Redefining Insurance and Takaful Landscape in Pakistan
With nearly two decades at the company and a unique journey from middle management to the top, Mr. Ahmed offers an insider's view into not just EFU Life's transformation, but the broader evolution needed across Pakistan's insurance and Takaful landscape.
Mr. Ahmed begins with a sobering fact: 'Pakistan's insurance industry is currently ranked around the bottom three or four, and that's not a good position to be in. However, looking at the positive side, there's so much we can do with relatively little effort. This is where our industry has the chance to make a significant impact,' he said.
With a young population, untapped potential, and increasing awareness, the industry stands on the cusp of transformation. He credits regulatory support from SECP over the last decade, stating, 'I think the efforts that we have made as an industry, especially in the last 10 years, the regulator, SECP, has played a very positive role in a very proactive way, with a growth and development mindset, has been engaging with us.'
The core strategy driving EFU Life's recent growth is segmentation. Mr. Ahmed strongly believes the industry can no longer rely on one or two mass market products. 'Our focus has been on segmentation – not just in terms of age, but also socio-economic backgrounds. For example, high net worth individuals have very different needs from the middle class or those closer to the poverty line. By tailoring our products, we ensure that we reach as many potential customers as possible,' he explained.
'In the last few years, millions of Pakistanis have taken insurance for the first time. But to move the needle on insurance penetration, we need the entire industry to adopt innovative strategies. Technology is essential to this transformation. Without it, we cannot meet our goals,' he said. From AI in HR recruitment to AI-assisted underwriting and product development, Mr. Ahmed underlines how technology is not a future aspiration but a present-day necessity.
As the conversation turned toward Takaful, referring to KP and Balochistan, Mr. Ahmed said, 'Takaful will play a significant role in these regions.' With greater cultural resonance and trust, Takaful is poised to become a key pillar in expanding the reach of protection products to new geographies and communities.
'Our success as a company is tied to the success of the industry,' said Mr. Ahmed, encouraging collaborative growth and urging peers to adopt segmentation and tech strategies. His vision is not just for EFU Life to lead, but for Pakistan to become a case study in insurance innovation across emerging markets.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
20 hours ago
- Business Recorder
SECP, PBC pledge deeper collaboration on business reforms
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Business Council (PBC) on Tuesday reaffirmed their commitment to work closely on advancing regulatory reforms and business facilitation aimed at strengthening the country's corporate sector and capital markets. The announcement followed a meeting in Karachi between SECP Chairperson Akif Saeed and PBC representatives, where both sides reviewed recent reform initiatives and outlined future priorities. Highlighting progress, the SECP pointed to a record-breaking 35,000 company registrations in 2024–25, attributing the growth to digitization measures such as online company incorporation and reduced compliance requirements. The regulator also showcased key innovations including the Financial Institutions Portal, the Electronic Mortgage Register, and the Ultimate Beneficial Ownership (UBO) registry, all designed to enhance transparency and efficiency. SECP officials told the businessmen that reforms in capital market have paved the way for the listing of government debt securities on the Pakistan Stock Exchange (PSX), a more efficient IPO regime, and new frameworks enabling online-only, Shariah-compliant, and agri-commodity futures brokers. Upcoming initiatives, such as digital non-banking financial companies (NBFCs), mutual funds, and a Digital Distribution Platform, are expected to expand access to finance for businesses and investors alike. Chairperson Saeed lauded PBC's role in supporting sustainability and gender-inclusive reforms, particularly through initiatives like the ESG Sustain Portal and the Family-Friendly Awards introduced under the Prime Minister's directive. He stressed the importance of wider adoption of ESG disclosure guidelines and strengthening capacity-building programs for stakeholders. PBC Chief Executive Officer Javed Kureishi praised the SECP's proactive measures to improve ease of doing business, noting that its consultative approach had strengthened confidence among the corporate community. PBC members also welcomed the regulator's engagement on the proposed CSR Bill, insisting that corporate social responsibility should remain voluntary, aligned with ESG principles, and backed by greater transparency in existing mechanisms. Copyright Business Recorder, 2025
