President Urges Insurance Sector to Upgrade Digital Means

The President of Pakistan, Dr Arif Alvi urged the Insurance sector to upgrade the use of Digital knowledge. He asked the public and private insurance companies to upgrade digital means as per international standards. He further proposed the companies to involve the Ulema (religious leaders) with an aim to encourage people and spread knowledge about the Islamic Takaful (insurance).

President Urges Insurance Sector to Upgrade Digital Means

Addressing a seminar on ‘Importance of awareness and technology in insurance industry’ here at Aiwan-e-Sadr, he said wider privacy and data protection issues required close attention given the digital component of the insurance sector.

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President Alvi said new technologies had the potential to bring innovation to the insurance sector and impact the regulatory practices of insurance markets. He said this while addressing a seminar on ‘Importance of awareness and technology in insurance industry’ at Aiwan-e-Sadr. Many representatives of insurance companies and experts in the related field attended the event.

Privacy and data protection are the main concerns on which Insurance companies need to work. The insurance sector needs to introduce new methods of service provision as well as the latest technology for data collection.

He said the insurance sector could contribute to better risk identification and mitigate incidental losses. With the use of artificial intelligence, the new technology could give an improved customer experience with precision and accuracy.

He further said that automobile insurance companies in the country used to offer GPS facilities for lower insurance premiums. The incentives related to health insurance could also encourage people to get insurance. He further proposed that insurance companies should conduct a survey on why people avoided getting insured.

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