Insurance Inclusion: TPL Insurance set to increase the fold of Financial Inclusion

Technological-disruptions have transformed the way we cater to the needs of the global population. Internet of things (IoT), artificial intelligence, machine learning and virtual reality are just few of the contributors to the new ecosystem. The deployment of these technologies is set to enrich product offerings in the Insurance sector with TPL Insurance leading the way through innovation and digitization.

With over 67 million 3G/4G subscribers and teledensity as high as 76%, Pakistan still struggles to penetrate into locations where financial services are not easily accessible, even when digitization has proven to generate impressive results for insurers.

In Pakistan’s ‘Protection’ industry, TPL Insurance is both tech-savv and progressive in its product offerings. TPL Insurance use the latest technologies, for creating digital platforms that make Insurance accessible, instantly and on-the-go. With the introduction of Pakistan’s first customer insurance app, TPL Insurance has enabled customers to buy, manage, claim, renew and pay insurance along with self-survey all from the convenience of their phone. Policies can be managed and claims can be lodged directly on the TPL Insurance app through an end-to-end digital platform that has allowed the company to reimagine the value chain by replacing physical touchpoints with self-assisted features. The company has also introduced a self-serviced sales platform to facilitate policy issuance by agents and partners that assists them in quote generation, assignment of surveyor, installation of tracker and document collection with just a few clicks. The company currently offers auto, home, travel and mobile insurance through its online platforms. To improve on its already fastest claims process, TPL Insurance has rolled out a surveyor app to conclude claim processing, approvals and settlements instantly.

On the bancassurance front, the uncertainty of economic conditions now demands financial institutions to lay the ground work for future skepticism. TPL Insurance is furthering the course of bancassurance by introducing its partner institutions to highly innovative small ticket solutions, which can contribute to financial inclusion.

Purchase protection is a classic example of product innovation in play. It allows bankers to cover their customers against physical loss or damage on their online purchases. The product specifically appeals to Pakistan’s e-commerce market, which witnessed a whopping 93% growth in just one year to gain a foothold in emerging markets like Pakistan, banks can leverage the customer base to generate risk free income from non-interest sources. Digitization is estimated to generate $60 trillion in global revenues by 2025, which makes it a remarkable opportunity for financiers to eliminate logistical bottlenecks and create an ecosystems that assimilates the fundamental human and organizational needs, like mobility, housing and health.

As smart phone penetration proliferates, TPL Insurance stands perfectly poised to service all customer needs simply through clicks and scrolls.