SECP aims for tech-driven insurance growth by 2028

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has engaged in a series of meetings with life and non-life insurance companies to discuss the digitization of the insurance sector, a move aimed at fostering growth and innovation, a statement said on Wednesday.

Aamir Khan, Commissioner Insurance, underscored the SECP's commitment to expanding the insurance industry through a 5-year Strategic Plan that envisions an inclusive, innovative, and robust sector by 2028.

Central to this plan are innovation, digitalization, and data accessibility. Initiatives such as the launch of an insurance policy finder and an auto insurance repository were highlighted, which are intended to streamline policy tracking and enforce compulsory motor third-party insurance.

He apprised the industry’s representatives of the initiatives taken by SECP at digitalization front and SECP’s engagement with the insurance companies to launch an insurance policy finder and an auto insurance repository to facilitate policy tracking and enforce compulsory motor third-party insurance.

Khan also shed light on the industry's role in leveraging technology for improved customer journey and organizational efficiency and sought input from the participants for further advancements.

The representatives of life insurance companies highlighted the issues in existing regulations which were formulated with respect to physical distribution of saving products and currently acts as hinderance to digital distribution of the same products.