Cell phone insurance plans in Pakistan

Cell phone insurance plans

cell phone insurance plans

Zong (China Mobile's Pakistan venture) members may acquire life insurance coverage between PKR 100k – 300k for a daily premium deduction as low as PKR 2. Information is gathered by four SMS messages. The consumer receives rapid confirmation of 30-day coverage.

 

EasyPaisa Khushaal is another unique service. Branchless/mobile account users get monthly life insurance depending on their average monthly amount. This approach stimulates savings and gives insurance from Rs. 50,000 to Rs. 1.5 million based on the amount saved. This product serves all branchless account segments.

 

The major obstacle of supplying any such service is client awareness and education. Insurance firm and telecom/branchless service provider must use the correct tools and channel to connect with customers. Research-based product awareness should emphasize specific events, scenarios, and demands of an individual's life and how life insurance may directly assist those needs. Another problem is creating a seamless subscription procedure where all consumer information are acquired. Frontline personnel of a telecom/branchless service provider may offer products and earn commissions. Retail workers must be well-informed about the company and its perks. Business partners must also support the finest technology solution with robust operational practices to improve customer experience.

 

Once a consumer is onboard, relationship maintenance is key. Constantly reassure the buyer that his insurance membership is safe. During their insurance term, users might get many value-added services. Long-term, client lifecycles may be handled via insurance packages and branchless banking.

 

Product design and price remain key to making life insurance services appealing to clients. Due to scale, products are based on micro insurance principles, however risk is mitigated by minimal limits and underwriting. This service may be supplied by itself or incorporated in other products to boost stickiness.

 

Mobile or branchless insurance channels have huge promise. Companies with the correct strategy may gain as mobile channels become a parallel business line to traditional insurance models. Balance between banks, telecoms, and insurance firms is key, since insurance money will cover branchless service providers' acquisition costs.

 

 

 

Nokia Care and Pak-Kuwait Takaful Company Limited (PKTCL) are introducing mobile phone insurance for Nokia customers in Pakistan. This Takaful coverage covers accidental phone damage and theft. Nokia Care's Director of Global Customer Care (GCC), Jahanzaib Sarfaraz, thinks it's a good idea given the country's security.

 

This new deal offers Takaful to many Nokia users in Pakistan. This insurance may be obtained by all Nokia customers through Nokia Care network from 3rd September, 2013 forward.

 

Jubilee Life Insurance Company Limited confirmed its market leadership by developing the first mobile-adaptive website. The website is simple to use and downloads quickly on smart phones and tablets.

 

Launching a mobile responsive website allows Jubilee Life's current and new consumers to have all their insurance provider's information at their fingertips. The mobile website gives extensive information, downloadable papers, and 24/7 access to the firm for questions and comments.

 

Javed Ahmed, Managing Director & CEO of Jubilee Life, stated, "We are happy to introduce the first mobile responsive insurance website." Jubilee Life is a tech-savvy company that offers quick, convenient solutions. We want mobile consumers to know about our goods and promotions.

 

Jubilee Life is the only insurance company working online. The corporation has revamped its website and engaged people on Facebook, YouTube, and Twitter.

 

BIMA is a major mobile-led insurer in developing regions. 35 million subscribers in 7 Asian and African nations. BIMA Mobile Pakistan collaborates with MNOs and insurance providers to expand cheap insurance services in Pakistan. Our specialized agent force promotes financial inclusion. We provide great customer service and settle claims, whereas BIMA MHealth provides limitless 24/7 teleconsultations.

 

What are the potential and constraints of mobile insurance in Pakistan?

 

A. Leveraging payment channels and adding recurring payment capabilities to handle smaller insurance premium transactions is a difficulty. Higher distribution expenses make it difficult to provide clients high-value insurance products.

 

Customer education is another difficulty. Most developing-country customers are new to insurance and distrust financial services. If their first insurance experience is negative, for example, the firm doesn't pay claims or goes bankrupt, this may be a big setback in education and hurt our attempts to build confidence.

 

Through public-private partnerships, low-cost insurance solutions may be marketed. This will allow us to help a larger percentage of Pakistan's population.

 

How does mobile insurance help consumers with claims? Is it like traditional insurance?

 

A. No, it's easy and uses technology for customer convenience. When claiming insurance at BIMA, most consumers upload a photo of their discharge slip through WhatsApp.

 

After the claim and document verification, mobile money pays in three days. It's easy, fast, and can be done from anywhere.

 

Q. What's your company's size and impact vision over the next several years?

 

A. The corporation wants more partners to grow its market share.

 

BIMA wants to grow via DTC channels. Our digital app will also boost growth.

 

2020: Pakistan's insurance market was Rs297 billion. 65% is life insurance, 34% is non-life. State Life and Jubilee Life are the top two life insurers. EFU and Adamjee are elite non-life players. The nation has 30 insurance institutions.

 

Even with all these guys, there's room for improvement. Market penetration is just 0.9% of Pakistan's GDP, compared to 3.2% in comparable developing markets.

 

Coverlo is Pakistan's first Digital Takaful (FDT). Coverlo is an insurance invention. A paperless, hassle-free way to deliver Shariah-compliant services.

 

 

 

Coverlo will use SECP's regulatory sandbox. Such technology and innovation, never seen in Pakistan's insurance market, would permanently change the order by delivering safety and protection most efficiently. Coverlo empowers millennial and Generation Z to be financially included. Accessible throughout Pakistan and on Desktops, Laptops, Tablets, and Mobile Phones, it's the most convenient platform to use. Bilingual FAQs and policies are also intended for our readership. They want to enable our consumers to handle life's challenges. We've also reduced costs. FDT offers Personal Health, Family Health, Personal Accident, Domestic Travel, and Home Takaful. Personal Health Takaful covers hospitalization in case of accident or sickness. The strategy includes Tele-Medicine and simple, inexpensive access to 100 hospitals. FDT's Family Health Takaful protects the client, spouse, and children in event of an accident or sickness. The family's finances are protected against in-patient charges. Personal Accident Takaful covers medical expenses and repatriation fees in case of accident/permanent disability for the client and his family. FDT Domestic Travel Takaful protects consumers against accidents, medical situations, and lost baggage. FDT's Home Takaful covers home structure and content, including cash and jewels. Coverlo provides Islamic insurance with efficiency, Shariah compliance, ethics, enthusiasm, and innovation. We want to safeguard our consumers from life's difficulties and want to extend our project to include senior health insurance, motor takaful, and international travel takaful. Innovation and customer-centric policies make us a trusted Islamic Insurance platform. Startups are providing services to help clients make educated decisions. SmartChoice is one. The Google-backed Nest i/O incubator launched the broadband comparison webpage in January 2015. It compares credit cards, broadband (home and business), health, vehicle, and travel insurance.

Maryam Saeed Dogar

 

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