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.

EFU Life Assurance Ltd., the leading private life insurance provider in the country, has been conferred with ‘CSR Award 2024’ in the category of ‘Social Impact’ at the 13th Annual 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.

Mr. Jalal H. Curmally, Deputy General Manager Human Resources, 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.

Another Step Towards Financial Inclusion: EFU Life and Jazz debut Takaful in Hifazat Program

ISLAMABAD, February 22, 2024: Jazz, Pakistan’s leading digital operator, has collaborated with EFU Life Assurance Ltd., the nation’s leading insurance company, to introduce the industry’s first Takaful (Shariah Complaint) offering for its subscribers.

Through this collaboration, Jazz subscribers can opt for low-cost Takaful products with unique benefits including health wallet, cancer protection, and coverage for female major medical illnesses. In addition, the customer’s entire family will be able to utilize virtual healthcare benefits.

Sharing his thoughts on the development, Kazim Mujtaba, Chief Commercial Officer at Jazz, said, “We are excited to partner with EFU Life to include a full suite of industry’s first Shariah Complaint products within a single program. Looking ahead, our goal is to further enrich this initiative by introducing additional products tailored to meet the diverse needs of our valued customers, especially those who need protection and support the most.”

Also speaking about this development, Mohammed Ali Ahmed, CEO & MD, EFU Life, said, “EFU Life remains steadfast in its commitment to advancing financial inclusion initiatives that make a tangible difference in the lives of millions. Our collaboration with Jazz represents a pivotal stride in this journey, aligning with our shared vision to empower individuals and communities through accessible and impactful financial solutions.”.

Aamir Khan, Commissioner Insurance, Securities and Exchange Commission of Pakistan (SECP), congratulated Jazz and EFU Life Pakistan for their initiative. He highlighted the significance of introducing Takaful Products through the telco segment, emphasizing that this innovative approach aligns well with the mass market’s higher acceptance of Takaful. Mr. Khan expressed SECP’s full support for the insurance industry’s digital and inclusive insurance initiatives.

The collaboration aims to increase the country’s insurance penetration and raise awareness of the benefits associated with education and health insurance. The program also seeks to create a visible social impact through financial inclusion and is in line with the Government’s National Financial Inclusion Strategy.

The new Takaful offering is an extension of Jazz’s ongoing engagement with EFU Life which began with the launch of the ‘Hifazat Program’ in 2021. The Takaful program offers various plans serving the varying takaful needs of customers, with payments seamlessly deducted on a daily basis from the customer’s airtime balance, ensuring a hassle-free process.

Karachi: Mindshare has partnered with EFU Life, a leading life insurance and family takaful provider, to drive the brand’s digital marketing strategy. This collaboration aims to introduce a data-driven media approach that communicates the benefits and importance of life insurance and financial well-being.

Mr. Mohammed Ali Ahmed, CEO & MD EFU Life, expressing his thoughts on the partnership said, ‘Leveraging on all digital channels for engaging with potential and existing customers, and tapping into new segments is a key part of EFU Life’s strategy. With this partnership, our goal is to leverage the media expertise of Mindshare to curate effective communication and use data to enhance the impact of our outreach.”

Amna Khatib Paracha, CDO of GroupM & MD of Mindshare, added, ‘At GroupM, we believe in bringing data upfront into our strategies and tailoring the communication based on the needs of businesses and audiences. With EFU’s market approach and Mindshare’s media expertise, we aim to elevate the online presence of the insurance industry.”

Mindshare operates as an agency under the umbrella of GroupM Pakistan, renowned for its digital and media services provided to businesses across Pakistan. GroupM Pakistan serves as a regional entity of GroupM Global, operational in regions including Asia, Australia, the Middle East, and Europe.

EFU Life Assurance Limited, leading life insurance provider in the country, has been honored with ‘Certificate of Merit’ for Best Presented Annual Report 2022 in the category of ‘Life Insurance’ by South Asian Federation of Accountants (SAFA). The awards ceremony was recently held in Kaushambi, U.P., India on 22nd December 2023.

The awards were conferred on the basis of Improvement in Transparency, Accountability & Governance pertaining to annual reports of organizations from South Asian countries.

