ISLAMABAD, JULY19: The Securities and Exchange Commission of Pakistan (SECP) has provided regulatory guidelines, and as a result, the insurance sector in Pakistan has advanced toward digitalization and data-centric decision making.
It is anticipated that the Central Depository Company of Pakistan’s (CDC) technology assistance in the creation of a centralized vehicle insurance repository will significantly alter the nation’s auto insurance underwriting practices.
The CDC and nine general insurance firms signed a Memorandum of Understanding (MoU), which marked a major step forward in this respect. On July 18, 2024, the ceremony was held at the CDC House in Karachi.Jubilee General Insurance Company Limited, Habib Insurance Company Limited, TPL Insurance Limited, and IGI General Insurance Limited are among the businesses who consented to set out on this adventure. Asia Insurance Company Limited, Premier Insurance Limited, Salaam Takaful Limited.
A significant accomplishment for the auto insurance sector, the creation of this centralized Auto Insurance Repository lays the foundation for future digital transformation. This project, which has gained significant popularity in the insurance industry, intends to improve risk mitigation, underwriting, and expedite access to vital information. It will enable insurers to decide on business matters with greater knowledge before committing to a client and providing coverage.
It is anticipated that the Auto Insurance Repository will improve consumer protection and ease of doing business (EODB) by bringing speed, convenience, and transparency to the sector. As the event’s principal guest, SECP Chairman Akif Saeed reaffirmed his dedication to and support for the expansion of the insurance sector in accordance with worldwide trends toward data centralization and digitization.
CEO of CDC Badiuddin Akber made remarks regarding how the Auto Insurance Repository’s development and operation will be aided by CDC’s cutting-edge technology platform and wealth of experience with initiatives of a similar nature.
For the insurance industry to grow, Commissioner SECP-Insurance Division Aamir Khan advised the insurance businesses to take the initiative and embrace digitalization. He gave the forward-thinking insurance companies his word that SECP would provide them with all the assistance they need as they modernized their operations and moved toward making data-driven decisions. Many well-known senior executives and insurance sector veterans attended the event and showed their support and gratitude for the project.
