TEXT: State Life is not content with maintaining the status quo; it is committed to constant product innovation and reducing obstacles for its customers. Recognizing the evolving needs of different segments, the corporation has developed tailored products for Gen Z, youth, and tech freelancers, demonstrating its commitment to meeting the diverse financial needs of its customers and corporate clients.
State Life demonstrated its commitment to policyholders by fulfilling a substantial portion of insurance claims.
In fact, State Life accounted for an impressive 73% of the total claims paid by the entire industry, amounting to over PKR 175 billion out of a cumulative payout of approximately PKR 242 billion. This exemplifies State Life’s robust financial standing and its unwavering dedication to meeting the needs and obligations of its valued customers.
Digital enhancements have been at the forefront of State Life's strategic initiatives. The Life and Health Mobile App provides customers with convenient access to insurance services at their fingertips. The implementation of e-payments, e-claims, and e-processes has streamlined operations and improved the customer experience.
State Life's dedication to customer service is evident through its largest face-to-face distribution channel: the direct salesforce.
With over 140,000 salesforce members spread across rural and urban areas of Pakistan and 11,000 agency offices, State Life ensures that its services reach every corner of the nation. Moreover, through agreements with banks and innovative distributors, the corporation fully leverages alternative distribution channels, ranging from agency and bancassurance to corporate agencies, direct channels, digitalization, and group collaborations.
As the only AAA-rated insurance company in Pakistan, State Life's product offerings are carefully tailored to provide excellent value for money. The corporation offers the highest payouts in terms of claims and survival benefits, ensuring that policyholders are not subjected to market volatility. State Life enables access to the nation's best-selling insurance products, where policies come with sovereign guarantees.
State Life announces bonuses annually based on actuarial valuation, distributing 97.5% of surplus as bonuses to all with-profit policies. This guarantees policyholders a return on their basic premiums paid during the saving term. These bonus rates, announced as a result of actuarial valuation, provide policyholders with the confidence that their State Life products serve their diverse financial needs at an extremely affordable cost.
State Life Insurance Corporation of Pakistan, under the leadership of Mr. Shoaib Javed Hussain, has emerged as a trailblazer in the insurance industry. With a clear focus on bolstering the industry's contribution to the nation's GDP, State Life plays a pivotal role in fortifying the economy's backbone through the strategic alignment of technology, data, and a human-centric approach.
Copyright Business Recorder, 2023