SECP Supports Life Insurance Sales via Tech-Based Channels

The Securities and Exchange Commission of Pakistan (SECP) in a new directive to make life insurance savings products more accessible online, aims to create a smoother, more flexible hashtag#digital distribution process that actually benefits policyholders.

First, insurers now must keep charges low and invest in safer assets, allowing customers to get better value without unnecessary risks. Secondly, at least one digital life insurance savings product must be available on a website/app and an independent platform within a year, making it easier to sign up.

Finally, onboarding requirements will undergo a long overdue revamp, prioritizing convenience in the process. This move is expected to drive insurance penetration nationwide and fuel industry hashtag#growth. It also opens doors for digital banks, telecom operators, and web aggregators to step in the field with their own innovative solutions.

Fitting neatly into SECP’s five-year insurance sector strategy, they’re reaffirming their commitment to evolving savings policies into the digital age.