As key sectors of Pakistan’s economy embrace digitization, the insurance industry has reached a major milestone. Life insurance provider EFU Life has partnered with digital wallet company JazzCash to create Pakistan’s first digital insurance ecosystem.
Executives from both companies say the collaboration will allow millions of Pakistanis to access insurance services without facing traditional barriers. EFU Life will leverage JazzCash’s 20 million active users to bring its life insurance products to a wider audience.
Through the JazzCash mobile app, users can now subscribe to EFU Life policies with transparency and inclusivity at the core of the offering. The partnership also promises instant policy subscription and rapid claim settlement.
To encourage adoption, customers can also purchase insurance via JazzCash’s web portal, call center, and WhatsApp platform.
EFU Life, founded in 1992, was Pakistan’s first private life insurance company. It has insured over 10 million individuals and paid billions in claims. The company has also introduced innovative products, including unit-linked plans and critical illness coverage.
JazzCash, Pakistan’s leading mobile financial services provider, brings a large, active user base and high transaction volumes to the partnership, enhancing the potential impact of the collaboration.
Experts say the move toward a digital life insurance system highlights EFU Life’s forward-looking approach to technology. Analysts predict other insurance providers in Pakistan will follow suit as digitization becomes increasingly central to the industry.
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