SECP Facilitates Signing Of Agreement Among Insurance/Takaful

Companies

Fakhir Rizvi Published July 28, 2016 | 06:54 PM

ISLAMABAD, (UrduPoint / Pakistan Point News - 28th july, 2016) : Insurance/Takaful companies have signed an agreement with Central Depository Company (CDC) to join the centralized information sharing solution for the health insurance (CISSII) here on Thursday. The agreement was signed by the authorized officials of the insurance/Takaful companies and Muhammad Hanif Jakhura, CEO-CDC.

The CISSII is the outcome of efforts led by the SECP, the Insurance Industry Reform Committee (IIRC) and the CDC with the main objective of suggesting avenues of utilizing technology to revolutionize the insurance industry. The signing ceremony was presided over by Fida Hussain Samoo, Commissioner Insurance, SECP.

Ali Azeem Ikram, executive director insurance, and other senior officials from CDC and SECP were present. Inclusion of insurance and Takaful companies, which are engaged in health insurance into the CISSII will greatly enrich the CISSII database and help in achieving the objectives of this information sharing mechanism.

The CISSII was launched by CDC as a central electronic database and the electronic claims register through which all stakeholders of the insurance industry can access information greatly reducing the risks associated with management of filed claims, also mitigating the risks and tediousness associated.

The CISSII was launched with the induction of seven private life insurance companies in April 2014. The launch of CISSII in the health insurance sector will ensure a high level of transparency and efficiency in the insurance industry.

This will help the insurance industry in underwriting quality business based on the claims data provided for the preceding year. In the initial phase this initiative was implemented only on the life-insurance industry.

The considering the progressive response of the life insurance industry the initiative is now being implemented on the health insurance industry and later the solution can be extended to other sectors.