Alvi urges insurance firms to promote use of latest digital knowledge

ISLAMABAD: President Dr Arif Alvi on Thursday urged the public and private insurance companies to advance the use of digital knowledge as per international standards and proposed them to involve the Ulema (religious scholars) to encourage the people and spread knowledge about Islamic Takaful (insurance).

The president expressed these views while addressing a seminar on “Importance of awareness and technology in insurance industry”, organised by the Federal Insurance Ombudsman at the Aiwan-e-Sadr on Thursday.

The president appreciated the efforts of the Federal Ombudsman Secretariat in ensuring the protection of interests of insurance policyholders and promoting the development of the insurance industry.

He recalled that automobile insurance companies in the country used to offer GPS facility for lower insurance premiums, and said the incentives related to health insurance could also encourage people to get insurance.

Besides doing marketing about the product, Dr Alvi proposed the insurance companies conduct a survey on why people avoided getting insured.

He said that new technologies had the potential to bring innovation to the insurance sector and impact the regulatory practices of insurance markets.

He said that the insurance sector was no exception to advancements in technology with possibilities of new methods of service provision as well as greater opportunities for data collection.

About the use of artificial intelligence, the president said the new technology could give an improved customer experience with precision and accuracy. He said that the blockchain, based on distributed computing, could prove helpful in improving the cyber security of data.

Earlier, Federal Insurance Ombudsman Dr Muhammad Khawar Jameel briefed the participants of the seminar about the performance of the office in addressing complaints of insurance policyholders against insurance companies.

Copyright Business Recorder, 2022