As the curtain falls on the Tribune podcast series in collaboration with EFU Hemayah Takaful, the final episode delivers a powerful and future-focused conversation with Mohammed Ali Ahmed, MD and CEO, EFU Life.
With nearly two decades at the company and a unique journey from middle management to the top, Mr. Ahmed offers an insider’s view into not just EFU Life’s transformation, but the broader evolution needed across Pakistan’s insurance and Takaful landscape.
Mr. Ahmed begins with a sobering fact: “Pakistan’s insurance industry is currently ranked around the bottom three or four, and that’s not a good position to be in. However, looking at the positive side, there’s so much we can do with relatively little effort. This is where our industry has the chance to make a significant impact,” he said.
With a young population, untapped potential, and increasing awareness, the industry stands on the cusp of transformation. He credits regulatory support from SECP over the last decade, stating, “I think the efforts that we have made as an industry, especially in the last 10 years, the regulator, SECP, has played a very positive role in a very proactive way, with a growth and development mindset, has been engaging with us.”
The core strategy driving EFU Life’s recent growth is segmentation. Mr. Ahmed strongly believes the industry can no longer rely on one or two mass market products. “Our focus has been on segmentation – not just in terms of age, but also socio-economic backgrounds. For example, high net worth individuals have very different needs from the middle class or those closer to the poverty line. By tailoring our products, we ensure that we reach as many potential customers as possible,” he explained.
“In the last few years, millions of Pakistanis have taken insurance for the first time. But to move the needle on insurance penetration, we need the entire industry to adopt innovative strategies. Technology is essential to this transformation. Without it, we cannot meet our goals,” he said. From AI in HR recruitment to AI-assisted underwriting and product development, Mr. Ahmed underlines how technology is not a future aspiration but a present-day necessity.
As the conversation turned toward Takaful, referring to KP and Balochistan, Mr. Ahmed said, “Takaful will play a significant role in these regions.” With greater cultural resonance and trust, Takaful is poised to become a key pillar in expanding the reach of protection products to new geographies and communities.
“Our success as a company is tied to the success of the industry,” said Mr. Ahmed, encouraging collaborative growth and urging peers to adopt segmentation and tech strategies. His vision is not just for EFU Life to lead, but for Pakistan to become a case study in insurance innovation across emerging markets.
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