In a groundbreaking development for Pakistan, cutting-edge Artificial Intelligence (AI) technology is set to transform the insurance landscape.
Pakistani Instaful Solutions has teamed up with Luxembourg-based conversational AI experts FCB.ai to unveil conversational AI-based channels revolutionizing the accessibility of insurance products for millions of uninsured Pakistanis.
Pakistan grapples with one of the lowest insurance penetration rates in the region, largely attributed to the complexity of insurance products, cumbersome processes, tricky terms, and high premium rates. These challenges have led to reliance on agents, often resulting in aggressive sales tactics and fraudulent practices, leaving customers with post-purchase regrets and complaints. Meanwhile, the nation has witnessed a surge in digital adoption, particularly in a post-COVID environment, with an ever-expanding base of digital-first and mobile-first users.
Recognizing this disparity and empathizing with the specific insurance needs of the average Pakistanis, Instaful Solutions, a startup InsurTech, and Europe’s FCB.ai are joining forces to leverage Pakistan’s current digitalization wave. They aim to provide innovative and user-friendly insurance solutions through AI-powered bots, all at affordable pricing.
Speaking at the signing of the strategic alliance, Rehan Butt, Founder & CEO of Instaful Solutions, said: “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: “As a company, 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, an InsurTech from Pakistan, is on a mission to debunk the belief that “insurance is always sold, never bought” by simplifying both its delivery and purchase. Founded by Rehan Butt, a trailblazer in micro, digital, and inclusive insurance, the company collaborates with insurance providers and consumer brands, including telecom operators, FinTechs, sharing economy apps, digital platforms, and development agencies, to make insurance easy, affordable, accessible and available. For more information, contact: [email protected]
FCB.ai is a global technology company specializing in conducting a conversational AI ecosystem to produce impactful onboarding and servicing customer experiences. Currently serving some of the largest brands, our performance-driven conversational AI solutions help our clients generate revenue and drive business growth through increased conversion rates, enhanced customer acquisition and retention rates, and reduced operational costs. Visit our website to learn more: www.fcb.ai