SECP approves new tech-based life insurance product

The product is the classic duplet of digital innovation and improvement in customer experience


Our Correspondent October 31, 2018
The product is the classic duplet of digital innovation and improvement in customer experience. PHOTO: FILE

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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COMMENTS (1)

Raheel Almas | 4 years ago | Reply That's good news regarding CPEC Bus Service to provide a traveling service four days a week from Urdu Point. Protect yourself and family from any incident through a Travel Insurance policy. Compare & Buy Travel Insurance offered by Pakistan's leading Insurance companies ONLY at Mawazna.
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