ISLAMABAD
\nUnder the regulatory impetus of SECP, the Central Depository Company of Pakistan Limited (CDC) and Insurance Association of Pakistan (IAP) signed a Memorandum of Understanding (MoU) for the digital aggregation of Insurance products through CDC\u2019s Emalaak Financials platform.
\nThe distribution of insurance products through the digital portal EMLAAK is expected to provide low-cost and centralized solution to policy holders by providing comparative cost benefit analysis of different products on a centralized platform. SECP Commissioner Sadia Khan presided at the MoU Signing Ceremony at the CDC House, Karachi.
\nWhile addressing the occasion, SECP Commissioner Sadia Khan said that this 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.
\nThis will lead to a reduction in the protection gap as new market segments are accessed as well as an increase in the insurance penetration.
\nShe added that the goal of the regulator is to enable the insurance industry to play its rightful role both in terms of providing the social safety net as well as development of the capital market. She commended the role of CDC in bringing this new initiative to life by capitalizing on its technological capability.
\nAt the occasion, describing the features of the platform, CDC CEO Badiuddin Akber said, \u201cThis Fintech solution of \u2018Emlaak Financials\u2019 is indeed a landmark initiative of national significance, as it aims to become \u2018Digital Financial Super Market\u2019 in Pakistan by leveraging the potential of technology to increase outreach for various financial products.\u201d
\nIAP Chairman Azfar Arshad applauded the efforts of CDC and SECP and said that this initiative will pave the way for the growth of the Insurance Industry. The event was attended by the senior members of IAP\u2019s Executive Committee and other high-ranking officials of the Insurance industry.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Under the regulatory impetus of SECP, the Central Depository Company of Pakistan Limited (CDC) and Insurance Association of Pakistan (IAP) signed a Memorandum of Understanding (MoU) for the digital aggregation of Insurance products through CDC\u2019s Emalaak Financials platform. The distribution of insurance products through the digital portal EMLAAK is expected to provide low-cost and […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-231185","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-national"},"yoast_head":"\n