ISLAMABAD
\nUnder the regulatory guidance of the Securities and Exchange Commission of Pakistan (SECP), nine insurance companies have signed an MoU with the Central Depository Company of Pakistan (CDC) for the establishment of Pakistan\u2019s first centralized auto insurance repository.
\nThe CDC will provide the technological support for the creation of an automated repository.
\nThe Chairman SECP Mr. Akif Saeed, Commissioner Insurance Mr. Aamir Khan, Chairman CDC Mr. Farrukh H. Sabzwari, CEO CDC Mr. Badiuddin Akber, Chairperson of the Board of Directors (BoD) of the Pakistan Stock Exchange (PSX) Ms. Shamshad Akhter and representatives of the insurance industry witnessed the ceremony. was held at CDC House.
\nThe digital auto insurance repository will facilitate data-centric decision-making and fundamentally change the way auto insurance is underwritten in the country.
\nThe companies signed the MoU 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.
\nThe Auto Insurance Repository is a significant step forward in the auto insurance industry, aiming to improve underwriting, reduce risk, and streamline access to essential information, thereby enabling insurers to make informed decisions before binding customers and issuing policies.
\nIt will also bring transparency, speed, and convenience to the industry, aligning with the objectives of Ease of Doing Business (EODB) and enhanced consumer protection.
\nAt the occasion, the SECP Chairman, Akif Saeed, 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\u2019s state-of-the-art technological platform and extensive expertise in similar projects, which will facilitate the development and operation of the Auto Insurance Repository.
\nCommissioner SECP\u2013Insurance 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\u2019s complete support on their journey towards data-based decision making and modernization of their operations.
\nThe event was attended by many prominent senior leaders and veterans of the insurance industry, who expressed their appreciation and support for this initiative.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Under the regulatory guidance of the Securities and Exchange Commission of Pakistan (SECP), nine insurance companies have signed an MoU with the Central Depository Company of Pakistan (CDC) for the establishment of Pakistan\u2019s first centralized auto insurance repository. The CDC will provide the technological support for the creation of an automated repository. The Chairman […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-419415","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n