Life insurance in the digital age
Published on: June 18, 2019
“When you’re on their smartphone, you have their share of mind,” says Faisal Abbasi, CEO of TPL Life – a ‘startup’ launched by TPL to offer innovative health and life insurance solutions through a digital platform. In his conversation with VCast, Abbasi laid emphasis on the transformative role of smartphone penetration in evolving the insurance industry.
Watch this video to hear him talk about his company’s innovative products, why everyone should get life insurance (00:53), areas the industry needs to develop in (02:21), challenges for the business (02:58), the buzz of ‘Insurtech’ (04:34), and captaining the ship as a CEO (05:01).
“The rule of thumb is that you should at least get yourself insured for 120 months of your income,” says Abbasi, stressing on the need for every earning member of the family to obtain life insurance.
TPL Life positions itself as Pakistan’s first fully digitized insurance company, and in particular, has brought in an innovative agent-recruitment program called ‘Muavin’ – which functions as a virtual workplace and certification provider, and is designed to take advantage of the country’s idle workforce, and earning them a steady income idle workforce to become a source of regular income.
Abbasi believes that increasing public awareness regarding insurance acts as a stimulus for companies to improve their products as they try to meet the demands of these more informed customers.
At the moment, the insurance sector of Pakistan is comprises nine life insurance companies that serve a population of over 220 million. Due to the sheer scale of this industry, Abbasi values securing a niche in the market through TPL Life instead of competing over traditional channels, and says that the adoption of digital mediums has increased TPL Life’s turnaround time by 80% compared to the market.
A firm believer in Pakistan’s potential for business growth, he recalls being offered lucrative incentives by organizations abroad, and how he has consistently refused them over 23-year career. Going forward, his prospect for a prosperous Pakistan lies within the realm of smartphone adoption and access to broadband, both important game-changers in realizing a digital future.
For more of our conversations with Pakistan’s established business leaders, visit our YouTube Channel.