ISLAMABAD, Jan 7 (APP):President Dr Arif Alvi Tuesday said the country had a huge market for different insurance products and stressed for creating mass awareness about the benefits of availing those products.
Addressing a seminar titled ‘Growth of insurance industry and the role of Ombudsman’, the president said the people should be made to realize the benefits of getting themselves or their goods and properties insured.
He observed that a gap existed somewhere despite a huge potential market for insurance products and emphasized upon the stakeholders to expand their network through effective marketing.
Generally, the people did not have good experience with the insurance products, therefore, they should be encouraged to get insurance in different categories like health, or property, he added.
The president also referred to the government’s flagship social security programme of health insurance through distribution of health cards, which was offering a very good package to the deserving people. The insurance companies could embark and cooperate in such programmes, he added.
The insurance companies should focus on expansion of their market, artificial intelligence and risk management, he said, adding that all the terms and conditions about different insurance products should be explicitly conveyed to the interested people.
The event was jointly organized by Express Media Group and Jubilee Life Insurance Company Limited.
About the offices of ombudsmen, the president said they had been expeditiously resolving disputes and the public should be properly educated about their effective role.
He observed that the media could highlight different issues related to health, women rights, drugs, cleanliness and food shortage.
He noted that nations were groomed when all sections of the society played their due part in the national building. The responsible countries always took lead by keeping their citizens well informed, he added.
The president said the issues like terrorism had been overcome and now the country was passing through the national building phase, and called upon all strata of the society to play their role in that regard.
Earlier, Federal Insurance Ombudsman Dr Khawar Jameel highlighted the functioning and role of his office. He said the insurance industry in the country was thriving and underlined the need to protect rights of all the stakeholders.
Insurance Association of Pakistan Chairman Muhammad Hussain, Zahid Burki from the Jubilee Life Insurance and Chief Executive Officer of Express Media Group Ijazul Haq also addressed the seminar.