The Securities and Exchange Commission of Pakistan (SECP) launched Pakistan’s first-ever centralized information repository for life insurance sector to introduce transparency in and speed up settlement of claims for protection of policyholders.
SECP Chairman Aamir Khan said that the initiative would add to technological advancement in the insurance industry and will ensure facilitation and protection of policyholders. He hoped that it would facilitate effective settlement of insurance claims and cause reduction in mis-selling and policy churning.
The asset base for the insurance sector was estimated to have grown by 10.88 percent to Rs1.435 trillion as of December 31, 2018 mainly due to an increase in the life insurance business. Investments and properties registered an increase of 12.11 percent to Rs1.128 trillion as of December 31, 2018.
“We, at the SECP are very mindful of our responsibilities as a progressive regulator that needs to help the industry to develop and grow, and simultaneously, create linkages between its regulated sectors and the real economy,” he said and underlined that the centralised documentation of data in digitalized form is critical to achieving transparency, speed and cost-effectiveness.
SECP chief said the commission embarked upon a transformational journey of digitalisation through its recently launched initiative, “leading efficiency through automated prowess”. “This will enable 100 percent end-to-end automation, complete integration with multiple government agencies for one-time registration, and digitalisation and storage of financial statements of companies through introduction of extensible business reporting language.”
Aamir Khan, Chairman SECP, Shaukat Hussain, Commissioner Insurance, Moin M. Fudda, Chairman, Centralized Depository Company (CDC), Badiuddin Akber, Chief Executive Officer, CDC, senior officials from SECP, CDC, CEOs and representatives of life insurers, non-life insurers, and relevant stakeholders attended the launching ceremony held the other day. .
