11 July 2024: EFU Life Assurance Ltd, a leading life insurance and family takaful provider, is pleased to announce its registration as a Pension Fund Manager by the Securities and Exchange Commission of Pakistan, under the VPS Rules. The Company is expanding its suite of financial services, offering a comprehensive range of financial solutions including life, health and now, pensions.

EFU Life is poised to play a pivotal role in enhancing the pension savings landscape in Pakistan, aligning with the global best practices. With over Rs. 205 billion in assets under management, the company is one of the leading asset managers in the country. EFU Life’s advanced investment management capabilities and customer-centric strategies position it to effectively manage long-term pension savings and offer longevity protection, empowering customers to take control of their financial needs post-retirement.

“We are taking steps to make EFU Life ready for the opportunities and challenges of today and the future, and securing registration from SECP as a Pension Fund Manager is a significant milestone for the Company. Very soon, we will be starting a new business line of tax-efficient retirement solutions,” said Mr. Mohammed Ali Ahmed, Managing Director and CEO of EFU Life. “Our goal is to provide our fellow Pakistanis with the tools and resources necessary for a secure and financially independent retirement, giving them confidence in their financial future. We believe that a strong pension system is crucial for the economic stability of our country. This registration not only enhances our ability to serve our customers better by offering a complete range of financial solutions but also strengthens our commitment to contributing to Pakistan’s financial ecosystem.”

EFU Life Assurance Limited, leading private sector Life, Takaful and Health insurance provider is proud to announce that it has been honored with the Shaukat Khanum Social Responsibility Award 2023.

The accolade recognizes EFU Life’s tremendous contribution and continuous support towards the treatment of deserving cancer patients. The Shaukat Khanum Social Responsibility Awards 2023 saw participation from 39 esteemed organizations, reflecting a collective commitment to social responsibility and community support. The event celebrated the dedication of corporate organizations, businesses, and valued partners in their continuous support towards this noble cause.

Mr. Hammad Zafar, Manager Marketing at EFU Life Assurance Limited, accepted the award on behalf of the Company from Dr. Faisal Sultan, CEO of Shaukat Khanum Memorial Cancer Hospital and Research Centre (SKMCH & RC).

EFU Life remains dedicated to its mission of giving back to the community and is honored to be recognized for its efforts in social responsibility. This award reaffirms our commitment to making a meaningful difference in the lives of those in need.

KARACHI: EFU Life, a leading life insurance and family takaful operator, and EFU General, a premier non-life/general insurance and takaful service provider, have teamed up with Bank Alfalah, one of Pakistan’s largest banks with a network of over 1000 branches across 200 cities, to introduce “Alfa Transaction Insurance/Takaful by EFU”. This unique product combines the benefits of both general and life insurance/takaful, addressing the pressing need for comprehensive financial protection.

The introduction of Transaction Insurance/Takaful aims to safeguard financial transactions, providing enhanced protection beyond traditional customer indemnity. Additionally, this product offers term life/takaful benefits, ensuring complete financial security by paying a defined amount in the event of a customer’s death due to any cause.

At the launch ceremony, Mr. Mohammed Ali Ahmed, the MD and CEO of EFU Life, expressed his enthusiasm: “As a prominent insurance provider on the Alfa App, we are thrilled to strengthen our partnership with Bank Alfalah by enabling them to offer top-tier insurance/takaful coverages to their customers, including Transactional Insurance/Takaful. This proposition holistically protects Alfa customers through innovative general and life protection available on the Alfa App and underscores EFU Life’s commitment to digital transformation, transitioning from traditional manual processes to automated, high-precision systems.”

“ Mr. Syed Salman Rashid, Deputy Managing Director of EFU General, highlighted the broader impact by quoting, “This initiative extends beyond just the bank and its customers; it builds a bridge between insurance companies and their customers, fostering trust in insurance providers. Financial stability is crucial, especially in today’s challenging times, and Transaction Insurance is a product that will benefit all parties involved.”

