Pakistan’s insurance industry is taking a major leap towards digitalization with the establishment of a centralized Auto Insurance Repository. This initiative, facilitated by SECP and CDC, aims to revolutionize the way auto insurance is underwritten in the country.
Nine leading insurance companies, including Jubilee General, Habib Insurance, and TPL Insurance, signed a MoU on July 18th to participate in this groundbreaking project.
The central repository will act as a single source of truth for auto insurance data, granting insurers access to crucial information for improved underwriting and risk assessment. This translates to faster, more informed decisions before issuing policies, ultimately benefiting both insurers and consumers.
“The Auto Insurance Repository is a landmark achievement, paving the way for further digital transformation in the industry,” said SECP Chairman Akif Saeed. “This aligns perfectly with our goals of promoting ease of doing business and enhanced consumer protection.”
CDC, leveraging its expertise in similar projects, will provide the technological backbone for the repository. CEO Badiuddin Akber emphasized their commitment to facilitating a smooth operation.
“We urge all insurance companies to embrace digitalization for the industry’s growth,” said Commissioner Aamir Khan, SECP’s Insurance Division chief. He assured participating companies of SECP’s full support as they transition towards data-driven decision making.
This initiative has garnered significant support within the insurance sector, with industry veterans expressing their appreciation for the potential benefits. The centralized Auto Insurance Repository is expected to bring transparency, efficiency, and convenience to Pakistan’s auto insurance landscape.
