Objective is to create awareness, provide financial planning products. DESIGN: CREATIVE COMMON
Elaborating, Sachak said that “Izzat Se Nazrain Milain” is the broad theme of the year’s campaign and its objective is to create awareness among the masses and to provide the best financial planning products to the local market.
The bigger message is consistent with the previous years’ campaign, which is for the head of the family to be able to fulfill responsibilities towards loved ones, and by doing so, do ‘Kamal’ in his life.
Sachak said the company launched Window Takaful operations by the brand name “Hemayah”, meaning support in Arabic.
“We are now able to offer even more options of savings and protection solutions to the general public and corporates,” said Sachak. “It provides the opportunity to participants to share their risk on the basis of cooperation, brotherhood, mutuality and solidarity for a common good.”
Hemayah is still in the infancy stage, not having even completed a year since launch in February 2015, he said, adding that it is growing at a stable pace, with a positive response received from the industry and clients.
“From being the first company to have been licensed by the Securities and Exchange Commission of Pakistan to operate Window Takaful operations, EFU Life is the first conventional life insurance company to launch Takaful operations by the brand name Hemayah - this is a very important milestone for our company.”
Sachak said that the company is investing in Takaful, building its infrastructure and sales force, and is confident that it will serve the needs of the Takaful clients.
“The net asset value of funds has crossed Rs75 billion, which makes it the second largest fund manager in Pakistan.
“Our main strength lies in individual business unit. In the last few years, we have expanded aggressively by opening up numerous branches and recruiting individuals for our sales force nationwide.
“Presently, we have more than 175 branches with a sales team standing strong over 4000. We have also formed business alliances with leading major banks in the local market.
Bancassurance, whereby the company sells its products through banks, has played a pivotal role as a contributor in the last few years. The channel has contributed the highest to the top line of insurance business, he said.
“Moreover, with the ever increasing population, the size of the overall market is becoming larger. More and more people are now aware of life insurance as a need and their purchasing power has also been increasing due to economic well-being.”
The EFU Life CEO said that with massive usage of cell phones, the company is also entering into partnerships with telecom companies to offer low ticket premiums through SMS.
Currently, the penetration of life insurance industry is fairly low. With only six private players in the market, it is still considered to be in its infancy stage. There is massive potential in the industry and it is bound to grow in the coming years.
Published in The Express Tribune, October 1st, 2015.
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