Business Recorder
20 hours ago
- Business Recorder
Maryam vows to bring Punjab at par with Japan's infrastructure level
LAHORE: By the grace and mercy of Allah Almighty, the economy has been set in the right direction, Punjab Chief Minister Maryam Nawaz Sharif, said. While addressing a gathering of the overseas Pakistani community in the Japanese city, she said, 'After a long time, those living far from their homes got good news as Good news is coming from Pakistan. Seeing the overseas gathering, it seems as if I am holding a big congregation of people in Lahore.' She highlighted, 'In the past, friendly countries were getting angry with Pakistan. The overseas Pakistanis have played a major role in improving the economy. The overseas Pakistanis send their remittances earned through their hard work to their homeland and this money should be spent on the development and progress of Pakistan.' She said that she congratulates everyone on winning the war against India adding that Punjab will now see development on the pattern of Japan. She highlighted that this journey of development would continue by the Grace of Allah Almighty. The CM assured that the problems of overseas Pakistanis will be resolved on a priority basis and will not have to wait for the redressal of their grievances. She maintained, 'When the overseas Pakistanis send their remittances, their children should attain good education and a nice environment. The increase in remittances manifest public confidence in the government's policies. The inflation rate has come down from 38 to 3/4 percent in a few months. Witnessing the development, cleanliness and infrastructure of Japan, we would like to have such a level of development, cleanliness and infrastructure in Pakistan as well.' She outlined, 'We are improving the infrastructure of Punjab. Load shedding and terrorism had started again due to previous incompetent rulers. Nawaz Sharif and Shehbaz Sharif built excellent roads with years of hard work. Potholes were formed in the roads due to bad governance. We want to bring Punjab at par with the level of Japan's infrastructure.' She affirmed, 'In the previous tenure, the poor did not get medicines in the hospitals, now 90% of medicines are available free of cost. In a few months, 6/7 thousand children have undergone heart surgeries. Cancer, blood diseases, bone marrow transplant and other hospitals will be built in Punjab. We are providing door-to-door treatment through Clinics-on-Wheels and Field Hospitals. PERA force has been formed to eliminate inflation and encroachment.' The CM added, 'Punjab is being rebuilt after undergoing 'Suthra' Punjab project. In countries like Japan, people walk on the streets without any fear. Earlier, murders and other crimes used to occur in Punjab, due to dedicated efforts of CCD, 70% of crimes have gone down. In 7 months, 70,000 people have received loans to build houses, hundreds of houses are being built on a daily basis. 100,000 houses will be built by December and 500,000 houses in five years.' She emphasized, 'Apni Chhat, Apna Ghar' program is close to Nawaz Sharif's heart. Muhammad Nawaz Sharif urges me to purify my intentions for Allah Almighty and serve humanity. The new metrobus project in Gujranwala and Faisalabad will be completed soon. The world's largest 'Suthra' Punjab project has been launched in Punjab with a population of 150 million. The employees of Suthra Punjab go to every neighbourhood to collect garbage.' She said, 'We want to link the 'Suthra' Punjab program with the waste management system of Yokohama. People now visit and acknowledge that they have never seen Punjab so neat and clean as ever before. Under the 'Suthra' Punjab program, 150,000 people got employment, and machinery worth 25 billion was acquired. The Environment Force is working for the improvement of the environment. We want to continuously monitor the air quality index and improve its level so that people do not get sick.' She noted, 'People come from all four provinces visit Punjab for medical treatment. The previous government did not make a single hospital or a road in the last four years of their tenure. The Punjab government is establishing South Asia's largest cancer hospital in Lahore. People get surprised overseeing ongoing swift pace of construction work in the cancer hospital' She underscored, 'The former Prime Minister used to come to the office at 12 o'clock and used to go back home at 3 o'clock. Prime Minister Shahbaz Sharif sits in his office from 7 o'clock in the morning till 12 o'clock at night. In the past, the country was handed over to the IMF. Nawaz Sharif, Shehbaz Sharif and Maryam Nawaz are working day and night for the welfare of the people of Pakistan.' She revealed, 'I am trying to learn new things every day to improve the condition of the people of Punjab. 