The Central Depository Company of Pakistan (CDC), leveraging its advanced technological capabilities, has facilitated the establishment of a Centralised Auto Insurance Repository. This initiative is poised to fundamentally transform the auto insurance underwriting process in the country.
A significant milestone was achieved with the signing of a Memorandum of Understanding (MoU) between the CDC and nine general insurance companies at a ceremony held at the CDC House in Karachi. The signatories include Jubilee General Insurance Company Limited, Habib Insurance Company Limited, TPL Insurance Limited, IGI General Insurance Limited, Adamjee Insurance Company Limited, Atlas Insurance Limited, Salaam Takaful Limited, Premier Insurance Limited, and Asia Insurance Company Limited.
The creation of this centralised Auto Insurance Repository marks a landmark achievement for the auto insurance industry, laying the groundwork for further digital transformation. This initiative aims to streamline access to critical information, enhance underwriting processes, and improve risk mitigation. It will enable insurers to make well-informed business decisions before binding a customer and issuing policies.
The repository is expected to bring transparency, speed, and convenience to the industry, aligning with the objectives of Ease of Doing Business (EODB) and enhanced consumer protection.
SECP Chairman Akif Saeed, the chief guest at the event, expressed his commitment to supporting the growth and development of the insurance industry in line with global trends towards digitalisation and data centralisation.
CEO of CDC, Badiuddin Akber, highlighted CDC’s state-of-the-art technological platform and extensive expertise in similar projects, which will facilitate the development and operation of the Auto Insurance Repository.
Aamir Khan, Commissioner of SECP’s Insurance Division, urged insurance companies to lead the charge in embracing digitalisation for sector growth. He assured that forward-looking insurance companies would receive SECP’s full support in their journey towards data-driven decision-making and operational modernisation.
The event was attended by prominent senior leaders and veterans of the insurance industry, who expressed their appreciation and support for this groundbreaking initiative.