SAFA was formed in the year 1984 to serve the accountancy profession in the South Asian Region and uphold its eminence in the world of accountancy. SAFA as an IFAC network Partner represents over 3,75,000 accountants having membership of the national chartered accountancy and cost and management accountancy institutions in the South Asian countries namely Bangladesh, India, Maldives, Nepal, Pakistan, Sri Lanka, and Afghanistan.

EFU Life Assurance Limited, the leading private life insurance provider in the country, has been conferred with ‘Brand of the Year Award 2022’ for the Best Life Insurance Company by The Brands Foundation. The Company has been awarded this title 11 times. The award was received by Mr. Mohammed Ali Ahmed – Managing Director & Chief Executive Officer, EFU Life.

The ‘Brand of the Year Award’ is a distinctive and premier recognition for the brand recognized as a champion in the industry on current market position and consumer preference. It honors a single brand in each category every year which has excelled across all selection criteria.

The Company is committed to building the brand and is actively working towards increasing the insurance penetration in Pakistan, in line with its vision of ‘no household should remain uninsured’, by offering comprehensive and affordable financial planning solutions.

Karachi/Pakistan and Zurich/Switzerland – May 16, 2023 – EFU Life Assurance Ltd, Pakistan’s leading private life insurance Company has partnered with dacadoo, a Switzerland based Company and one of the world’s leading healthtechs and insurtechs to launch its digital health and wellness program.

EFU Life’s selection of dacadoo was the result of a rigorous evaluation process of several global digital health and wellness technology providers. dacadoo ranked highly on user-friendly design, secure handling of sensitive data, and its ability to scale its solution to meet changing user needs. A combination of these factors further validated the trust many global insurers have placed in dacadoo and made it a clear choice for EFU Life.

dacadoo specializes in supporting the digital transformation of its customers, including EFU Life through digital health engagement platforms, and its technology is built on over 300 million person-years of scientific data. dacadoo has partnered with large life and health insurance carriers all across the world and is driving the digital revolution in the health and wellness industry. The award-winning technology platform aggregates principles from seven different areas, including measuring physical and mental health, resulting in an overall health score. dacadoo’s platform is backed by stringent security measures to protect personal and health data.

Mr. Taher G Sachak, MD & CEO, EFU Life speaking on the occasion said, “We are pleased to have found a strong technology partner in dacadoo for our Wellness Program. Pakistan’s 230 million population with 60% under 30 years, presents a significant opportunity for us in the health and wellness space. By leveraging dacadoo’s expertise in these areas, we are confident of delivering an exceptional experience to our customers and help them achieve not only their financial goals but also improve their quality of life in their wellness journey, ensuring their physical and mental well-being.”

Peter Ohnemus, President and CEO of dacadoo added: “We are delighted to enter this partnership with EFU Life, our first client in Pakistan, and we’re proud to provide our technology to work around the clock to make their digital health engagement platform a success among clients. In close collaboration with EFU Life, we are introducing exciting new features in our core platform that will enhance the wellness experience of clients. We look forward to a great continuation of this successful partnership.”

About EFU Life Assurance Ltd.:
EFU Life is a leading private sector life insurance Company of Pakistan offering financial planning solutions under conventional insurance and takaful lines of business. The Company started operations in 1992 as the first private sector life insurance Company in Pakistan. Over a span of 30 years EFU Life has established itself as a significant player in the life insurance landscape of the country. EFU Life offers a comprehensive range of retail products targeting low-income persons up to high-net-worth individuals. In addition, tailor made solutions are offered to the corporate sector

through group life schemes. The Company has a widespread distribution network with branches in all parts of the Country as well as partnerships with all major banks, digital platforms, insurtechs, microfinance banks and lending institutions. EFU Life has an insurance financial strength rating of AA++ by VIS Credit Rating Company and is also ISO 9001 certified.

About dacadoo:
dacadoo is a Swiss-based tech Company that develops technology solutions for digital health engagement and health risk quantification. Our Enterprise SaaS based digital health engagement platform (DHEP) is a mobile-first solution that leverages behavioural science, artificial intelligence, and gamification to help end-users improve their health outcomes while helping clients from many industry segments improve customer engagement and loyalty through personalization. This platform is available in over 18 languages and can be licensed as a white label offering or through APIs to develop/enhance custom solutions. Our award-winning Health Score and Risk Engine are also available for license through APIs. dacadoo’s 85 global employees are committed to making the world a healthier place. We strongly value security and privacy, with an Information Security and Privacy Management System certified to ISO 27001 and ISO 27701 standards.