EFU Life, in collaboration with JazzCash, one of Pakistan’s leading digital financial services platforms, has made significant strides in advancing insurance inclusion in 2024. Through this strategic partnership, the two entities have achieved remarkable growth, showcasing their shared commitment to making insurance accessible, affordable, and inclusive for all.
Insuring Over a Million Lives
Together, EFU Life and JazzCash have successfully insured over 1 million lives, underscoring their ability to provide financial protection to a vast segment of the population. Moreover, the partnership has distributed over 1.3 million policies digitally, a testament to the efficiency and effectiveness of their digital distribution model. This achievement not only enhances financial security for individuals but also contributes to the broader development of Pakistan’s insurance sector.
Diverse Range of Financial Protection Products
The partnership leverages technology as an enabler to offer a diverse portfolio of financial protection products, including life and health insurance and innovative combo offerings. These products cater to the varying needs of customers, ensuring comprehensive coverage across different segments of society.
JazzCash and EFU Life have also introduced successful use cases of embedded insurance products tailored to specific use cases, including:
- Utility Bill Payments: Seamlessly integrated insurance coverage linked with bill payments.
- Lending Use Cases: Insurance solutions designed to complement JazzCash’s lending services, ensuring borrowers are financially protected.
These innovations reflect the partnership’s customer-centric approach and focus on providing value-added services
End-to-End Insurance Services
EFU Life and JazzCash are committed to delivering technology enabled, end-to-end insurance services, including policy issuance, servicing, and claims management. These services, available directly through the JazzCash platform, streamline the insurance process and provide customers with a hassle-free experience, reinforcing the goal of making insurance more accessible and user-friendly.
Alignment with SECP’s Strategic Plan
The partnership’s initiatives align closely with the Securities and Exchange Commission of Pakistan’s (SECP) strategic plan to enhance insurance penetration across the country. By driving innovation and accessibility, EFU Life and JazzCash are contributing significantly to the growth and evolution of Pakistan’s insurance landscape.
Leadership Perspectives
Ms. Nilofer Sohail, General Manger- Channel Strategy & Growth Segments, sharing her view on this achievement added:
“This achievement underscores our dedication to fostering financial protection through innovative solutions and strong partnerships. Insuring over a million lives and expanding our digital reach reflects EFU Life’s commitment to addressing the evolving needs of customers. We are proud to collaborate with JazzCash, leveraging their platform to bring accessible, meaningful insurance solutions to millions of Pakistanis.”
Kumail Abbas Naqvi, Head of Wealth at JazzCash, shared his thoughts on this significant achievement:
“This milestone is a testament to JazzCash’s unwavering commitment to financial inclusion and innovation. Insuring over a million lives within such a short span and achieving significant revenue growth in our insurance segment is a remarkable feat. It highlights the dedication and hard work of our entire team. Our vision is to leverage the strength of Pakistan’s leading digital mobile wallet, JazzCash, to offer unique, customized, and innovative insurance products that cater to the diverse needs of our customers. We believe that by integrating insurance with our extensive range of financial services, we can create a more financially inclusive society and provide our users with the protection they need and deserve.”
The success of this partnership is a result of the mutual dedication and expertise of both EFU Life and JazzCash. Together, they are setting new benchmarks in insurance inclusion, protecting millions of lives, and shaping the future of financial protection in Pakistan.
