EFU Life and JazzCash: Achieving Significant Milestones in Advancing Insurance Inclusion in 2024
In 2024, EFU Life, in partnership with JazzCash, one of Pakistan’s top digital financial services platforms, has made notable progress in promoting insurance inclusion. This strategic collaboration has led to impressive growth, highlighting their mutual dedication to making insurance more accessible, affordable, and inclusive for everyone.
EFU Life and JazzCash: A Milestone Achievement in Insurance Inclusion
EFU Life, in collaboration with JazzCash, one of Pakistan’s leading digital financial services platforms, has made impressive strides in advancing insurance inclusion in 2024. Together, they have achieved remarkable success in providing accessible, affordable, and inclusive financial protection to millions of people across Pakistan.
Insuring Over a Million Lives
Through their partnership, EFU Life and JazzCash have insured over 1 million lives, demonstrating their capacity to provide financial security to a vast segment of the population. Additionally, they have distributed over 1.3 million policies digitally, highlighting the efficiency of their digital distribution model. This achievement plays a significant role in enhancing the financial security of individuals while contributing to the growth of Pakistan’s insurance sector.
A Diverse Range of Financial Protection Products
Leveraging technology, the partnership offers a variety of financial protection products, including life and health insurance, as well as innovative combo offerings. These products cater to diverse customer needs, ensuring comprehensive coverage across different societal segments.
The partnership has also introduced successful use cases of embedded insurance products, such as:
- Utility Bill Payments: Integrated insurance coverage linked with bill payments.
- Lending Use Cases: Tailored insurance solutions for JazzCash’s lending services, providing financial protection to borrowers.
These innovations reflect the partnership’s commitment to delivering customer-centric solutions and value-added services.
End-to-End Insurance Services
EFU Life and JazzCash are dedicated to providing technology-enabled, end-to-end insurance services, including policy issuance, servicing, and claims management. These services are available directly through the JazzCash platform, streamlining the insurance process and offering a hassle-free experience for customers.
Alignment with SECP’s Strategic Plan
The partnership’s efforts align with the Securities and Exchange Commission of Pakistan’s (SECP) strategic plan to increase insurance penetration across the country. By promoting innovation and accessibility, EFU Life and JazzCash are making significant contributions to the growth of Pakistan’s insurance sector.
Leadership Perspectives
Ms. Nilofer Sohail, General Manager of Channel Strategy & Growth Segments at EFU Life, commented:
“This achievement highlights our commitment to fostering financial protection through innovative solutions and strong partnerships. Insuring over a million lives and expanding our digital reach demonstrates EFU Life’s dedication to meeting the evolving needs of customers. We are proud to work with JazzCash to provide accessible and meaningful insurance solutions to millions of Pakistanis.”
Kumail Abbas Naqvi, Head of Wealth at JazzCash, added:
“This milestone showcases JazzCash’s dedication to financial inclusion and innovation. Insuring over a million lives in such a short time and achieving significant revenue growth in our insurance segment is a remarkable achievement. By integrating insurance with our extensive range of financial services, we aim to create a more financially inclusive society, offering users the protection they need and deserve.”
The success of this partnership is a testament to the dedication and expertise of both EFU Life and JazzCash. Together, they are setting new standards in insurance inclusion, protecting millions of lives, and shaping the future of financial protection in Pakistan.