Insurance is a mechanism that can facilitate social mobility by allowing individuals and families to overcome shocks that can affect their wealth and future income-generating capacities.
The possibility of accessing insurance products and services may be the difference between individuals or families achieving the goal of social mobility or remaining in a situation of economic vulnerability.
According to damage estimations by Karandaaz chief risk officer Ammar Habib Khan and The Asia Group vice president Uzair Younus, Pakistan experienced $13 billion in economic loss and infrastructure damage due to the floods. Without financial inclusion tools such as insurance, Pakistani citizens bore the consequences of the floods.
To help every Pakistani benefit from the social mobility benefits of insurance, Pak-Qatar General Takaful Limited and Salaam Takaful Limited recently partnered with insurance technology (InsurTech) market leader Hefazat Technologies to introduce new products to give customers more flexibility in acquiring Takaful to protect their purchases.
Hefazat Technologies offers purchase protection, an extended warranty at the point of eCommerce checkout, and an income continuation plan. The business is launching in Pakistan in mid-November amid a rise in mobile snatchings, according to several hundred reported incidents on the VoC group on Facebook.
“It is great to have partners that share a common goal and vision,” said Ali Rehman, a founding team member at Hefazat Technologies. “Our desire to digitize Takaful and enable it in the consumers’ lives in a convenience-driven way is shared by the leadership at Pak Qatar. We look forward to building more innovative solutions with the team’s continued support at Pak Qatar to add value to the lives of consumers across Pakistan.”
Hefazat Technologies was founded by Kash Rehman, an American business magnate that has long supported the Pakistan start-up ecosystem. His notable investments include Lettus Kitchens, RoomShare, and Foodem.
Hefazat Technologies has recently onboarded several founding team members, including Danish Ahmed as the chief technology officer and Saeed Ansari as the head of strategic partnerships and alliances.
Ahmed has over 17 years of experience with big names such as K-Electric, Telenor Microfinance Bank Limited, TPL Rupiya, and Meezan Bank. Ansari has a decade of experience across Alibaba-owned Daraz, Kaymu, ECOM, and Sheep.