In a groundbreaking development, Pakistan is poised to witness a transformative shift in its insurance landscape with the integration of cutting-edge Artificial Intelligence (AI) technology.
Instaful Solutions, a Pakistani startup in the realm of insurance technology (InsurTech), has entered into a strategic partnership with FCB.ai, a Luxembourg-based expert in conversational AI. Together, they are set to unveil AI-driven channels that are poised to revolutionize the accessibility of insurance products, addressing the needs of millions of uninsured individuals in Pakistan.
Pakistan has grappled with one of the lowest insurance penetration rates in the region. This challenge is primarily attributed to the complexity of insurance products, cumbersome processes, intricate terms, and high premium rates.
These barriers have led to a reliance on insurance agents, often resulting in aggressive sales tactics and fraudulent practices, leaving customers with post-purchase regrets and complaints. However, the nation has seen a surge in digital adoption, particularly in the wake of the COVID-19 pandemic, with a rapidly expanding base of digital-first and mobile-first users.
Recognizing this stark disparity and empathizing with the specific insurance needs of the average Pakistani, Instaful Solutions and FCB.ai are joining forces to leverage Pakistan’s ongoing digitalization wave. Their joint mission is to provide innovative and user-friendly insurance solutions, all driven by AI-powered bots, and offer them at affordable pricing.
Rehan Butt, Founder & CEO of Instaful Solutions, highlighted the significance of this alliance by stating, “For over a decade, I’ve been delivering simple insurance products to everyday people in partnership with leading consumer brands.
Unlike those brands that excel in offering complete digital solutions for their core products, we, as insurance providers, have struggled to provide an end-to-end digital experience. With this innovation coming to Pakistan, we aspire to offer a world-class digital insurance experience that minimizes issues related to aggressive sales tactics.”
Antoine Paillusseau, CEO of FCB.ai, added to this sentiment, saying, “Our mission is to deliver cutting-edge digital solutions to the financial services industry. We are delighted to announce our collaboration with Instaful Solutions, working together to simplify, make more cost-effective, increase accessibility, and revolutionize insurance in Pakistan through innovative technological advancements.”
Instaful Solutions, as an InsurTech company based in Pakistan, is on a mission to challenge the conventional belief that “insurance is always sold, never bought” by simplifying both its delivery and purchase.
The company, led by Rehan Butt, a pioneer in micro, digital, and inclusive insurance, collaborates with insurance providers and consumer brands, including telecom operators, FinTechs, sharing economy apps, digital platforms, and development agencies. Their collective goal is to make insurance easy, affordable, accessible, and readily available.
FCB.ai, on the other hand, is a global technology company that specializes in establishing a conversational AI ecosystem to deliver impactful onboarding and customer service experiences. They serve some of the largest brands in the world, offering performance-driven conversational AI solutions that aid in revenue generation, increased conversion rates, enhanced customer acquisition and retention rates, and reduced operational costs.
In summary, the partnership between Instaful Solutions and FCB.ai represents a significant leap forward for Pakistan’s insurance sector. It promises to simplify and democratize insurance access for millions of underserved individuals, utilizing the power of AI and digital technology to reshape the landscape of insurance accessibility and affordability in the country. This innovative collaboration has the potential to address long-standing challenges and significantly enhance the customer experience in the insurance industry.
