For the first time in Pakistan Insurance Industry representation : InsurTech Summit-2021
InsurTech Summit 2021 by CxO Global
InsurTech Summit 2021 took place virtually on Friday 6th August- Saturday 7th August 9, 2021, under CxO Global Forum. The summit was joined by thought leaders and industry experts to share their point of view on the future of Digital Insurance. The summit was a 2-day program categorized in different segments where SMEs took the platform to talk about transformation, disruption and innovation in technology and its impact on Pakistan’s future.
Purpose of the Summit
The purpose of the two-day summit was to discuss a way forward for a new Insurance ecosystem, digitization & embedding technology along with innovation in Digital Insurance in emerging markets with subject matter experts to learn and brainstorm the most effective strategies for adapting the new technologies, data & business intelligence by understanding the ecosystem.
Speakers and panelists invited to the summit were some of the most experienced professionals from around the world, ranging from the technology and banking sectors. To name a few of the thought-leaders present at the summit were Sima Kamil Deputy Governor State Bank of Pakistan, Aamir Khan – Chairman Securities & Exchange Commission of Pakistan, Amir Ibrahim CEO Jazz, Irfan Wahab, CEO Telenor, Mohammed Ali Ahmed Deputy Managing Director EFU LIFE Assurance limited.
The event started with an elaborate keynote Speech by Chairman SECP.
“Insurance providers need to make use of big data and data analytics to have consumer behavior insights and create products based on customer needs”, said Aamir Khan, Chairman SECP.
The event then included a session by Nadeem Hussain on InsurTech: The Customer Journey
If you have a digital onboarding service for your customer you should have a digital payment process where your premium payment time is measured”, said Mr. Nadeem Hussain, Coach – PlanetN Group Chairman Pakistan Fintech Network.
Embedded Insurance by Mr. Noman Bashir was a brief session with elaborate discussion on embedded insurance.
“We have a lot of driven talent in the insurance industry in Pakistan and things are also globally changing very fast”, said Mr. Noman Bashir, CEO Ozoned Digital.
Owais Shaikh, Chief Commercial Officer Curacel, ranked as the top 100 Insurtechs in the world, discussed a case study on financial inclusion through Fraud detection and Claims management.
The summit also included a session on Insurance in a post-Covid world, the speakers who joined this session were Faisal Abbasi – CEO TPL Life, Rehan Butt – CEO MicroEnsure, and Naeem Akhtar – CEO Postal Life.
Mr. Faisal Abbas mentioned, “We also need to gear up very quickly to update our processes, upgrade our operations, and update our internal communication methods to fulfill customer expectations because customer expectations are changing on a day-to-day basis.”
A brief session on Internet Insurance and Innovation was conducted with speakers including Nilofer Sohail, Aamir Ibrahim, CEO Jazz, Irfan Wahab Khan, CEO Telenor, Sima Kamil, Deputy Governor SBP
Murtaza Khalil, CEO BIMA Pakistan and Abdul Haye, CEO Alfalah Insurance.
“It’s very important that we focus on areas which will reduce cost, improve automation and improve consumer protection because that’s very important to us and this is where I see the interaction between insurance is insurtech”, said Ms. Sima Kamil.
Abdul Haye CEO Alfalah Insurance pondered upon the lack of awareness in Pakistan and low penetration rate of insurance. He further added, “Banks have played an important role in creating awareness in masses focusing on consumer finance”.
An amazing detailed session by Jeremy Leach, Founder & CEO Inclusivity Solutions on Digital Insurance Distribution.
Another session led by Cristina Pashmi MD Rehability UK with a panel of Umair Khalid from HelloDoctors & Carmelo Insalaco co-founder rapid health discussed about proven European practices that can be applied in both Health & Insurance.
Sven Roehl CEO msg global solutions CANDA gave a detailed presentation on Global Insurance Trends.
The summit followed with a session on Bancassurance with speakers Shahzad Kusambi – Head DIB, Sarah Irfan – Head Of Wealth Management – HMB, Raazia Bari – Sr Manager Bancassurance – UBL, Arqam Butt- Head of Bancassurance Bank Alfalah.
“Bancassurance is just simply an arrangement between a bank and an insurance company allowing the insurance company to sell and market its product through the bank’s customer base”, said Sarah Irfan.
Waseem Khan who is heading the Insurance regulatory at SECP has given a detailed presentation on the SECP Draft registration regime for digital only insurer
A brief session on Digital Health Insurance in the time of Covid-19 was also conducted with speakers Arsalan Pasha -Joint Director/UIC Window Takaful, Dr Azfar Malik – Co Founder & CEO/Hayaat, Tariq Hameed – Chairman Audit Committee, Board of Directors /Askari Life Assurance, Hyder Mumtaz – CEO – Augment Care, Mahnoor Farishta – Founder & CEO – Khair. The panel of prestigious speakers discussed how telemedicine is helping in the insurance industry, moderated by Bilal Mumtaz co-founder Sehat.com.pk
Another interesting panel discussion was Cyber Security Framework implementation in the insurance sector with session Chair Ashfaque Ahmed and speakers Abdul Qadir, Director Technology Advisory and Cyber Risk A.F.Ferguson & Co. (PwC Pakistan) Imran Siddiqui – General Manager Information Technology, Adamjee Life Yaser Ejaz-Head of Information Technology, Adamjee General Syed Muhammad Anwer -Head of information technology, Dawood Family Takaful
A panel discussion with Mr. Sohail Jaffer – MD Genesis, Mr. Ali Nadeem, COO IGI Life, and Mr. Faisal Khan, CRO IGI General Insurance on the comparison of digital vs. traditional insurance. The speakers shed light on the revolution in the field of insurance.
A case-study by Ahmer Ali CEO & Founder Karyaana on Retail Products & Distribution Channels, after the session it was a great presentation by Mr. Waqas Ahmed, Executive Director Strategy & Planning Salaam Takaful on Universal Health Insurance Pakistan
A session on Insurers and InsurTechs: Do opposites really attract? was conducted by Mr. Zain Ibrahim Director and Chief Operations Officer EFU LIFE Assurance limited. He discussed the traditional as well as modern ways of insurance and how technology and digitalization is helping in the Insurance industry.
The speakers Vladimira Mesko Briestenska, Barrister Ahmed Uzair ,Barrister Sahib Zadi and Muhammad Haider Zaidi, Partner at AUC had a final panel discussion on Law and InsurTech.
In Last, special thanks to our all the sponsors Adamjee Life, EFU Life, Ozoned Digital, IGI, BIMA Pakistan, TPL Life, ARY Digital & Boundless Technologies to support us by making this event a great success.