In this episode, Michael Waitze talks to Sibtain Jiwani, the founder and CEO of Smartchoice.pk. The startup is Pakistan’s leading insurance aggregator helping individuals and businesses compare and buy insurance plans instantly online. The aggregator started in 2014 and has since partnered with 10+ insurance companies offering motor, travel, health and life insurance products.
Studying in the UK, Sibtain was impressed by the convenient online services available and the seamless processes that made life easier for consumers. He aimed to bring this experience back to Pakistan but had to wait until broadband internet connectivity reached sufficient coverage. As soon as that occurred, Sibtain benefitted from the large number of freelance developers that are based in Pakistan to build Smartchoice.pk.
Sibtain talks about the insurance and InsurTech landscape in Pakistan which has one of the lowest insurance penetration in Asia. Being an Islamic country, some view traditional insurance products as not in line with Islam law. But only 2 out of 35 insurers are takaful-only providers, an alternative concept where members contribute money into a pool based on sharia or Islamic religious law.
Michael and Sibtain also talk about the investment and startup landscape in Pakistan. Smartchoice.pk has raised some money locally but also from investors coming from Oman as well as Pakistani ex-pats living abroad looking to invest in businesses back in their home country. Apart from the capital raising, the startup is receiving support from the Pakistani insurance regulator, the Security and Exchange Commission of Pakistan (SECP), which has even started a sandbox to test new insurance concepts and products. The sandbox is not only used by startups but also by local insurers. One has just launched COVID-19 protection within 2 weeks.
Via: The digital Insurer (https://asiainsurtechpodcast.com/ep-65-sibtain-jiwani-founder-smartchoice-why-can-that-not-happen-in-pakistan/)
This post was last modified on July 14, 2020 1:30 pm
Health insurance is a financial management tool that helps reduce the amount people will pay…
A health insurance policy provides financial protection against medical expenses, however, most insurance policies have…
As 2025 starts of, Pakistan’s insurance industry is experiencing significant transformation. From technological advancements to…
Life is full of twists, and though most people plan for the future, most of…
Who do you think needs life insurance the most? Traditionally, the answer was men, as…
What do you do if a sudden event wipes out a family’s savings or pushes…
