Islamabad: The Securities and Exchange Commission of Pakistan (SECP) has released a detailed report, offering a strategic roadmap to fully digitize the national insurance sector as part of its “Insured Pakistan 5-year Strategic Plan.” The report follows an extensive survey that assessed the existing digital infrastructure of Pakistan’s insurance industry, revealing its early stages of digital adoption and the need for a comprehensive approach to digital transformation.
According to Securities and Exchange Commission of Pakistan, the newly published report titled “Insured Pakistan through Digitalization: Gaps, Potential & Roadmap” outlines necessary steps to enhance digital capabilities across the insurance sector. This includes developing digital repositories for various insurance programs such as motor, health, and crop insurance, and establishing digital portals for coinsurance and reinsurance transactions. The roadmap integrates both ongoing and future initiatives aligning them with national strategies to create a robust digital insurance infrastructure.
Further actions outlined by SECP involve evaluating a centralized insurance information bureau to oversee these digital projects and amending the Insurance Ordinance to bolster the regulatory framework supporting these digital advancements. SECP’s Commissioner of Insurance, Mr. Aamir Khan, emphasized the urgency of digitalization in the sector, calling for collaborative efforts among all stakeholders to foster a dynamic digital insurance ecosystem.