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CxO held InsurTech Summit to revolutionize the industry

CxO Global Forum launched its InsurTech Summit 2022 digitally, co-sponsored by TPL Insurance on 8-9 September 2022 globally


InsurTech, which describes the use of technology in insurance transactions and processes, is now an industry sector in itself. The insurance sector’s use of technologies has accelerated to improve of traditional insurance processes and models.

InsurTech is having both disruptive and transformative effects on the retail and commercial parts of the insurance industry. It is leading to radical change in product development, distribution, modeling, underwriting, and claims and administration practices.

Its effects are multifaceted and have the potential to improve the way the market operates, but also result in outcomes that are of concern to regulators.

Awareness, mitigation, and management of the risks associated with the use of InsurTech are vital in a sector undergoing such rapid change.

CxO Global Forum launched its InsurTech Summit 2022 online globally on 8-9 September 2022 with the participation of renowned InsurTech experts including Muhammad Aminuddin, CEO TPL Insurance, Irfan Wahab Khan, CEO Telenor Pakistan, and Aamir Ejaz, CDO Jazz.

“TPL Insurance” is our co-sponsor and event partner for this InsurTech 2022. The summit is also partnered with EFU Life & Salam Takaful.

CxO Global Forum is an emerging knowledge-sharing platform designed to bring together global thought leaders and empower them to create a global impact in the areas of Technology, Disruption, Transformation & Innovation.

CxO believes that change can best be achieved by bringing together thought leaders from all walks of life to contribute to our ever-expanding knowledge economy.

TPL Insurance is the first insurance company in Pakistan to sell general insurance products directly to the consumer. Since its launch in 2005, the company has grown from strength to strength, delivering superior and hassle-free Insurance products to individual and corporate clients.

TPL Insurance currently provides a complete range of innovative insurance solutions.

The concept of making a flagship (2 days) InsurTech summit with more than 100 stakeholders & thought leaders, presenting the education & technology ecosystem along with a greater reach with an online digital presence all over the world is to build an impact on Digital Insurance with the help of transformation, disruption, technology, innovation, and internationalization.
The world is moving from a global economy to a knowledge economy and we all have to be ready for the future. With the help of global exposure and domain experts, we are going to hit the major Insurance sector & startup sector across the globe.
Pakistan’s overall economic outlook undergoes various loopholes. Its GDP growth rate is around 5.8 percent. Its per capita income is $1,600 and about 40pc of the country’s population lives below the poverty line.
In this backdrop, fostering a knowledge economy is extremely important. This is the age of information technology, which is an incredibly worthy source of the knowledge economy.
Insurance, especially, InsurTech is growing very fast and the dynamics are changing by adapting innovative technology, Business Intelligence tools, and data to help the ecosystem of digital insurance.

The two days summit was inaugurated by Country Director & CEO of CxO Global Forum Kanwal Masroor, the opening sentences of Kanwal Masroor highlighted the importance of the InsureTech summit and welcomed all the members who shared their precious knowledge to highlight the importance of Digital Insurance in Pakistan and how the businesses can grow by the following practices.

Watch the session: https://www.youtube.com/watch?v=nqEsReq4c-o

After the Welcome Address, “Policy Framework/ Regulatory Framework” was shared by Aamir Khan; the Chairman of SECP.  Aamir Khan talked about how digital disruption has transformed in recent years.

He highlighted how Fintech has brought ease to the business and expanded the business platforms for growth and flourishment. He enlightened how encouraging innovation and the use of technology has been a cornerstone for SECP’s objective.

In concluding the keynote presentation, he hoped that the InsureTech Summit would be insightful and would pave the way for more developments and innovation in the Insurance Sector of Pakistan.

Watch the session: https://www.youtube.com/watch?v=F-5JHtj9O4c

After the keynote session, a panel discussion took place on the topic of “Insurance Awareness in Pakistan & How can Technology play a role in that”. Participants Included Asim Aslam, CEO WebDoc; Rehan Butt, CEO MicroEnsure; Adnan Waheed, CFO Alfalah Insurance; Rizwan Bokhari, AGM, EFU; Maryam Jamshed Khan, CEO Aisol.

The panel discussed the importance of the awareness of Insurance in Pakistan and the reasons behind the gap in awareness among Pakistani citizens.

They also discussed that there is a need to focus on the literacy of people when it comes to Insurance. Attention was also placed on the fact that approximately 75% of the rural population is unaware of Insurance and this is due to the lack of access and affordability.

In conclusion, to raise more awareness of this topic Insurance Companies should focus on the rural areas and provide them access to avail Insurance.

Watch the session: https://www.youtube.com/watch?v=SLPEeOmfhAI

After the panel discussion, a fireside chat took place which discussed the topic of “Sehat Card and its Impact on Pakistan”. The participant of the Chat included Kapeel Kumar, Project Manager of Corporate Communications and PR State Life Insurance Corporation of Pakistan.

