The survey compares Pakistan’s insurance industry with those of other countries, highlighting areas of progress and neglect. It reveals that the industry is in the early stages of digitalization, with only a few companies beginning their digital transformation efforts, primarily focusing on distribution. Most companies have yet to make significant advancements toward digitalization.
Based on this comprehensive analysis, the SECP published a report titled “Insured Pakistan through Digitalization: Gaps, Potential & Roadmap.” This report outlines a roadmap to achieve the objectives of the Insured Pakistan 5-year Strategic Plan.
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The roadmap details the digital infrastructure of Pakistan’s insurance sector, integrating past and future initiatives with the national strategy. It includes repositories for motor, health, inclusive, and national-level crop insurance programs, as well as digital portals for coinsurance and reinsurance payment and settlement, serving as an insurance clearinghouse.
Furthermore, the SECP is exploring the concept of a centralized insurance information bureau to provide a comprehensive governance framework for these initiatives. It is also working on amending the Insurance Ordinance to enhance the regulatory framework and support digital infrastructure development.
SECP’s Commissioner Insurance, Aamir Khan, emphasized that the current state of digitalization requires immediate attention from all stakeholders. While the SECP is dedicated to modernizing Pakistan’s insurance sector, it is crucial for other stakeholders to collaborate and advance toward a comprehensive digital insurance ecosystem.
