ISLAMABAD: The Security and Exchange Commission of Pakistan (SECP) has approved a new life insurance product, which is equipped with insurance technology features, such as artificial intelligence and data analytics.
The product is a first of its kind in Pakistan and has been introduced by a relevant insurance company, in partnership with an international technology service provider.
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Through this unit-linked product, the insurance company will be able to track the health performance of policyholders, in respect to predetermined indicators, including heart rate, cholesterol level, glucose level etc. It will also provide reward points to policyholders on achievement of periodic preset targets.
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Policyholders can also get integrated benefits, such as credit of premium percentage into their investment accounts on achievement of certain preset targets. The product is the classic duplet of digital innovation and improvement in customer experience. The system that enables technological features of this product is powered by the international technology service provider.
The SECP’s approval for this product is a clear indication of its support for financial technology and innovative initiatives.
Published in The Express Tribune, October 31st, 2018.
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