Mr. Muhammad Yahya Khan, Chief Digital Officer Bank Alfalah Limited, “emphasized on Bank Alfalah’s award winning Alfa App and the fact that new customers can digitally insure their digital transactions; providing peace of mind to them. Bank Alfalah is committed to continually expanding its innovative product suite to bring ease, security and convenience in the lifestyles of its customers.”

Pakistan with a population of 240 million, two-thirds of which are under the age of 30 years – the youth bulge – all point towards a market full of potential for life and health insurance. Let me touch upon a few important areas which I believe will help us unlock the true potential in the next five years.

The Two A’s of insurance – Awareness and Acceptance
Lack of awareness about insurance is a major impediment to growth and a significant factor contributing to the low penetration rate. The insurance industry, within its current capacity, must continue to invest in marketing and awareness campaigns. Utilizing mainstream media, digital platforms, and on-ground engagements can fully leverage the potential of this untapped market.

Collaboration
Fostering cooperation between SECP, insurance companies, and other stakeholders creates fertile ground for collective problem-solving, knowledge exchange, and innovation. Collaboration can support various areas of insurers’ business models, including distribution, payments, data analytics, financial literacy, and advocacy, augmenting insurers’ efforts.

The two S’s of insurance – Solutions for Segments
The insurance sector must develop tailored financial planning solutions to tap into different segments of the socio-economic pyramid. The one-size-fits-all approach needs to evolve, with solutions varying greatly across different income segments. Data segmentation will play a fundamental role in shaping the insurance solutions of the future.

EFU Life’s efforts, combined with industry-wide initiatives focused on awareness, outreach, collaboration, and tailored solutions, are poised to elevate insurance and maximize growth potential in Pakistan. By embracing innovation and inclusivity, the insurance industry can create a brighter and more secure future for all Pakistanis.

Increasing outreach
To have any meaningful impact on the insurance penetration rate, the benefits of insurance need to reach every corner of Pakistan. This involves bridging the protection gap and empowering marginalized communities. While insurers continue to invest in distribution capabilities, including building agency sales forces and expanding bancassurance ties, mass-level outreach is essential. Key performance indicators should focus on the number of lives insured, not just premium income.

Customer journey
At the heart of the insurance sector’s strategy lies an unwavering commitment to safeguarding policyholder interests. Robust regulatory frameworks, enhanced consumer protection measures, and transparent claim settlements will foster trust and confidence in the insurance system, encouraging individuals and businesses to embrace the transformative power of insurance.

Technology as an enabler
Encouraging technology adoption, data analytics, and artificial intelligence will enable the development of personalized, cost-effective products and streamlined processes, catering to the evolving needs of policyholders. Prudent use of technology to add value to the business model will define the direction of the insurance sector.

EFU Life’s Journey Towards Innovation and Inclusivity

Building Insurance Awareness by Activating the Youth
We as a Company believe that awareness for insurance is key to growing the insurance pie. The youth of this country will only opt for insurance if they are able to connect with a brand, that aligns with their beliefs and adds value in their life. They cannot be sold an insurance plan the traditional way.

Our Youth is online, they are reading reviews, they are influenced by their peers and are constantly searching. EFU Life over the last 5 years has invested considerably not only in traditional media but has built its presence on digital platforms and continues to invest by creating awareness via its socials and on ground efforts.

Shaping Pakistan’s Wellness Landscape
Taking the Company’s vision forward of providing financial security to every household in the country through affordable saving and protection solutions, EFU Life is now positioning itself as a holistic wellbeing partner by ensuring not only the financial, mental & physical wellbeing of its clients.

EFU Life has made significant headway towards this vision. A landmark development has been the commencement of Health Insurance via acquisition and amalgamation of EFU Health into EFU Life. This strategic step marks an important milestone in EFU Life’s commitment to address its customer’s holistic financial and personal health needs, by offering integrated Life and Health Insurance, and Takaful solutions under a single ecosystem.

