Karachi: EFU Life, Pakistan’s leading life insurance company, has recently expanded its strategic partnership with Tez Financial Services – a Planet-N Group Company, for Digital Insurance. Tez is one of the fastest growing FinTechs in Pakistan, offering digital nano-loans and is now activating its insurance vertical – Tez Bima. Through Tez Bima, Tez users will be able to instantly subscribe to small ticket insurance. The first product being launched by Tez is EFU Life’s Hospital Coverage Plan.
The partnership envisages making a visible social impact through financial inclusion of the masses at the lower end of the socio-economic pyramid and using technology as a key enabler for micro life, savings and health related insurance solutions. The agreement was signed in an online ceremony by Mr. Humza Hussain, Co-Founder at Tez Financial Services and Mr. Mohammed Ali Ahmed, Chief Strategy Officer & Executive Director at EFU Life. Speaking at the ceremony, Mr. Mohammed Ali expressed that “We are making strides in our financial inclusion and digital insurance strategy by offering sustainable life, savings and health solutions to the masses, and I am pleased to share that our partnership with Tez Financial Services is a significant step in that direction.” “This strategic alliance with EFU marks the beginning of an exciting new chapter in Tez’s journey. Our vision is enable access to financial services for the unbanked and under-banked Pakistanis by create a one stop financial solution. Affordable digital insurance services are an important part of that vision.” said Ms. Naureen Hyat, Co-Founder of Tez Financial Services
The product, which is now available within Tez’s android app, will provide a daily cash benefit to the life assured if an injury or illness results in hospitalization for more than 24 hours in any hospital throughout Pakistan. In addition, if the life assured is confined to the Intensive Care Unit (ICU), then an additional amount equal to 100% of the daily benefit will be paid by EFU Life. The subscription process is simple, instant and entirely paperless. Tez Financial Services application is available for download on Google Play Store.