F.P. Report
KARACHI: EFU Life Assurance Ltd, Pakistan’s leading life insurance company, receives global recognition for Inclusive Insurance by German Government’s Social Development Agency, GIZ. The award was presented in a ceremony in Manila, Philippines, attended virtually by EFU Life.
The award is in recognition of the successful implementation of the program “Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia” (RFIA – Asia) and the achievements on Inclusive Insurance leading to a social impact in Pakistan.
EFU Life’s Digital & Inclusive Insurance pillar currently provides insurance cover to the vulnerable socio-economic segments and has a partnership with multiple financial & non-financial institutions such as Telcos, Banks, MFIs, NGOs, Insurtech, Domestic Payment Schemes, Fintech, Aggregators, and several Startup ecosystems.
As part of the key performance indicators for the Digital & Inclusive Insurance Segment, EFU Life focuses on making the customer journey simplified, promoting digital financial literacy amongst the customers, digitalizing, and reducing the turnaround times for claim payments, offering simplified products with value-added services such as health tech and discounts, and using technology as an enabler.
Through these continued efforts, the company was successfully able to protect 3 Mn lives in 2022 and create an impact by making claim payments to date to 10,000 families.
EFU Life is committed to its inclusive insurance business model which contributes towards inclusive growth by providing relevant and affordable insurance solutions to promote financial inclusion in Pakistan and will continue to play an active role in increasing insurance penetration in Pakistan.
