As key sectors of the Pakistani economy embrace digitization, the insurance vertical has recorded a significant milestone via a partnership between life insurance service provider EFU Life and digital wallet company JazzCash.
According to a report, the partnership between EFU Life and JazzCash is designed to birth Pakistan’s first digital insurance ecosystem. Executives from both entities say the collaboration will enable millions of Pakistanis to access insurance services, bypassing traditional barriers.
EFU Life will lean on JazzCash’s over 20 million active users, bringing its life insurance products to a new demographic. The new partnership will allow JazzCash users to subscribe to EFU Life insurance policies via the mobile app, with transparency and inclusion at the heart of the offering.
Going forward, the collaboration will offer instant poly subscription as well as rapid claim settlement for users. To lower adoption barriers, executives say that apart from the JazzCash mobile app, customers can purchase insurance through the web portal, JazzCash’s call center, and WhatsApp platform.
Launched in 1992, EFU Life began operations as the first private sector life insurance company in Pakistan, insuring over 10 million individuals and paying billions in claims. As part of its pioneering status, the company has introduced innovative products, including unit-linked products and critical illness plans.
On the other hand, JazzCash has built a reputation as Pakistan’s leading mobile financial services provider. The sheer volume of its processed transactions over the 12 months and sweltering user base signal promise for the collaboration with EFU Life.
Experts say the new pivot to a digital life insurance system underscores the company’s forward-thinking stance toward emerging technologies. In the near future, pundits predict a similar pivot for other insurance service providers in Pakistan as the country turns its gaze to digitization.
Pakistan’s key sectors turn to digitization
While the insurance sector in Pakistan has made a valiant leap to embrace next-gen technologies, the finance ecosystem has the first-mover advantage. Over the last year, digital asset transactions have ballooned, with Pakistan floating a regulatory body to supervise the industry.
Furthermore, the banking regulator has made significant progress with a central bank digital currency (CBDC) to keep pace with other regional first movers. Meanwhile, the country’s bold leap into Bitcoin mining has piqued the interest of the International Monetary Fund (IMF) and international blockchain service providers.
Bahrain surges forward with AI for building supervision
Bahrain has reached another milestone in its attempts to integrate artificial intelligence (AI) into public services, with the latest being a use case by the Survey and Land Registration Bureau (SLRB).
The SLRB has signed an agreement with technology company Aetosky to use AI for geospatial monitoring. Under the agreement, SLRB will use Aetosky’s proprietary AI solution to monitor and detect changes in building plans, saving time and ensuring adherence to approved plans.
Under the hood, the project will lean on satellite imagery to identify natural and urban changes in the country, identifying anomalies by man-made structures. Rather than manual supervision of building sites, the collaboration with Aetosky will rely on AI to spot the changes.
The latest partnership is the second phase of the SLRB’s attempt to digitize its internal operations with AI. Under the first phase, the SLRB collaborated with the Ministry of Municipalities Affairs and Agriculture, racking up a 60% improvement in monitoring efficiency.
Armed with the successes from the first phase, the SLRB is proceeding to the second phase with an eye on consolidating spatial data and streamlining inter-agency collaboration. Furthermore, experts disclosed that the SLRB’s attempt to bring AI capabilities in-house via the partnership with Aetosky is a major step in its digitization quest.
SLRB President Basim bin Yacob Al Hamer disclosed that the use case aligns with the central government’s three-year plan to digitize public sector services.
Meanwhile, Aetosky CEO Abhay Swarup Mittal hailed the partnership as a model of “public-private collaboration” for digital transformation. Mittal pledged that Aetosky will pursue knowledge transfer to equip SLRB with a digital platform to spot building plan deviations with minimal inaccuracies.
Apart from AI, Bahrain has made keen strides to become a digital asset hub, unveiling a BTC-linked fund and lowering entry levels for international service providers.
Emerging technologies make a foray into real estate
While finance is often at the forefront of embracing digitization, emerging technologies are inching their way into the real estate industry. In Nigeria, authorities have begun experimenting with blockchain to tackle real estate-related fraud.
Furthermore, Nigeria’s economic hub, Lagos State, has set its sights on real estate tokenization to boost revenues, injecting $300,000 as capital for the ecosystem. Meanwhile, Israel’s land registry is also exploring real estate tokenization, buoyed by the perks of efficiency, fractionalization for investors, and transparency.
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Source: https://coingeek.com/pakistan-digital-life-insurance-bahrain-surges-forward-with-ai/
