SECP, UNDP Unveil blueprint to digitise Pakistan’s insurance ecosystem

In a landmark move to revolutionise the country’s insurance sector, the Securities and Exchange Commission of Pakistan (SECP) and the United Nations Development Programme (UNDP) Insurance and Risk Finance Facility (IRFF) have jointly launched the "Blueprint for Digitalisation of Pakistan’s Insurance Ecosystem." This ambitious roadmap aims to modernise the industry through digital innovation, integrated systems, and inclusive reforms, ushering in what experts are calling a new digital era for insurance in Pakistan.

The comprehensive blueprint lays bare the structural roadblocks that have long plagued the sector: fragmented systems, low digital adoption, and the absence of centralised infrastructure. In response, it recommends targeted digital interventions across key segments, including motor, health, agriculture, microinsurance, and sovereign risk finance, all aimed at enhancing transparency, customer experience, and operational efficiency.

At the heart of the blueprint is the proposed creation of an Insurance Information Bureau (IIB)—a centralised digital hub designed to link insurance providers with payment gateways and digital Know Your Customer (KYC) systems. This key proposal is expected to enhance regulatory compliance while streamlining operations across the board significantly.

The initiative also places strong emphasis on gender-inclusive policies, data protection, and financial inclusion, with a particular focus on underserved and climate-vulnerable populations. These objectives closely align with the broader goals of the Digital Pakistan Vision, which seeks to create a resilient, tech-driven, and accessible digital infrastructure across the country.

The launch event brought together senior stakeholders including SECP Chairman Akif Saeed, Commissioner Insurance Mr. Mujtaba Ahmad Lodhi, Additional Secretary of the Ministry of Climate Change Mr. Zulfiqar Younas, and UNDP Resident Representative Dr. Samuel Rizk. Their presence reaffirmed institutional commitment to driving forward regulatory innovation and expanding access to climate-resilient, tech-enabled insurance solutions in Pakistan.

Commissioner Mujtaba Ahmad Lodhi played a pivotal role in championing this initiative, which is seen as a critical step toward aligning Pakistan’s insurance industry with international standards and making it more agile in the face of modern challenges.