EFU Life, in collaboration with JazzCash, one of Pakistan’s leading digital financial services platforms, has achieved significant milestones in 2024. This strategic partnership highlights their shared commitment to driving insurance inclusion and making insurance more accessible, affordable, and inclusive for the population. The collaboration has been instrumental in advancing financial protection for millions of Pakistanis.
The partnership has insured over 1 million lives, showcasing their ability to reach a vast segment of the population and provide financial security. In addition to this, more than 1.3 million insurance policies have been distributed digitally, demonstrating the efficiency and effectiveness of their digital distribution model. This achievement not only enhances financial security for individuals but also contributes to the ongoing development of Pakistan’s insurance sector.
EFU Life and JazzCash have also leveraged technology to offer a diverse range of financial protection products, including life insurance, health insurance, and innovative combo offerings. These products cater to the varied needs of customers, ensuring comprehensive coverage across different segments of society. The use of technology has enabled the partnership to provide tailored insurance solutions that address the specific needs of customers.
One of the standout features of this collaboration is the introduction of embedded insurance products in specific use cases. For example, the partnership has integrated insurance coverage with utility bill payments, allowing customers to access insurance while paying their utility bills. Additionally, insurance solutions have been designed to complement JazzCash’s lending services, ensuring that borrowers are financially protected. These innovations reflect the partnership’s customer-centric approach, focusing on providing value-added services that meet the practical needs of users.
EFU Life and JazzCash are committed to delivering end-to-end insurance services, which include policy issuance, servicing, and claims management. These services are fully integrated into the JazzCash platform, providing customers with a seamless and hassle-free insurance experience. By leveraging technology, the partnership is making the entire insurance process more accessible and user-friendly, reinforcing its goal of making insurance more widely available and easier to navigate.
The initiatives undertaken by EFU Life and JazzCash are aligned with the Securities and Exchange Commission of Pakistan’s (SECP) strategic plan to enhance insurance penetration in the country. Through their innovative approach and focus on accessibility, the partnership is contributing significantly to the growth and evolution of Pakistan’s insurance landscape, helping to improve financial literacy and inclusion.
Ms. Nilofer Sohail, General Manager of Channel Strategy & Growth Segments at EFU Life, shared her perspective on the achievement, emphasizing the importance of innovation and collaboration in providing financial protection. She said, “Insuring over a million lives and expanding our digital reach reflects EFU Life’s commitment to addressing the evolving needs of customers.”
Kumail Abbas Naqvi, Head of Wealth at JazzCash, also expressed his thoughts on the success of the partnership, stating, “This milestone is a testament to JazzCash’s unwavering commitment to financial inclusion and innovation. By integrating insurance with our extensive range of financial services, we aim to create a more financially inclusive society.”
The partnership between EFU Life and JazzCash is a significant step forward in the evolution of Pakistan’s insurance sector. By working together, they are setting new benchmarks for insurance inclusion, providing protection to millions of lives, and shaping the future of financial security in the country.