The Securities and Exchange Commission of Pakistan (SECP) has approved the country's first-ever digital-only non-life insurance license to InsurTech Digi Insurance. This is being described as a significant milestone in the evolution of Pakistan's insurance sector.
A press release issued by SECP said the license issued under SECP’s progressive regulatory framework, reflects its commitment to fostering innovation and to enhance access to financial services through technology-led models.
Digi Insurance is an indigenous InsurTech company offering an end-to-end digital platform for the delivery of non-life insurance products. The company’s business model is rooted in digital-first principles, with all important functions including policy issuance, customer onboarding, and claims management conducted exclusively through digital channels.
By leveraging advanced technologies and data-driven solutions, Digi Insurance aims to deliver faster claims processing, improved customer experience, and operational efficiency.
The issuance of a digital-only license enables Digi Insurance to operate without any physical branch infrastructure, thereby reducing costs and enabling wider reach, particularly to underserved and remote segments of the population. This development aligns with SECP’s broader objective of enabling financial inclusion through responsible innovation, and encouraging adoption of customer-centric, tech-enabled insurance solutions.
This initiative is part of SECP’s ongoing efforts to modernise the regulatory landscape and facilitate the emergence of new market entrants offering agile and efficient business models. The Commission anticipates that this approval will serve as a catalyst for broader digital transformation within the insurance sector and promote competition, improved service delivery, and product innovation.