Industry

IAP and CDC Sign MoU for Digital Aggregation of Insurance Products

Under the regulatory impetus of the Securities & Exchange Commission of Pakistan (SECP), the Insurance Association of Pakistan (IAP) and the Central Depository Company (CDC) have signed a Memorandum of Understanding (MoU) for the digital aggregation of insurance products through CDC’s Emalaak Financials platform.

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.

Commissioner SECP Sadia Khan presided at the MoU signing ceremony at the CDC House, Karachi.

On the occasion, describing the features of the platform, CEO CDC Badiuddin Akber said,

This Fintech solution of “Emlaak Financials” is indeed a landmark initiative of national significance, as it aims to become [a] “Digital Financial Super Market” in Pakistan by leveraging the potential of technology to increase outreach for various financial products.

Chairman IAP Azfar Arshad applauded the efforts of CDC and SECP, asserting that the initiative would pave the way for the growth of the insurance industry.

Speaking on the occasion, Sadia Khan said the digital transformation was expected to cast an impact throughout the insurance value chain, from underwriting and pricing of products, their marketing, and distribution, to the claims processing and the ongoing customer servicing.

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, she affirmed. She added that the goal of the regulator was 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.

The Commissioner SECP commended the role of CDC in bringing the new initiative to life by capitalizing on its technological capability.

The event was attended by senior members of IAP’s Executive Committee and other top officials from the insurance industry.

Source: Pro Pakistani