He discussed the Sehat Card in Pakistan being the first solution sector program in South Asia. The Sehat Sahulat program is covering 140 Million people from all over Pakistan.

The major benefit of the Sehat card was that it provided citizens with Health solutions without spending a single penny or filling out any large document.

Highlighting the benefits, he mentioned that Sehat Card is empowering people and changing their lives. He also mentioned that the government will expand this program all over Sindh and Balochistan in the fifth phase.

Watch the session: https://www.youtube.com/watch?v=JCMfkKXchwY

The next panel discussion revolved around the topic “What stage of Artificial Intelligence & Predictive Analytics is the Insurance Industry in?” The participants included Munir Ahmed, Joint Director, United International Group; Imran Hussain, Director, Adamjee Life Insurance Company Limited; Faisal Khan, Chief Risk Officer, IGI General Insurance Ltd; Nayyar Hussain, Executive Director, Salaam Takaful Limited.

The discussion started with the innovation that the industry expects can be attained by analyzing the current outcomes. A lot has changed after the pandemic. Digitalization has sped up the pace of Innovation in every sector. For the insurance sector to thrive, there has to be a regime of the network that should support the sector.

The panel also discussed the need to introduce machine learning into the sector. Since the awareness and population of people are rising in Pakistan, Insurance Companies should opt for Artificial Intelligence to better cater to the needs of the population.

Through this, the sector can provide ease of access to the people. In order to step up in the sector, insurance companies need to develop portals that can help people generate their own policies.

In conclusion, they discussed that despite the connectivity issues that we face in Pakistan, the sector needs to keep up its speed and adopt predictive analytics algorithms. Furthermore, the companies should also be able to run such processes by focusing on data collection in order to better facilitate the population at large.

Watch the session: https://www.youtube.com/watch?v=WQpxYeoAyiM

The next panel discussed the topic “Insurance as the preferred career of University Graduates.” The panel members included Bilal Mumtaz, Co-founder of Ailaaj; Syed Muhammad Anwar, Head of Information Technology at JS Investments; Jalal Curmally, HR Head at EFU Life.

The panel started their discussion with the need of educating the graduates about the potential that is offered by the Insurance Sector in Pakistan.

In Pakistan, graduates are not aware of the opportunities in this sector. The insurance companies should reach out to the graduates early, and put themselves on the Radar. This can help put the Insurance sector of Pakistan among the top well-performing sectors.

There is a need to deconstruct the negative connotation attached to the Insurance sector and this can be achieved by giving awareness to the fresh graduates.

Watch the session: https://www.youtube.com/watch?v=hFci6u4WTCI

The next discussion was based on “How to Innovate in the Insurance Industry”. The speaker included Ibeth Ramos Ayala, Program Director & Lead Innovation Coach at the CookHouse Labs. She discussed how can becoming an innovator or setting up a team of innovators is not a very easy process and that you need a certain mindset for it.

At Cookhouse labs, their vision is to foster and encourage co-creation, ideation, and generation of new ideas and businesses.
Ibeth encouraged people to come to this platform with their ideas to help expand them through collaboration. She also emphasized her views on customer experience.
Ibeth discussed the multiple types of insurance along with personal and professional experiences with those insurance programs.

The history and progress of the insurance industry were thoroughly discussed while its current position of it. Towards the end, Ibeth shared many useful points on communication and strategy building which were useful tools for the industry to innovate.

Watch the session: https://www.youtube.com/watch?v=q9cP9H9hKUk

This discussion concentrated on the subject “Journey of Micro Insurance”. The speaker included Zain Jeewanjee, CEO of Insure123. He initiated the talk by explaining the term ‘Micro Insurance’. Micro Insurance is a product that offers coverage to small-income houses or small insurance.

He discussed how he himself had to face the lack of Insurance. From this, he thought there should be a product that would cater to the Insurance needs of people that cannot afford normal insurance.

He mentioned that there is a great opportunity for Micro Insurance to thrive in Pakistan.

The Floods of Pakistan are a great loss, but for now, the insurance sector can focus on the people that are victims. This is the time to think about what sort of insurance can be given to people in such a time.

In conclusion, he highlighted that now is the time for Pakistan to introduce Micro Insurance products because Pakistan’s Income per capita is lower and its population is massive.

This is the time when an Insurance company or even an entrepreneur can introduce small products to a large population and attain the maximum positive outcomes.

CxO Global Forum
Watch the session: https://www.youtube.com/watch?v=_p-VsGIyf8E

The panel discussion subsequently took place entitled “Technology and Innovation in the Insurance Sector” The panelist included Muhammad Aminuddin, CEO, TPL Insurance; Umair Mohsin, CMO, Telenor Pakistan; Waseem Khan, Director of Policy, Regulation and Development Department, SECP; Aamer Ejaz, Chief Digital Officer at Jazz.

