Karachi, October 14, 2024: Jubilee Life Insurance, Pakistan’s largest private insurer, recently signed an MOU with the Pakistan Fintech Network (PFN) for sponsorship of the upcoming Pakistan Insurtech Summits in 2024, 2025, and 2026. The annual Pakistan Insurtech Summit aims to drive innovation in the insurance sector, bringing together the key stakeholders in the sector and focusing on how technology can transform insurance services across Pakistan.
The 2nd Pakistan Insurtech Summit will take place in November 2024, at Karachi following a theme of “Transforming Pakistan’s Insurance Landscape: Synergy of Tech, Partnership and Policy” where industry professionals will come together to shed light on various pressing issues concerning the industry right now. The third and fourth Pakistan Insurtech Summit are slated to take place in 2025 and 2026 respectively. Each summit will gather key industry players, insurers, regulators, and tech innovators to explore how digital platforms, technology and innovation can revolutionize the insurance industry. Jubilee Life’s sponsorship of the flagship event resonates with its overarching goal of facilitating improvements to the field of insurance through the use of latest technological innovations.
Mr. Farhan Faridi, Group Head – Retail Operations, Marketing, and Admin at Jubilee Life Insurance, shared his thoughts on the partnership stating, “Jubilee Life has always been committed to advancing innovation in the insurance sector. Our collaboration with Pakistan Fintech Network for the Insurtech Summits demonstrates our vision of a future where technology plays a pivotal role in making insurance more accessible, efficient, and customer-centric. We are proud to be the driving force behind such an important industry event.”
Mr. Fahad Sajid, CEO of Pakistan Fintech Network, expressed his enthusiasm for the partnership, noting, “We are thrilled to have Jubilee Life Insurance on board as the title sponsor for the Pakistan Insurtech Summits. Their involvement underscores the importance of collaboration between financial institutions and the fintech ecosystem to drive the future of Insurtech in Pakistan. These summits will be instrumental in connecting innovators with industry leaders to create sustainable growth for the insurance sector.”_
The Pakistan Insurtech Summit serves as a platform to discuss emerging technologies, exchange ideas, and build collaborations that will shape the future of insurance in Pakistan. The event highlights how digital platforms, AI, and analytics can improve efficiency, enhance customer experience, and enable better risk management across the industry.
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About Pakistan Fintech Network (PFN):
Pakistan Fintech Network (PFN) is dedicated to advancing Pakistan’s fintech ecosystem by fostering connections between regulators, financial institutions, and innovators. Focused on financial inclusion and digital transformation, PFN organizes events, workshops, and forums to promote policy dialogue, enhance knowledge sharing, and position Pakistan as a leader in the fintech space.

About Jubilee Life Insurance:
Jubilee Life Insurance Company Limited (Nasdaq: JLIC) is Pakistan’s largest private sector insurance company, providing a comprehensive range of life and health insurance products. With a commitment to innovation and customer-centric solutions, Jubilee Life continues to lead the insurance industry in Pakistan.

This partnership is a bold step in leading the charge towards a more sustainable future, combining cutting-edge technology and business excellence to deliver measurable results and set new industry standards.
For more information, please visit Jubilee Life Insurance or Spectreco.

Karachi – October 17, 2022: Pakistani telecom company, PTCL has signed an agreement with evision – the media and entertainment wing of global telecom services provider, e& – to launch its own video streaming platform in Pakistan. The new Digital Video Over-The-Top (OTT) platform will host the richest collection of Hollywood and Pakistani entertainment content besides a rich assortment of national and international news and sports channels, thereby catering to the diverse news and entertainment needs of everyone in the family.

Group Chief Commercial Officer, PTCL & Ufone, Adnan Anjum and Chief Executive Officer, evision, Olivier Bramly inked the agreement during GITEX Global 2022 in Dubai, where senior executives including President and Group CEO, PTCL & Ufone, Hatem Bamatraf and Chief Executive Officer, e& life, Khalifa Al Shamsi were also present. evision is the media and entertainment wing of global telecom giant, e& and the leading provider of media and entertainment content in the MENA region.

evision-led consortium has the majority shares in the leading video streaming platform in MENA, StarzPlay that will technically help PTCL with deploying the new Digital Video OTT Platform to host movies and seasons from leading Hollywood studios in addition to Pakistani films and dramas to cater to a wide range of viewership in the country. The new Digital Video OTT platform will also offer access to over one hundred news and sports channels and a lot of educational and fun content for children.

