SimSim and EFU Life Join Hands Towards Inclusive Insurance. SimSim, Pakistan’s leading mobile account has entered into collaboration with EFU Life for providing Life Insurance cover to its customers. This platform is revolutionizing digital commerce growth in Pakistan and has been focusing on providing reliable cost effective services to its customers which are evident from its recent campaign focusing on free funds transfers. The signing ceremony was recently held in Lahore.
The aim of this partnership is to provide customers relief from the complicated process of subscribing and claiming insurance. SimSim will offer a simple and intuitive subscription process using which customers can buy insurance in just a few clicks. It intends to build insurance in the customer journey through various new and innovative ways. Life insurance in Pakistan is often perceived as an extra expense and a tedious task to obtain, however this collaboration aims to change that mindset.
EFU Life, a leading Life Insurance Company has been a proponent of insurance services being offered over digital channels and is actively exploring different models to incorporate Insurtech in the customer life cycle. While sharing his views on the collaboration with SimSim, Mr. Mohammed Ali Ahmed, Chief Strategy Officer, EFU Life, stated,
“We are delighted to join hands with SimSim. Our collaboration is a major step towards the goal of financial inclusion and exploring Insurtech in Pakistan. Through this technology driven platform, our mutual, potential customers will be able to avail insurance in an exceedingly stress-free manner. I’m confident that this partnership will serve to benefit all parties involved but the biggest winner here is most definitely the customer.”
Commenting on this occasion, Mr. Tughral A. T. Ali the Head Branchless Banking at FINCA said,
“We are proud to have EFU Life on board as our partner. Our aim is to provide our customers with a one-stop hassle-free insurance service. We are certain that this partnership will be mutually beneficial for both our customers. Our goal is to provide customers value in all of our products and addressing pain points which include simplifying complicated processes while remaining compliant to regulation. This collaboration is a key step towards achieving that goal.”
About FINCA Microfinance Bank
FINCA Microfinance Bank Limited is part of the FINCA Impact Finance Network, a group of 20 microfinance and financial institutions that provides socially responsible financial services and enables low-income entrepreneurs and small business owners to invest in the future.
FINCA is also one of the fastest growing microfinance networks in Pakistan with 120+ branches in 108 cities across the country. Since its inception 10 years ago, FINCA Microfinance Bank has given over PKR 60 billion through 700,000+ small loans to microenterprises, helping them grow their businesses, and creating thousands of new jobs. It also provides attractive deposit options and state of the art payment solutions with an unparalleled customer experience.
It also recently launched a first-of-its-kind mobile wallet, SimSim that can be opened and operated from one’s smart phone. Anyone can open an account remotely in just 1 minute. SimSim empowers users by providing a payment solution that not only allows zero cost transactions, but also enables one to create one’s own payment ecosystem. FINCA is the first microfinance bank in Pakistan to receive Smart Certification, recognizing its long-standing commitment to client protection. FINCA is a name you can trust.
About EFU Life:
EFU Life Assurance Ltd is a leading life insurance company in Pakistan and started its operations in 1992, when the Government of Pakistan opened up life insurance to the private sector. EFU Life was incorporated as the first private sector life insurance company. Over a span of 26 years EFU Life has established itself as a trusted brand name in providing all types of financial planning solutions.
The Company markets its business through three main distribution channels – Sales Force, Bancassurance and Group Benefits. A comprehensive range of retail products are available 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 also has the distinction of being the first Window Family Takaful Operator to be licensed by the SECP and to start window takaful operations. A complete Shariah compliant suite of financial planning products is available through all distribution channels.
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