IAP, CDC sign MoU

KARACHI: Insurance Association of Pakistan (IAP) and Central Depository Company of Pakistan Limited (CDC) signed a Memorandum of Understanding (MoU) for the digital aggregation of insurance products through CDC’s Emalaak Financials platform, a statement said.

Under the regulatory impetus of Securities and Exchange Commission of Pakistan (SECP), the agreement aims to provide low-cost and centralised solution to insurance policy holders by providing comparative cost benefit analysis of different products on a centralised platform.

Sadia Khan, commissioner at SECP, presided the MoU signing ceremony at the CDC House in Karachi.

“This fintech solution of ‘Emlaak Financials’ is a landmark initiative of national significance, aiming to become ‘digital financial super market’ in Pakistan by leveraging the potential of technology to increase outreach for various financial products.” CEO at CDC Badiuddin Akber said.

Addressing the occasion, Sadia Khan said digital transformation is expected to have an impact throughout the insurance value chain, from underwriting and pricing of products, their marketing and distribution, through to claims processing and the ongoing customer servicing.

This is expected to lead to a reduction in the protection gap as new market segments are accessed as well as an increase in the insurance penetration, she added.