Sharing his thoughts regarding the agreement, President and Group CEO, PTCL & Ufone, Hatem Bamatraf said, “I am grateful to evision for their support in this initiative that furthers our efforts to diversify our services and positively impact more aspects of our customer’s lives. Technology is the most effective enabler of our age, and we continuously strive to harness its potential for our customers’ benefit. We find news and entertainment a huge part of our people’s lives and it offers us a good opportunity to reinvent television and online streaming experience to bring them more control and choice in their viewing.”

In his comments, Chief Executive Officer, e& life, Khalifa Al Shamsi said, “evision is the leading media and entertainment content aggregator in the MENA region. We are glad to work with PTCL to extend our services to the people of Pakistan to help them enjoy high-quality content with greater ease and access. Pakistan is a huge market that needs a homegrown video streaming platform that can better understand the people’s choices and preferences and caters to them accordingly.”

The new video streaming platform is expected to be launched soon. It will be accessible to all data subscribers in addition to PTCL users at affordable prices. Ends

Karachi, October 14th, 2022 – As part of providing tailored solutions and unique value-added features for our customers, QistBazaar.pk a fintech start-up which has recently developed an e-commerce marketplace for electronics that customers can avail on installments, has signed an MoU with Pak-Qatar Family Takaful Limited (PQFTL). With this initiative, the company aims to provide additional benefits to its new customers that would impact their life along with the lifecycle. Hence, when a customer buys any product from QistBazaar.pk, they will get FREE 1-year Accidental Life Takaful Coverage of Rs.200,000 through Pak-Qatar Family Takaful along with unlimited FREE Doctor consultations for their family through Sehat Kahani app and Sehat Kahani tele-health helpline.

To mark the occasion, a ceremony was held at Qist Bazaar head office, Karachi, where the MoU was signed by Mr. Nasir Sheikh (Head of Marketing, QistBazaar.pk) and Mr. Zeeshan Haider (Head of Bancatakaful and Alternate Distribution, Pak-Qatar Family Takaful).

Mr. Arif Lakhani – Co-founder – Qist Bazaar said, “Qist Bazaar was founded on the principle of democratizing access to finance and the partnership with Pak-Qatar Family Takaful will further help the common Pakistani who in the past has shied away from Takaful and other financial products.”

Speaking on the occasion, Mr. Zeeshan Haider – Head of Bancatakaful and Alternate Distribution, Pak-Qatar Family Takaful said, “Through our collaboration with QistBazaar.pk, our focus is to instil a sense of security whenever someone buys anything from QistBazaar.pk by not only covering them with accidental life takaful but also with tele-medicine.””

Talking about the initiative, Mr. Nasir Sheikh – Head of Marketing at QistBazaar.pk said, “We are excited to start this new journey with Pak-Qatar Family Takaful by adding an accidental life takaful policy to protect our customers’ interests and by providing tele-medicine services for their families absolutely FREE of cost which would otherwise cost them a lot. QistBazaar.pk is committed to strengthening the services it offers and truly making a difference in the lives of its customers.”  

Furthermore, Mr. Azeem Iqbal Pirani – CEO, Pak-Qatar Family Takaful said, “We are glad to partner with Qist Bazaar as we believe in offering convenience to customers and these kinds of digital platforms and partnerships will not only create awareness but will also be very helpful in utilizing the technology at its best.”

The MoU looks to enhance consumer confidence with online marketplaces that is still in its development phase. Adding a feature such as this coverage policy builds the right direction for the Qist Bazaar’s promise to add value for its customers and benefits which other platforms are yet to introduce.

KARACHI September 22, 2022: Recently, Pula met with officials from the Sindh provincial government, including Secretary of Investment, Dr. Mansoor Abbas Rizvi, Sindh Enterprise Development Fund CEO, Mr. Khizar      Pervaiz and the Director of Major Crop Development in the Department of Agriculture, Mr. Zamir Ali Surhio, and other associates to propose disaster risk insurance which could insure all areas of the province where wheat farming is still possible for the upcoming Rabi season.

Pula stated the importance of bringing transparency into this important development to the public.  “It is high time the government moves away from frantic disaster relief to more sustained institutional interventions in disaster preparedness. Government should devise a strategy directly linked to the losses incurred by these climate events that devastate farming, livestock, housing and livelihoods”. 