The discussion started with the impact observed in Pakistan due to the progress made by the Insurance sector. Technological improvements and financial services have been rapid. This has created an enabling environment for the Insurance sector.

However, to harness the benefits of the innovation there are many challenges. Discussing the Telecos of Pakistan, the panel discussed how Telecos can play a vital role in further innovating the Insurance Sector.

To further revolutionize the system the Telcos can become Tech partners or Distribution partners for Insurance Companies. In the end, the panel discussed that Innovating the sector with technology can help speed up the growth of the sector as well helping it to better facilitate the need of the population.

Watch the session: https://www.youtube.com/watch?v=eehWTZoiohA

The next panel discussion focused on the topic “Pay as you go, Model”. The panelists featured Abdul Mannan, Founding Member & CIO at Bykea; Ghazanfar Iqbal, Country Head Sales, Careem.

The panelists discussed how disruptor technology has entered Pakistan and how the Pay as you go Model can play a role in the context of the Insurance Sector. This can allow people of low-income avail the benefits of Insurance.

Though there are socio-economic challenges in Pakistan but the Pay as you go, Model, is a better utilization of one’s resources.

The panel agreed on the fact that more companies should come forward and adopt this model in order to Insurance inclusivity. There is a need to build bridges between different platforms in order to fill the gap in the Insurance Sector.

Yet again, in order to bring different models or Policies into action, there is a need to aware people of the benefits they will provide.

Watch the session: https://www.youtube.com/watch?v=auya0vcydcg

The next panel discussion covered the topic “Implications of Digital Insurance Licensing in Pakistani Insurance Landscape”. The panelists featured Ali Nadeem, Deputy CEO, IGI Life Insurance Limited; Ahmer Ali, Ceo Kiryana Services Private Limited; Syed Ali Hassan Ziadi, COO, TPL Insurance. The panel discussed the Insurance Landscape of Pakistan.

The least penetrated sector of Pakistan is probably the Insurance sector. This is because there are certain challenges such as lack of awareness, misconceptions, and the capacity issue of the Insurance companies. However, the regulators have been trying to streamline the reputations of the insurance companies and improve the Insurance Framework across the board.

They discussed that a proper framework of regulations is mandatory for the Insurance sector such that the products or services can be accessible to the general public.

In conclusion, the panel discussed how licensing can help insurance companies to encourage investors and fill in the gap by building more Digital Insurance Companies.

Watch the session: https://www.youtube.com/watch?v=G9BfQBHRIBw

The last panel discussion for the CxO Global Forum InsurTech Summit 2022 was a very vital topic that gets attention when talking about Insurance. The topic of the discussion was “Role of Digital Health and Wellness in Insurance”.

The esteemed panel featured Syma Arshad, Entrepreneur, Strategy & Digitalization Leader; Wasim Irshad, Co-founder, WoW Health; Dr.Saira Siddique, CEO, medIQ Smart Healthcare; Dr. Sara Saeed, CEO, Sehat Khani; Umair Khalid, COO, Hello Doctor. The panel discussed the role of Wellness in the Insurance sector and the opportunities it can generate.

The discussion revolved around the fact that Insurance majorly covers hospitalizations. Now is the time for insurance companies to look over the primary healthcare coverage that is the basic need of every citizen.

Moreover, they discussed the lack of OPD coverage in the Insurance Sector in Pakistan. This gap’s filling is possible if healthcare Insurance companies partner up to generate value in this process.

For this, Insurance companies should lead in bringing Digital Companies on board and form connections with digital partners so that this can help people avail a particular feature offered by the company.

In conclusion, they discussed that Pakistan has a population of 220 million people and there are 17-21 health tech companies in Pakistan yet they alone cannot cater to the needs of the population.

But, if these companies collaborate to create opportunities then there can be an influx of Innovation both in the HealthCare and Insurance sectors.

The purpose is to establish a way forward for a new Insurance ecosystem, digitization & embedding technology along with innovation in Digital Insurance in emerging markets with thought leaders to learn and brainstorm the most effective strategies for adapting the new technologies, data & business intelligence by understanding the ecosystem

The industry is going to learn from the knowledge shared by the global domain experts through case studies, digital round-tables, and panel discussions. The InsurTech summit will generate white papers for the industry and corporate sector to adopt the new terms, technologies, and systems.

The impact will be on millions of lives and upcoming emerging startups to learn from global disruptors, thought leaders, and agents of change for a sustainable knowledge economy.

The InsurTech summit was broadcasted live on CxO Global TV on 8 – 9 September 2022 from 9:00 AM – 6:30 PM Pakistan Standard Time.

Please visit below to watch the InsurTech Summit:

Information: https://cxoforum.global/insurtech-summit-2022/

Watch: https://www.youtube.com/c/CxOGlobalTV

Visit CxO Global FORUM or CxO News Live for all the latest updates. 

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