In a significant development for Pakistan, cutting-edge Artificial Intelligence (AI) technology is poised to revolutionize the insurance industry. Pakistani company Instaful Solutions has partnered with Luxembourg-based conversational AI experts FCB.ai to introduce AI-driven insurance solutions that will make insurance products more accessible for millions of uninsured individuals in Pakistan.
Pakistan is facing one of the lowest insurance penetration rates in the region, primarily due to the complexity of insurance products, convoluted processes, intricate terms, and high premium rates. This situation has led to heavy reliance on insurance agents, often resulting in aggressive sales tactics and fraudulent practices, leaving customers dissatisfied. Meanwhile, the country has witnessed an increase in digital adoption, especially in a post-COVID environment, with a growing base of digital-first and mobile-first users.
Recognizing this disparity and empathizing with the specific insurance needs of the average Pakistani, Instaful Solutions, a startup InsurTech, and Europe’s FCB.ai are joining forces to harness Pakistan’s ongoing digitalization wave. Their aim is to provide innovative and user-friendly insurance solutions through AI-powered bots, all at affordable prices.
Speaking about this strategic alliance, Rehan Butt, Founder & CEO of Instaful Solutions, stated their aspiration to offer a world-class digital insurance experience that minimizes issues related to aggressive sales tactics.
Antoine Paillusseau, CEO of FCB.ai, expressed their commitment to delivering cutting-edge digital solutions to the financial services industry. This collaboration represents a significant step towards improving insurance accessibility and affordability for the people of Pakistan, making it easier for them to protect themselves and their assets.