20,000 kilometres of new roads in Punjab have been completed within a span of one year. Now no road will be found in a dilapidated condition in Punjab. If I see a pile of garbage anywhere, I direct the relevant department to fix the issue. The best electric tram in Asia is being run in Lahore.' She disclosed, '1100 new buses are being brought to every city in Punjab by December and only Rs. 20 will be charged as a fare. The Punjab government has introduced one of the largest Honhaar scholarship programs in the history of Pakistan for the students in Punjab. The Punjab government will bear the education expenses of those whose parents cannot afford it.' She highlighted, 'We will also teach our talented students Artificial Intelligence (AI) and robotics. About 100,000 laptops are being given to the talented students. Homeless people are becoming homeowners by paying installments instead of rent. 150,000 new businesses have been started in Punjab by giving interest-free loans.' She outlined, 'Clean drinking water is a problem which persists across Pakistan, we will provide clean drinking water within a span of one year in Punjab. I profoundly extend my gratitude to the overseas Pakistanis community for accorded me a warm reception. President PML-N Nawaz Sharif has sent greetings to his brothers and sisters living in Japan. I feel surprised over getting a wonderful reception in the Japanese city of Yokohama. Copyright Business Recorder, 2025
Business Recorder
2 days ago
- Business Recorder
FTO says President upheld their 98pc decisions against FBR
ISLAMABAD: Federal Tax Ombudsman (FTO) Dr Asif Mahmood Jah said Monday that the President of Pakistan has upheld 98 percent decisions of the FTO against the Federal Board of Revenue (FBR) and rejected almost all representations of the tax department. The Islamabad Chamber of Commerce & Industry (ICCI) hosted the formal launch of 'Mohatsib ki Diary', authored by Dr Asif Mahmood Jah. The ceremony was attended by prominent business leaders, senior tax officials, retired bureaucrats, members of academia, and representatives of the media. Addressing the gathering, FTO stated that the FTO office has given respect to the aggrieved taxpayers without charging any fee from them. The FBR is implementing almost all orders of the FBR and submitting compliance reports on regular basis. Dr Jah highlighted the transformation of the FTO and recalled the challenges of reforming entrenched bureaucratic structures but underscored how merit-based team selection, transparency, and persistence allowed record progress in the Federal Tax Ombudsman's office. According to official figures, Dr Jah's tenure set unprecedented benchmarks. The trends of complaints registered against the FBR revealed that 3,038 complains were registered in 2021; 6,480 complaints in 2022; 8,076 complaints in 2023; 13,506 complaints in 2024 and till January 1, 2025, cumulative complaints stood at 25,000. Thus, the total complaints registered during 2021–2025 totalled at 50,904 and 44,370 complaints were disposed of during the period. In comparison, during the previous 20 years (2001–2020) only 37,118 complaints were registered and 26,228 were subsequently disposed of. Beyond his official role, Dr Jah also shed light on his philanthropic initiatives through the Customs Health Care Society, which has consistently supported marginalized communities—most notably during the devastating floods in Pakistan and in relief operations for earthquake victims in Turkey. Speakers paid glowing tributes to Dr Jah's distinguished services both as a civil servant and as a social worker. The Managing Director of the National Book Foundation praised his integrity, dedication, and deep respect for his late father, Muhammad Bashir Ahmad, whom he credited as the true source of his success. Nasir Mansoor Qureshi, President ICCI, hailed Dr Jah's performance in addressing taxpayers' grievances against FBR and tax authorities. Dr Inam-Ul-Haq Javeid, famous poet and Grievance Commissioner for Overseas Pakistanis at Federal Ombudsman shared the crux of the Mohatsib ki Diary. Former Member Customs Ramzan Bhatti and former Member Income Tax Salman Nabi also spoke. Copyright Business Recorder, 2025
