined through video call by the representative from the GIZ – MEFIN (German Development Cooperation, Mutual Exchange Forum for Inclusive Insurance), which is the peer-to-peer knowledge exchange network of seven countries, including Pakistan and is working for promotion of inclusive insurance in Asia. The participants lauded the SECP’s efforts to spread awareness about evolving issues among the industry stakeholders and creating a conducive environment for market development