The creating of mHealth unit in 2023 reinforced our commitment to revolutionizing healthcare accessibility, by providing individuals access to experienced medical professionals and affordable plans, safeguarding both their health and financial well-being.

Our journey to wellness has been further cemented with our partnership with dacadoo, a Swiss healthtech and Insurtech Company for the Next-Gen Wellness Program, based on an innovative model derived from over 300 million person-years of scientific data, aggregating principles from seven different areas, including measuring physical and mental health, resulting in an overall health score.

These initiatives have echoed our mantra of embracing wellness throughout an individual’s life journey.

Empowering Millions: EFU Life’s Digital Innovations & Inclusive Insurance Expansion
EFU Life’s digital initiatives have also been instrumental in expansion of the insurance safety net to individuals across Pakistan. In 2023 alone, EFU Life reached a significant milestone, extending insurance coverage to over 8 million lives, with more than 5.5 million lives being insured through digital and inclusive insurance schemes. It reflects our vision of creating a more inclusive insurance landscape by offering low ticket sized financial planning solutions, partnering with Telco’s, branchless banks, microfinance institutions and technology platforms.

Future Outlook

The journey towards a thriving insurance sector in Pakistan will not be without its challenges. Evolving demographics and technological disruptions demand a sector adept at adapting and innovating. Deeper collaboration of industry stakeholders will facilitate supportive policy making and provide a regulatory framework geared for development of the sector and improving the insurance penetration rate in the medium term.

As a Company, we are optimistic about the growth aspects of the insurance and Takaful industry stemming from its tremendous untapped potential. More importantly, it’s the belief in the youth of this country, which will be key to unlocking future growth.

2 May 2024: EFU Life Assurance Ltd., the leading private sector life insurance and family takaful provider in Pakistan, is pleased to announce the commencement of health insurance, by 100% acquisition of EFU Health Insurance Limited (the country’s premier specialized health insurance company) and subsequent complete amalgamation of EFU Health into EFU Life. The scheme of amalgamation was recently approved by both the Boards. This strategic step marks a significant milestone in EFU Life’s commitment to address its customer’s holistic financial and personal health needs, by offering integrated Life and Health Insurance, and Takaful solutions under a single ecosystem.

Speaking on the occasion, Mr. Mohammed Ali Ahmed, MD & CEO of EFU Life, elaborated “With the acquisition of EFU Health and subsequent amalgamation of the entire health business into EFU Life, we are determined to elevate the standards of healthcare coverage in Pakistan. We believe that access to basic healthcare is a fundamental right and the potential for growth of health insurance in Pakistan is vast, offering numerous exciting opportunities at both corporate and retail levels. The customers of former EFU Health Insurance Limited, now under the EFU Life umbrella, will experience a wider range of health insurance solutions and an enhanced service experience fueled by technology, backed by the strong financial position of EFU Life with assets of Rs.217 Billion.”

EFU Life’s acquisition and amalgamation of EFU Health signifies more than just a business transaction; it is a commitment to growth, innovation, and customer-centricity. By combining resources and expertise, EFU Life is poised to set new benchmarks in the realm of health insurance, ensuring that its valued customers receive the best-in-class solutions they deserve.

“We are embarking on an exciting journey of growth and transformation. With this acquisition, EFU Life will continue to prioritize the insurance requirements of its customers by delivering tailored health solutions that meet their evolving needs. It marks a significant step forward in EFU Life’s mission to empower individuals & families with the tools they need to lead healthy and fulfilling lives”, remarked Mr. Mohammed Ali Ahmed, MD & CEO of EFU Life.

As a leader in the Insurance industry, EFU Life continues to invest in human capital along with technology solutions to deliver seamless, personalized experiences to its customers. With an unwavering focus on innovation and agility, EFU Life is well-positioned to navigate the ever-evolving landscape of the insurance market and deliver sustainable value to its stakeholders.