Roshan Digital Account is a major initiative of the State Bank of Pakistan, which provides banking solutions for non-resident Pakistanis, and resident Pakistanis with declared assets held abroad. BOP is the first bank in the industry to offer both conventional and Islamic variants of this product for customers to open and operate digitally. In addition to other banking services, RDA customers can make investments in Pakistan, and avail house loan and auto loans.

To enhance lifestyle offerings for RDA customers, EFU Life and BOP have taken the initiative and signed a unique insurance solution for RDA customers and their loved ones. Customers can opt for insurance/Takaful plans according to their needs, enabling them to mitigate financial risks associated with unfortunate events of death, accidental death, and permanent total disability. In addition, the health risks of customers’ family members (spouse and kids) residing in Pakistan are also being taken care of. The entire family can also avail a virtual health care benefit, an essential addition in these Covid times.

A ceremony to mark this event was held at EFU Head Office Karachi which was attended by Mr. Zahid Mustafa, Group Chief Consumer & Digital Banking-BOP, Mr. Mohammad Ali Ahmed, Deputy Managing Director – EFUL Life, Mr. Nofel Daud, Group Head Retail Banking-BOP, Ms. Nilofer Sohail, AGM and Head of Channel Strategy and Execution and other senior officials from both organizations were also present at the event.

Speaking on occasion, Mr. Mohammad Ali Ahmed, DMD EFU Life, said “We congratulate BOP for launching this initiative. With the launch of these technology-based insurance solutions, BOP will be able to serve RDA customers more effectively. This will further augment the RDA proposition of the bank.” Group Chief C & DB Mr. Zahid Mustafa reaffirmed bank’s vision and said, “BOP, is one of the fastest-growing banks in the industry with a vast network of 661 branches all over the country and a reach of close to 2 million customer base. Identifying and catering to the needs of overseas Pakistanis under the RDA banner remains a primary objective of BOP”.

Bykea, Pakistan’s popular superapp for mobility, commerce, and payments, has partnered with the country’s leading life insurance company EFU Life Assurance Ltd., to offer In-Ride Takaful Protection to the customers and driver-partners of Bykea.

Through this partnership, Bykea expands the safety blanket for its driver-partners and customers through Takaful to offer hospitalization and life protection. The customers and driver-partners are covered through a unique and innovative Takaful partnership with EFU Life.

The customers and driver-partners can now opt for an optional Takaful-coverage feature with a nominal charge and get coverage during Bykea rides. The customers and driver-partners, through this option, will be protected in case of any misfortune due to a road incident to cover for hospitalization or demise. In case of road injury, the customer and driver-partner will be secured for hospitalization or healthcare expenses up to PKR 25,000. In case of an unfortunate fatality, the family of the affected customer or driver-partner will be offered PKR 500,000 to facilitate them through the immediate difficult times.

Rafiq Malik, Chief Operating Officer at Bykea, mentioned that “Bykea has always been conscious of the safety of its driver-partners and customers and is deliberately working towards safeguarding their valuable lives. Now, our customers and driver-partners can opt-in for Takaful during the rides with nominal charges. Through this Takaful feature, we are restating our mission to make bike rides safer for everyone using Bykea.”

Mohammad Ali Ahmed, Deputy Managing Director at EFU Life Assurance, expressed that “EFU Life, as part of its long-term strategy, continues to focus on financial inclusion propositions creating a positive impact in the lives of millions. Our Partnership with Bykea is yet another step where takaful coverage is embedded seamlessly in the digital journey to provide convenience to the riders and customers to activate their takaful cover which can be instrumental in the moment of need.”

Karachi: EFU Life Assurance Ltd., the leading private life insurance provider in the country, and EFU General Insurance, one of the oldest and largest insurance company in Pakistan, have recently partnered with Falcon-i, the country’s largest fleet management company, to provide insurance services for their customers. This partnership will enable Falcon-i to provide insurance coverage to passengers and drivers of the vehicles that have their tracker installed. Through this embedded insurance, this coverage will provide benefits such as hospital cash reimbursement and accidental coverage for the customers and their families.

The signing ceremony was held at the Falcon-i Head Office in Karachi. The agreement was signed between Mr. Mohammed Ali, Deputy Managing Director, EFU Life, and Mr. Syed Salman Rashid, Deputy Managing Director, EFU General, with Mr. Syed Saad Salman, the Chief Executive Officer of Falcon-i.