In response, Sindh Enterprise Development Fund CEO Mr. Pervaiz stated that “[it is] the Government’s commitment in these turbulent times to support and help the deprived and uplift the Agri sector through such insurance schemes.”

Pula proposed to embed this insurance within the People’s Hari Card Scheme, or via Crop Loan Insurance Scheme so that farmers are insured automatically. This would cover almost 12,500 farmers this year and over 120,000 farmers over the next three seasons across Sindh with Area Yield Index Insurance, an outcomes-based index insurance product that is insuring smallholder farmers. If another calamity were to hit the area through floods, excess rains, or even drought during the farming seasons, then farmers would receive insurance payouts directly into their bank accounts.

In July and August 2022, Pakistan witnessed one of the worst flooding events in its history. As of the end of August, 33 million people were affected and two million acres of crops were damaged, of which over 75 percent are in the Sindh Province.  

Over the last two years, Pula Advisors, a Swiss insurtech company, has been working with the Pakistan Agricultural Coalition and other partners to upgrade crop insurance programs in Pakistan. Agricultural loss estimates for the current floods are in the hundreds of millions of USD and possibly exceed $30 billion although accurate and authentic estimates are still being worked at with the support of international development partners and the government of Pakistan. A proper insurance solution will help the government of Sindh to mitigate such losses. 

Karachi– 21 July, Finnfund, a major development financier and impact investor in Finland, investing in responsible and profitable businesses in developing countries, has invested by acquiring 17.59% shareholding in TPL Insurance Limited. The acquisition follows TPL Insurance Limited’s earlier disclosure, dated April 15, 2022, to the Pakistan Stock Exchange concerning the execution of the Share Subscription Agreement and a Shareholders Agreement with Finnfund.

This foreign collaboration will enable TPL Insurance Limited to introduce innovative and tech-driven products, such as yield-based crop and livestock insurance, as well as women-specific insurance programs, thereby increasing the penetration of insurance in Pakistan in diverse segments. TPL Insurance Limited intends to further develop its digital assets and bring efficiencies through the digitization of business processes. The equity injection will also improve the financial strength and underwriting capability of TPL Insurance Limited.

Finnfund is a Finnish development financier and impact investor. They build a sustainable future and generate lasting impact by investing in businesses that solve global development challenges. Finnfund invests 200–250 million euros in 20–30 companies in developing countries each year. The focus sectors include renewable energy, sustainable forestry, sustainable agriculture, financial institutions, and digital infrastructure and solutions. Today Finnfund’s investments, commitments, and investment decisions total about 1.12 billion euros, half of them in Africa. The company has 90 employees.

With a technologically-driven business model supplemented by Finnfund’s global experience and knowledge, TPL Insurance Limited aims to enhance its CSR footprint by introducing new product lines. Last year, the Company joined the United Nations Environment Program Finance Initiative (UNEP FI) by signing its Principles of Sustainable Insurance (PSI) and became the first Insurance Member of the UNEP FI from Pakistan.

Commenting on the occasion, Muhammad Aminuddin, CEO, of TPL Insurance Limited, said, “I take deep pride in welcoming Finnfund on board at a time when the global economy is facing extremely challenging times. I am confident that Finnfund’s entry into the Pakistani market will provide impetus to more foreign investments in the country and boost the economic growth of Pakistan. For us, working with the experience and expertise of Finnfund will help accelerate our growth and make a larger impact in developing the insurance sector in Pakistan.”

Ulla-Maija Rantapuska, Investment Manager at Finnfund, said, “This investment strengthens our role and expertise as an impact investor in the insurance sector. We are happy to partner with TPL Insurance Limited, a pioneer in Pakistan in developing online insurance services, and see a possibility to deliver significant development impacts by expanding the insurance industry in Pakistan. TPL’s ambitious development of new service channels and products will allow access to insurance for those previously underserved.”

Lahore: Jubilee Life Insurance (JLI), the leading life insurance company in the private sector, has partnered with Pakistan Cricket Board as the Official Insurance Partner for HBL PSL Season 7. The announcement was made at the Gaddafi Stadium, Lahore where senior leadership of both organisations were present.

Picture shows: Javed Ahmed, Managing Director & CEO, Jubilee Life Insurance, Ramiz Raja, Chairman, PCB and Rao Omar Hashim Khan, Group Director, Trans Group along with senior representatives of all organisations.