Pakistan adopts biometric tech for insurance purchase
Pakistan's interest in advanced biometric technology has led to a number of investments in the country, ranging from biometric verification of bank account owners, to mobile biometric terminals at the border and securing property transactions.
The country's top insurance company has recently embraced biometrics, now offering customers biometric fingerprint registration to create and validate a life insurance contract, while the government has just finalized preparations for its biometrics-enabled financial inclusive social program.
Pakistan's major insurance company Efu Life has introduced a biometrically-enabled instant savings-cum-protection policy acquisition system for its customers to enjoy a digital, paperless experience, the company announced.
Named Bliss, the digital solution will ensure the company's services are more efficient and customer-focused. It lets users create and validate a life insurance contract by using biometric fingerprints, which are matched through the biometric records held by the government of Pakistan's National Database & Registration Authority (NADRA). Physical or underwriting documents are not necessary, as neither are signatures on the application or document.
"As a customer-centric insurer, we take our customer's needs as the ultimate guide to decision making. As more and more of our customers demand real-time engagement, we are enthusiastically embracing the shift from the old paper-oriented sales process to a new, truly cohesive, digital ecosystem that eliminates the need for any manual intervention," said Zain Ibrahim, Chief Operations Officer at Efu Life.
Ibrahim further explains that the product-buying process only takes 10 minutes, and the customer will instantly get the digital policy documentation without having to submit any paperwork.
In the meantime, Pakistan's Prime Minister Imran Khan has introduced Ehsaas Kafaalat, a social program under which seven million women from a poor income background will each receive a Rs 2,000 (US$28) stipend through a biometric cash machine, writes TNS.
During the official launch ceremony, some financiallychallenged women taking part in the event received Kafaalat cards. The women in the program will receive a bank account and a smart phone to ease their way to a digital experience.
"The smart phones would help educate the children of the poor women from their childhood. This will bring about a new revolution," the prime minister said.
The government plans to launch more social programs under the Ehsaas name, the next being planned for the following two weeks.