KARACHI: Embedded finance platform Neem has entered the insurance space through a strategic partnership with EFU Life, aiming to digitise the sector’s value chain—from premium payments to claims disbursements—using its proprietary financial infrastructure. The announcement came on Tuesday in a statement detailing the scope of the collaboration and Neem’s broader sectoral ambitions.
According to the startup, EFU Life customers will now be able to make digital payments via cards, wallets, and bank transfers through Neem’s ‘Payment Button’, which automatically matches payments with policy numbers. This feature is designed to reduce manual errors and reconciliation delays, enhancing the efficiency of EFU Life’s operations.
In addition to digitising payments, Neem is also building a white-labeled wallet system for EFU Life. This will allow customers to store and top up funds for premium payments and other insurance transactions. The insurer’s offerings will also be integrated into Neem Paymenow—a Shariah-compliant earned wage access platform—enabling employees to access and pay for Islamic insurance products directly from the platform where they receive their salaries.
“The integration of Neem’s payment platform has helped us reimagine how premiums are collected—making the process faster, more secure, and customer-friendly,” said Azeem Pirani, COO at EFU Life. “We’re improving efficiency for our teams and convenience for our policyholders, while laying the foundation for a more inclusive insurance experience,” he added.
As reported by Business Recorder, Neem co-founder Nadeem Shaikh said that the insurance sector was a logical next step, given its low digital maturity and high relevance to financial security. “Insurance stood out as a critical sector where both access and digital payments infrastructure are limited,” Shaikh said, noting that the company saw an opportunity to simplify access through embedded payments and wallets.
Despite growing demand for financial protection, insurance penetration in Pakistan remains under 1% of GDP—well below regional standards. Shaikh told Business Recorder this is partly due to outdated, cash-heavy processes that Neem’s infrastructure is designed to replace.
“By embedding digital finance into the insurance journey, we can help insurers operate more efficiently, go to market faster, and unlock new revenue streams,” he said.
Neem, which has raised over $4 million in seed funding from local and international investors—including a recent $4 million credit facility from DNI Group—is sector-agnostic and active across a wide array of industries. These include healthcare (Sehat Kahani), logistics (TCS, Smartlane), agriculture (Bakhabar Kissan, Farm2Home), education (Edkasa), mobility (ezBike), security (Wackenhut), and e-commerce (Bechlo.pk, EcommDeals), among others.
Shaikh said the company would continue to deepen its footprint in these sectors through targeted partnerships and tailored embedded finance solutions.
The partnership with EFU Life is one of Neem’s most significant moves yet and could serve as a template for similar integrations with other insurers in the future.
