CDC, IAP sign MoU for life insurance policy finder

KARACHI: The Central Depository Company of Pakistan Limited (CDCPL) has signed a memorandum of understanding (MoU) with the Insurance Association of Pakistan (IAP) to enable and provide the life insurance policy finder for policyholders and their beneficiaries.

The MoU was signed by Chief Executive Officer CDCPL Badiuddin Akber and Secretary General IAP Naved Akhtar Usmani, in the presence of Director of the Securities and Exchange Commission of Pakistan (SECP) Waseem Khan, and other senior members of the SECP, CDCPL, IAP, State Life, Adamjee Life and efu Life. The Life Insurance Policy Finder initiative -- recommended by the SECP, driven by IAP, and powered by CDCPL -- is envisioned as a project of national significance that will enable policyholders and their beneficiaries to locate any life insurance policies held by the policyholders, thereby enhancing accessibility and transparency.

This project aims to address the issue of unclaimed policies by the beneficiaries of policyholders due to lack of awareness in the event of the death of policyholder, leading to the loss of financial right of beneficiaries, especially in vulnerable circumstances of loss of loved ones. With the operationalisation of the Life Insurance Policy Finder service, policyholders and beneficiaries will be able to raise a query by sending a text message with the policyholder CNIC, against which the service will respond if any life insurance policy(ies) exist or not for the given CNIC and also advise on the future course of action in case any policy(ies) do exist for the given CNIC. Commenting on the occasion, Akber said, “This initiative marks a significant step forward in modernising Pakistan’s life insurance sector, in line with the CDC’s vision for leveraging technology to enhance customer service, increase accessibility, and streamline operations in Pakistan’s business landscape. The Policy Finder service will soon be available to policyholders nationwide, offering a simplified process to track and locate their life insurance policies.” This MoU, which IAP has signed on behalf of its member life Insurance companies, will facilitate the participation of Pakistan’s life insurance companies in the Policy Finder service.