First time in Pakistan, an insurance company is going to introduce state of the art technology based life insurance product that includes modern features like Artificial Intelligence (AI) and automatic data analysis.
As per the local media, The Security and Exchange Commission of Pakistan (SECP) has given permission to the company to launch the advanced tech based insurance system in the country.
The system answers the issues with insurance policies where most companies remain ignorant of the health condition of the applicant due to old-school methods. With this new system in place, the company will be able to monitor heart rate, cholesterol level, and glucose level etc.
It will also benefit the customers of the said insurance company where the system will automatically deliver credit of premium percentage directly into the user accounts when they achieve prescribed targets. The new insurance product is made possible by the collaboration of the international company that is reported to have expertise in the artificial intelligence and secure software developments.
No details have been provided regarding the details of the company, however, we will update you as soon as we get the latest information.
Earlier, SECP also announced that they are working on the amendments in Motor Vehicle Act 1939 which is outdated and even restricting the traffic police to issue challans to the traffic rules violators. As per the new suggested policy, it will be mandatory to get 3rd party vehicle insurance irrespective of commercial, private, and carriage vehicles.