The Securities and Exchange Commission of Pakistan (SECP) has registered M/s Salaam Family Takaful Limited as the first ever digital family Takaful operator.
The registration regime for digital-only insurers and dedicated micro-insurers was introduced through an amendment to the Insurance Rules, 2017 in order to promote digitization and improve customer convenience through instant provision of services.
Digital insurers are expected to significantly lower policyholder costs and promote the adoption of customer-centered international best practices. Additionally, they will offer digitized claims management, enhanced policyholder connectivity through portal-based communication, and tailored services to meet policyholders’ specific needs.
With the premium from digital channels constituting less than 1% of total industry premium, the registration is also expected to have a favorable impact on the overall industry premium from digital channels, ultimately catalyzing insurance penetration of the country towards the upward trajectory.
