How do you make an insurance plan effective for the customers to understand?
First, our plans are transparent. Potential customers can see the expected outcomes of the policy in advance through detailed illustrations, which are prepared in line with the SECP guidelines. Every plan is customized to meet the specific needs of customers.
Once the policy is issued, customers can monitor as well as manage the policy through a mobile app, web portal, IVR call centre, etc.
How does the company handle disputes over claims?
We pride ourselves in being the most customer-friendly insurance company in Pakistan. All claims are expeditiously settled as soon as the documents are completed. We have a dedicated team that helps customers in completing claim requirements. We also have a Customer Grievance Unit that manages all complaints lodged by customers. If a claim is declined (which is rare for Jubilee Life) and the customer is not satisfied with our decision, then the customer is advised to approach the Federal Insurance Ombudsman (FIO) for review. The FIO is a regulatory forum especially formed for addressing grievances of insurance customers without any cost to the customer.
What was the most challenging moment in your career?
Challenges help people and organizations grow and think differently. While there have been many challenges in my career, COVID-19 was an unprecedented one for everyone. By the grace of Almighty, Jubilee Life successfully navigated through the pandemic and is well-positioned to embrace new opportunities.
How do you see the company improving in the coming years and where do you place yourself creating that change?
We see great opportunities in the new digital wave that emerged during COVID-19. Despite already having multiple digital sales and service solutions for our customers, we will continue to explore areas to further improve customer experience and engagement. We would like to position ourselves as a Company that sets an example for others to follow.
What would you say is the biggest challenge the insurance industry is experiencing? And what can influence the market in the next 24 months?
Compliance with the AML/CFT regulations, implementation of new insurance laws and digitalization are the main challenges that the insurance industry is working on. The way digital payment platforms are evolving, coupled with the FBR’s and SBP’s push for digital transactions, is likely to change the business models of many industries. While being challenging, this also presents some new opportunities for the insurance industry.
Did the company face any challenges during the pandemic?
In order to protect the health and well-being of our employees, we closed down our office during the pandemic. This had an adverse effect on the business generated by the Company. However, with the Government’s drive for vaccination, the situation is now normalizing and we are seeing very good growth in business.
Who are Jubilee’s top competitors?
State Life being the largest state-owned insurer and EFU Life being the second largest insurer in the private sector are our worthy rivals. Both have contributed significantly in the development of life insurance business in Pakistan alongside Jubilee Life.
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