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, Pakistan’s leading life insurance company, wins the ‘Best Insurance Tech of the Year’ and ‘Best API’ awards. This is the fourth consecutive year that EFU Life has been recognized by Pakistan Digital Awards for its revolutionary and innovative approach towards better services. On behalf of EFU Life, the awards were received by Ashfaque Ahmed, General Manager Technology and Ahmar Hasan, Senior Manager Technology.

EFU Life was awarded ‘Best Insurance Tech of the Year’ award for its RPA (Robotic Process Automation) technology which has helped reshape insurance by designing a high-growth business strategy while reducing cost. This solution is aligned with the digitalalization strategy of EFU Life and will help optimization of our business processes with minimal or no manual intervention.

‘EFU Life API Solution’ is the first in the industry to be integrated with various aggregators to sell life insurance products online, in addition to enrolling many business partners, web applications, mobile apps and social media services. Through this the Company attains the capability to add new products, business lines and customer services solutions and collaborate with upcoming Insurtech players, start-ups and incubators.

Pakistan Digital Awards is a distinctive award that recognizes the efforts by companies and digital agencies for creating a significant impact on businesses and lives of individuals through innovative ideas and creativity.