Nine insurance companies have signed an MoU with the Central Depository Company of Pakistan (CDC) to set up Pakistan's first centralised auto insurance repository, under the guidance of the Securities and Exchange Commission of Pakistan (SECP).
The CDC will provide the technological support for the creation of the automated repository. The insurers that signed the MoU are Jubilee General Insurance, Habib Insurance, TPL Insurance, IGI General Insurance, Adamjee Insurance, Atlas Insurance, Salaam Takaful, Premier Insurance, and Asia Insurance.
The digital auto insurance repository will facilitate data-centric decision-making and fundamentally change the way auto insurance is underwritten in the country. It enables insurers to make informed decisions before binding customers and issuing policies.
The repository will also increase transparency, speed, and convenience to the industry, aligning with the objectives of Ease of Doing Business (EODB) and enhanced consumer protection.