The Central Depository Company of Pakistan Limited (CDCPL) has signed an important Memorandum of Understanding (MoU) with the Insurance Association of Pakistan (IAP) to enable and provide the Life Insurance Policy Finder for policyholders and their beneficiaries.
The MoU was signed by Mr. Badiuddin Akber Chief Executive Officer CDC and Mr. Naved Akhtar Usmani Secretary General IAP, in the presence of Mr. Waseem Khan Director SECP, and other senior members of SECP, CDC, IAP, State Life, Adamjee Life and EFU Life.
The Life Insurance Policy Finder initiative—recommended by the Securities Exchange Commission of Pakistan (SECP), driven by IAP, and powered by CDC—is envisioned as a project of national significance that will enable policyholders and their beneficiaries to locate any life insurance policies held by the policyholders, thereby enhancing accessibility and transparency. This project aims to address the issue of unclaimed policies by the beneficiaries of policyholders due to lack of awareness in the event of policyholder demise, leading to loss of financial right of the beneficiaries, especially in vulnerable circumstances of loss of loved ones.
With the operationalization of the Life Insurance Policy Finder service, policyholders and beneficiaries will be able to raise a query by sending a text message with the policyholder CNIC, against which the service will respond if any life insurance policy(ies) exist or not for the given CNIC and also advise on the future course of action in case any policy(ies) do exist for the given CNIC.
Commenting on the occasion, Mr. Badiuddin Akber said, “This initiative marks a significant step forward in modernizing Pakistan’s life insurance sector, in line with CDC’s vision for leveraging technology to enhance customer service, increase accessibility, and streamline operations in Pakistan’s business landscape. The Policy Finder service will soon be available to policyholders nationwide, offering a simplified process to track and locate their life insurance policies.”
This Memorandum of Understanding, which IAP has signed on behalf of its member Life Insurance companies, will facilitate the participation of Pakistan’s Life Insurance companies in the Policy Finder service. This service, developed and powered by CDC, will streamline policy queries and improve the overall consumer experience in the life insurance sector.