EFU Life Assurance Limited, the leading life insurance provider in the country, has been awarded
Best Domestic Life Insurer of the Year at Insurance Asia Awards 2021. As an industry leader, EFU Life has been committed to bringing new groundbreaking innovation in its products and services, coupled with a strong technological capacity and effective use of digitalization.
Speaking on the occasion, Taher G. Sachak, EFU Life’s CEO and Managing Director, said, “In Pakistan, life insurance is never considered a priority when it comes to financial planning. With the pandemic, the industry took a bigger hit, as our business model relies on face-to-face meetings and customized financial plans depending on the need and life stage of the prospect. In spite of these challenges, EFU Life managed to not only sustain but expand its business and further strengthened its financial base.”
In Pakistan, where the gross domestic product contracted for the first time in six decades, EFU Life rose to the challenge and immediately developed a COVID-19 response strategy, which launched early in the pandemic. Focused on customer and employee well-being, the strategy proposed COVID-19 specific products centered on digitalization.
In 2020, EFU Life and EFU Hemayah Takaful provided a financial security net to over four million lives through its diverse footprint across Pakistan. EFU Life, awarded as the Domestic Life Insurer of the Year – Pakistan at the Insurance Asia Awards, has embarked on several campaigns to increase awareness and help more Pakistanis understand the importance of insurance. These campaigns have been launched through mass media and rural activations, amongst others.
Whilst insurance has been slow to pick up on digitalization, EFU Life has been actively leveraging digital tools, engaging multiple market segments with innovative solutions.
“These digital tools have been very effective in helping our customers engage with us in real-time, and even more so during the pandemic, with the country going through multiple phases of lockdown and smart lockdown,” Sachak added.