MoU inked to launched Pakistan’s first Auto Insurance Repository
KARACHI: Under the regulatory guidance of the Securities and Exchange Commission of Pakistan (SECP), the insurance industry in Pakistan has taken yet another step towards digitalization and data-centric decision making.
The establishment of a centralized Auto Insurance Repository, facilitated by the technological support of the Central Depository Company of Pakistan (CDC) is expected to fundamentally change the way auto insurance is underwritten in the country.SECP launches Companies Regularization Scheme
A significant milestone in this regard was the signing of a Memorandum of Understanding (MoU) between the CDC and nine general insurance companies.
The ceremony took place at the CDC House, Karachi, on July 18, 2024.The companies that agreed to embark on this journey include Jubilee General Insurance Company Limited, Habib Insurance Company Limited, TPL Insurance Limited, IGI General Insurance Limited, Adamjee Insurance Company Limited, Atlas Insurance Limited, Salaam Takaful Limited, Premier Insurance Limited, Asia Insurance Company Limited.
The establishment of this centralized Auto Insurance Repository represents a landmark achievement for the auto insurance industry, laying the groundwork for further digital transformation. This initiative, which has garnered considerable traction within the insurance sector, aims to streamline access to crucial information, improve underwriting, and enhance risk mitigation. It will empower insurers to make informed business decisions before binding a customer and issuing policies.
The Auto Insurance Repository is expected to bring transparency, speed, and convenience to the industry, aligning with the objectives of Ease of Doing Business (EODB) and enhanced consumer protection.
SECP Chairman, Mr. Akif Saeed, chief guest at the event, expressed his commitment and support for the growth and development of the insurance industry in line with global trends towards digitalization and data centralization.
CEO CDC, Mr. Badiuddin Akber, commented on CDC’s state-of-the-art technological platform and extensive expertise in similar projects, which will facilitate the development and operation of the Auto Insurance Repository.
Commissioner SECP – Insurance Division, Mr. Aamir Khan urged the insurance companies to take on the lead and embrace digitalization for the growth of the sector. He assured the forward-looking insurance companies that they will receive SECP’s complete support on their journey towards data-based decision making and modernization of their operations.
The event was attended by many prominent senior leaders and veterans of the insurance industry, who expressed their appreciation and support for this initiative
