State Life Insurance Corporation (SLIC)

State Life Insurance Corporation (SLIC) has been a household name for all Pakistanis for the past 50 years and has remained the industry leader throughout this period. However, in the last 20 months or so; SLIC has embraced its leadership role not just in growth figures but also in terms of product innovation and adoption of digital solutions. In less than two years, SLIC has transformed into a rapidly growing organization driven by product and digital innovation, focusing on further increasing policyholder convenience and services; an enterprise driven by technology. The growth and development have occurred during the tenure of the company’s new leadership of Chairman, Shoaib Javed Hussain.

SLIC - Recent Performance

According to the Insurance Association of Pakistan’s (IAP) published figures, compared to 2020, in 2021 SLIC grew across both its individual and group life business in its conventional and takaful product line; outperforming industry growth. Across life and health insurance, as per IAP statistics, in 2021 industry as a whole registered premium growth of 23 percent; whereas SLIC delivered premium growth of 33 percent over the same period. The impressive performance by SLIC has resulted in the corporation increasing its overall market share, reporting profits to its shareholder, and recording benefit payments to its policyholders.

A review of IAP’s figures for the recent nine-month’s ending September 30, shows that SLIC continued to deliver strong growth in 2022 outperforming the industry as a whole and further increasing its market share.

SLIC – innovation and investment 2021-22

In 2022, SLIC launched a state-of-the-art data center at State Life's Tower, Islamabad which was inaugurated by the Federal Minister of Commerce, Syed Naveed Qamar. It provides real-time information, secured data management, and integrated business services, enabling 24/7 services to its health policyholders. The data center is being utilized to manage e-Claims Documents and Patient's EMR (electronic medical reports), which will be one of Pakistan's biggest repositories of medical data.

SLIC competed with the entire private insurance industry to qualify for implementing the largest social-health programs in Pakistan. The programs were implemented in record timeliness to provide insurance coverage to more than 150 million Pakistanis, i.e. the entire population of Punjab, Khyber Pakhtunkhwaerst-while FATA, Islamabad, Azad Jammu and Kashmir, Gilgit Baltistan and Tharparkar (Sindh). State Life developed the most extensive network of 1000+ panel hospitals in Pakistan to facilitate patients under health insurance plans. It has deployed around 2,500 dedicated health personnel for health insurance operations, including care management, gatekeeping, and claims management.

Its product innovation has continued with the launch of its individual and group health insurance plans in 2022. The state-owned entity also introduced a first-of-its-kind women’s cancer protection plan, Sinf-e-Ahan. It has continued to expand its product offerings to cater to all segments of society with SLIC's Harari Protection Plan catering to farmers across the country and Rider protection plan for the gig economy players. Its savings portfolio has also been diversified with the launch of the Golden Endowment Plan with long-term yield benefits and retirement annuity and pension plans.

The corporation leapt into the digital sphere through the launch of the interactive State Life Digital Portal and Mobile Applications. The digital portal provides affordable life and health products purchasable online and also premium payment options for its new and existing policyholders. Digital payment options have been further enhanced through strategic partnerships with bank partners and digital wallet providers. A digital complaint management system for policyholder has also been launched together with monthly e-Kachheris being held by the Chairman himself to ensure timely resolution of queries and provides comprehensive assistance to policyholders. For beneficiaries covered by the social health insurance programs, SLIC has developed the Sehat Sahulat mobile application to provide real-time information for the general public about the nearest panel hospital, availability of particular services/diseases, account balances, online grievance filing, etc.

Over 2021 and 2022, the corporation has aligned strategic partnerships with leading financial and non-financial players suggesting a sustainable strategic growth strategy to implement its vision. The state-owned enterprise is also fulfilling its social responsibility where it set up medical camps across the country in the aftermath of the floods earlier this year and it has been seen promoting women's cancer protection and children's education drives.

A growing and robust insurance industry are essential for a growing economy in any country. While the insurance penetration in the country has been a challenge for a long, it is good to see that numbers testify to SLIC’s growth driven by innovation in these testing times.