ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued the country’s first-ever digital-only non-life insurance license to Digi Insurance Limited, marking a significant milestone in the evolution of Pakistan’s insurance sector. This groundbreaking approval is part of SECP’s efforts to modernize the regulatory framework, promote innovation, and enhance access to financial services through technology-driven models.
Digi Insurance Limited, an indigenous insurtech company, offers a fully digital platform for delivering non-life insurance products. Operating on a digital-first business model, all key functions such as policy issuance, customer onboarding, and claims management are conducted through digital channels. By leveraging advanced technologiesand data-driven solutions, the company aims to streamline claims processing, improve customer experience, and enhance operational efficiency.
The issuance of a digital-only license enables Digi Insurance to operate without the need for any physical branch infrastructure, allowing for reduced operational costs and wider market reach. This is particularly advantageous for reaching underserved and remote populations, a key target group for financial inclusion. This move aligns with SECP’s broader objective of enabling financial inclusion through responsible innovation and encouraging the adoption of customer-centric, tech-enabled insurance solutions.
This development is a part of SECP’s ongoing efforts to modernize Pakistan’s regulatory landscape and foster the emergence of new market entrants offering agile, efficient business models. The Commission believes this approval will drive digital transformation within the insurance sector, spurring competition, improved service delivery, and product innovation.
The SECP remains committed to supporting Pakistan’s transition to a digitally enabled economy, facilitating ease of doing business, and enhancing the reach and resilience of the country’s financial sector.
