The Securities and Exchange Commission of Pakistan (SECP) has approved a new life insurance product, which is operational with insurance technology features such as artificial intelligence and data analytics.
Technology based life insurance product for the very first time in Pakistan has been introduced by the relevant insurance company in partnership with an international technology service provider.
The Securities and Exchange Commission of Pakistan (SECP) endorsement of this product is a clear sign of its support for financial technology and innovative initiatives.
The Securities and Exchange Commission of Pakistan (SECP) organized a workshop on insurtech (insurance technology), which was attended by stakeholders from varied backgrounds including insurers, brokers, banks, digital aggregators, non-bank finance companies, association of microfinance institutions and nano credit providers.
The product will help the insurer to work on “wellness approach” by improving the lifestyle and overall health of people by incentivizing them through use of data analytics and artificial intelligence.
Product equipped with artificial intelligence and data analytics technical features are, the insurance company will be able to track the health performance of policyholders in respect of predetermined indicators.
For the instance, heart rate, cholesterol level, glucose level etc. and provide reward points to the policyholder on the achievement of periodic preset targets.
The policyholders can also get integrated benefits, such as a credit of the percentage of premium into their investment account on the achievement of certain preset targets. The product is the classic duplet of digital innovation and improvement in customer experience. The system that enables the technological features of this product is powered by the international technology service provider.
It is predictable to inculcate a healthy lifestyle into the lives of roofed persons and improve their overall health, thereby reducing the risks of chronic diseases, through the use of the life insurance technology that will revolutionized the disasters of unhealthy life.