SECP launches SMS-based insurance policy finder to assist beneficiaries

February 13, 2025 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has launched the Insurance Policy Finder, an SMS-based service that assists beneficiaries in locating the insurance policies of deceased family members, thereby facilitating claims processing.

The launch took place during the InsureImpact Conference in Karachi, themed "Journey to an Insured Pakistan – Fostering Collaboration, Engagement & Innovation", hosted by SECP.

SECP also unveiled several other digital initiatives aimed at fostering industry development, according to the press release issued.

Among these was the introduction of the automation of marine insurance, a digital solution for streamlining the issuance of marine insurance policies.

Additionally, SECP introduced the Motor Insurance Repository, which was established by the Central Depository Company of Pakistan under SECP's guidance and in collaboration with industry stakeholders.

This repository is designed to securely store motor insurance policy details, enhancing the enforcement of mandatory insurance requirements.

Minister for Finance & Revenue, Senator Mohammad Aurangzeb, gave a keynote address to the session, where a large number of industry experts and professionals from the insurance and financial sectors were present.

Aurangzeb emphasized the increasing risks facing the insurance industry, both globally and nationally, underscoring the urgent need for adequate coverage for individuals and businesses.

He further outlined the importance of Pakistan actively monitoring and adopting emerging trends to maintain its competitiveness.

Commending the SECP’s dedication to fostering an inclusive and innovative insurance sector, Aurangzeb also acknowledged the valuable contributions of industry stakeholders in driving progress.

He reaffirmed his commitment to supporting initiatives that strengthen the insurance industry and maximize its value proposition for Pakistan’s economic growth.

Mumtaz AliShah, Insurance Ombudsman, on behalf of the President of Pakistan, Honorable Asif Ali Zardari, delivered his message at the InsureImpact Conference 2025.

In the message, Zardari emphasized the critical role of insurance as both a social responsibility and a key driver of economic progress.

He called on all stakeholders to collaborate in making insurance a fundamental pillar of Pakistan’s financial security and resilience.

To strengthen the industry and benefit the wider public, Zardari made several key recommendations, urging the prioritization of agricultural insurance, the development of a sustainable health insurance framework, and the enhancement of consumer confidence in the sector.

Chairman SECP, Akif Saeed, reiterated the commission’s dedication to collaborating with industry stakeholders to develop a robust, inclusive, and technology-driven insurance sector.

He outlined SECP’s recent initiatives aimed at achieving the goal of an insured Pakistan, including active stakeholder engagement, ongoing amendments to the country’s primary insurance laws, and a strong focus on promoting innovation and digitization.

In his welcome address, Commissioner SECP, Mujtaba Ahmad Lodhi, highlighted the importance of collaboration and technological adoption in accelerating the development of Pakistan’s insurance industry.

He emphasized the crucial role of insurance as a social and financial safety net and stressed that through collective efforts, the sector can achieve sustainable growth and expand its outreach.

The conference featured four panel discussions, each focusing on critical aspects of strengthening Pakistan's insurance sector.

The session on disaster and agriculture insurance emphasized the need for a comprehensive strategy to minimize financial losses by ensuring broad access to insurance coverage.

The motor insurance discussion highlighted the importance of implementing mandatory motor insurance to safeguard consumers and enhance financial security.

In the health insurance panel, experts stressed the significance of bridging gaps in health and social insurance coverage, which is crucial for the sector's advancement.

Lastly, the digitalization session underscored the importance of embracing technology, promoting sustainability, and enhancing resilience as essential priorities for the future growth of the insurance industry.

The closing ceremony of the conference was honored by the presence of the Member of the Provincial Assembly, Saeed Ghani. He congratulated SECP on the successful organization of the event.

Ghani also acknowledged the valuable insights shared throughout the conference, emphasizing their potential to shape the future of Pakistan’s insurance sector.

He emphasized the significance of discussions on key topics, including disaster and crop insurance, motor insurance, health insurance, and digitalization.

Ghani also briefed attendees on the Sindh government’s ongoing initiatives in agriculture and reaffirmed the government’s commitment to collaborating with SECP and industry stakeholders to enhance crop and livestock insurance.

Additionally, he expressed the government’s intent to develop a strategic framework for disaster risk insurance in Sindh.

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