Bank Alfalah, Jubilee partner to offer digital insurance solutions for customers

KARACHI: Bank Alfalah has joined hands with the Jubilee General Insurance Company Ltd to form a strategic alliance that will enable a digitised pathway for customers to avail insurance through AlfaMall, an e-commerce marketplace.

With customers increasingly moving to digital platforms, the partnership will facilitate users and their ability to avail insurance solutions in a simple manner.

Pakistan is in the 50 largest markets for e-commerce, with industry revenues growing by 90 percent during the year 2021. AlfaMall is the banking industry’s first initiative to create a trusted e-commerce pre-payment marketplace in Pakistan.

It provides Bank Alfalah’s customers the opportunity to use their accounts, Alfa Wallets, Credit Cards, and Orbit Points or opt for combination payments to securely pay for their online shopping without any hassle, either through all in one or on Buy Now Pay Later options.

Through the partnership, the platform will now offer a convenient insurance solution for valid purchases of services on AlfaMall. Adding security and simplicity to the mix will create a unique e-commerce experience for AlfaMall users across the country.

Commenting on the development, Yahya Khan, the bank’s head of digital banking group, said that as a revolutionary platform AlfaMall has been leading transformation of the conventional e-commerce industry since its inception.

“Our goal is to provide general insurance solutions for high-ticket size products purchased from AlfaMall. This partnership with Jubilee General Insurance is another step towards our ultimate goal of building a comprehensive platform for customers to shop with convenience,” he added.

Azfar Arshad, the chief operating officer of Jubilee General Insurance, said that innovations like these are destined to be the backbone of successful nationwide digitalisation initiative that leaves no one behind.

“Partnerships that add value to existing services and bring more convenience to customers are the way forward, and with Jubilee Insurance on board, the only way for business to go is upwards,” he said.

Copyright Business Recorder, 2022