SECP permitted new life insurance product

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has permitted a new life insurance product, which is operational with insurance related advance technological features including artificial intelligence and data analytics.

According to a statement of SECP, “The product has been initiated by an insurance company along with a partnership with an international technology service provider. This product is one of the latest of its kind in Pakistan.”

The details revealed that, by means of this product, the insurance company can easily track down the health stipulation of its policyholders in admiration to predetermined indicators, for example, heart condition, cholesterol level, glucose level, etc. Also, this product will help to grant reward points to the policyholders on the accomplishment of intermittent objectives.

Furthermore, the client can also obtain incorporated benefits, consisting credit of premium percentage into his investment account on the attainment of definite pre-set goals.

This product is an amazing art of digital innovation and also contributes in improvisation of customer experience. The organization that facilitate technological features of this product is powered by an international service provider.

The SECP revealed that, the acceptance of this product was an obvious indication of its support for financial technology and inventive initiatives.

In recent times, a workshop on insurtech (insurance technology) was also organized by the SECP, which was mainly focused by stakeholders from miscellaneous backgrounds counting insurers, brokers, banks, digital aggregators, non-bank finance companies, the organizations of micro finance institutions and nano-credit providers.