Speaking at the occasion, Mr. Mohammed Ali said, “We are making strides in our financial inclusion and digital insurance journey by offering life insurance solutions and moving towards the concept of embedded insurance, which will not only increase insurance penetration but also result in an increase in insurance awareness.” Mr. Syed Salman Rashid also added “Collaborating with Falcon-i and EFU Life on this project will serve as one of the channels to create value for the end customer and increase insurance penetration. We will continuously look forward to exploring other avenues which will benefit the customers and business.”

The CEO of Falcon-I, Mr. Syed Saad Salman, concluded the meeting by saying, “As a company that’s always looking to enhance customer experience, collaborations like ours are at the forefront of our consumer strategy and are what will help us create exceptional value for customers.”

With this partnership, EFU Group looks forward to serving the customers of Falcon-i through these embedded insurance solutions, which would add value through insurance products for the customers and their families, who purchase Falcon-i’s tracker for their vehicles.

EFU Life Assurance Ltd., the leading private life insurance provider in the country, has been conferred with ‘CSR Award 2022’ in the category of ‘Social Impact’ at the 11th Corporate Social Responsibility Summit & Awards, organized by The Professionals Network and Ethical Business Update (EBU). The award is the first and only registered CSR Award of Pakistan registered with IPO Government of Pakistan.

Ms. Evelyn D. Abrogena, Head of CSR, EFU Life Assurance Ltd., received the award on behalf of the Company. The award recognizes Company’s efforts towards social development and sustainability initiatives in the country.

EFU Life has been in the forefront of promoting and contributing to the causes of healthcare, education and environment and believes in playing a pivotal role in building a positive relationship with the society in which it operates. EFU Life has joined hands with numerous renowned non-governmental organizations for a better and prosperous Pakistan.

Taher G. Sachak’s Interview Published in Insurance Asia Magazine

EFU Life Assurance Limited, the leading life insurance provider in the country, has been awarded
Best Domestic Life Insurer of the Year at Insurance Asia Awards 2021. As an industry leader, EFU Life has been committed to bringing new groundbreaking innovation in its products and services, coupled with a strong technological capacity and effective use of digitalization.

Speaking on the occasion, Taher G. Sachak, EFU Life’s CEO and Managing Director, said, “In Pakistan, life insurance is never considered a priority when it comes to financial planning. With the pandemic, the industry took a bigger hit, as our business model relies on face-to-face meetings and customized financial plans depending on the need and life stage of the prospect. In spite of these challenges, EFU Life managed to not only sustain but expand its business and further strengthened its financial base.”

In Pakistan, where the gross domestic product contracted for the first time in six decades, EFU Life rose to the challenge and immediately developed a COVID-19 response strategy, which launched early in the pandemic. Focused on customer and employee well-being, the strategy proposed COVID-19 specific products centered on digitalization.

In 2020, EFU Life and EFU Hemayah Takaful provided a financial security net to over four million lives through its diverse footprint across Pakistan. EFU Life, awarded as the Domestic Life Insurer of the Year – Pakistan at the Insurance Asia Awards, has embarked on several campaigns to increase awareness and help more Pakistanis understand the importance of insurance. These campaigns have been launched through mass media and rural activations, amongst others.

Whilst insurance has been slow to pick up on digitalization, EFU Life has been actively leveraging digital tools, engaging multiple market segments with innovative solutions.

“These digital tools have been very effective in helping our customers engage with us in real-time, and even more so during the pandemic, with the country going through multiple phases of lockdown and smart lockdown,” Sachak added.

EFU Life Assurance Ltd, the leading insurance provider in the country is proud to partner with one of the biggest aggregators in Pakistan, ‘Vouch365’ for its PRIMUS Loyalty Program. This partnership will enable EFU Life’s high priority client base to avail Vouch365 offers on EFU Life PlanIT App.

The agreement was signed by Mr. Zain Ibrahim, Executive Director & COO, EFU Life and Faizan Lakhani, CEO, Vouch365. They were joined by representatives from EFU Life and Vouch365.

Through this partnership EFU Life PRIMUS Loyalty Program has further extended its value-added services to its high-net-worth clientele, offering deals and discounts at over 130+ alliance partners nationwide, making it the biggest Loyalty Program in the insurance industry.

The discounts are offered under five broad categories of Food, Lifestyle, Leisure, Wellness and Insurance and can be availed through EFU Life PlanIT mobile app available on both Android and iOS platforms.