ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) has published the findings of its survey on “Mapping the Existing Digital Infrastructure of Insurance,” which provide critical insights into the current state of digitalization in Pakistan’s insurance sector.
It indicates that the insurance industry is still in its infancy stage of digitalization, evidenced by only a few companies starting their digital journey and digitalization efforts being primarily focused on the distribution side. As such, majority of companies have yet to take significant steps towards digitalization.
The roadmap outlines Pakistan’s insurance sector’s digital infrastructure, integrating past and future initiatives with the national strategy. It also includes repositories for motor, health, inclusive, and national-level crop insurance programs, as well as digital portals for coinsurance and reinsurance payment and settlement, acting as an insurance clearing house.
Moreover, SECP is evaluating the concept of a centralized insurance information bureau to provide an overarching governance framework for these initiatives and is also working on amending the Insurance Ordinance to improve the regulatory framework and support digital infrastructure.
