During the period of nationalisation in 1970s, the country saw many of the leading giants of various industries fall into the control of government. Life insurers also met the same fate and were amalgamated into State Life, sole state owned and operated entity. In 1992, privatisation scheme was launched which opened the gateway for companies to operate in the life insurance sector. At that point in time, EFU Life became the first private player to enter the market.
Considered as pioneers in the life insurance business, EFU Life has always spearheaded unique ideas in the industry. The Concept of unit linking was first introduced in 1994 by us. Today, individual life business, one of the leading revenue generation channels, is primarily unit linked. The company's product portfolio consists of comprehensive financial planning solutions catering to the different needs of individuals at each stage in life and offers protection to them and their loved ones.
Last year, EFU Life became the first company to receive the license and launch its Window Takaful Operations, under the brand name Hemayah. The advent of Hemayah offers financial planning solutions to customers in a Shariah Compliant manner.
With a nation-wide presence, the company operates aggressively in three major distribution channels; Individual-Life sales, Group-Life and Bancassurance and has a growing direct sales network of more than 200 branches with more than 5000 sales consultants across Pakistan. Moreover, the company provides life insurance coverage to over 2000 corporate entities through its Group-Life division. For Bancassurance, we have formed alliances with major banks to offer a diversified range of products.
The life insurance industry in Pakistan is relatively small compared to its peers in the region. Penetration and density remains modest as the insurance sector stays underdeveloped relative to its potential. Lack of awareness is cited as one of the major road blocks. Therefore, presently our primary focus is to increase awareness in the region through the development of alternate distribution channels. The company has tapped different networks which will assist us in reaching out to every nook and corner of the country. In addition to these associations, we have been coming up with various awareness campaigns from time to time to educate and provide valuable information about the importance of life insurance to public at large.
Along with awareness, our continuous focus is on developing new products, introducing new services, making our business operations efficient on a regular basis and streamlining claims processes. Our state of the art customer service ensures our clients are well taken care of while we provide coverage to more than 1 million lives.
Improvements in technology have been at the forefront of all our initiatives. This includes the development of mobility concepts and services. We intend to deliver more value through our services which complement our products that let our clients enjoy peace of mind while financially enabling them to plan for the important milestones in life.
For any Life insurance company, delivering on the promise ie claims settlement is the top most priority. Our Company has a comprehensive claims management system in place which ensures execution of the Company's philosophy of prompt claim processing. The recent technological advancements implemented in our Claims Department have enabled us to run the processes more proficiently.
Once a claim is intimated, the essential documents required for claim processing are duly communicated to the claimants and claim forms are issued. An intimated claim goes through assessment in the hands of our claim examiners, requirements received are thoroughly analysed and Claimant is duly informed in case further documents are required. Requirements once completed are acknowledged and claim assessment is initiated. There are strict turn around times laid out for the department in order to ensure swift and timely settlements.
Having one of the best claims team in the Country, together with leading external experts such as lawyers and technical consultants, our claims processes ensure consistent and efficient claim settlements at all times. With over 20 years in the business, the primary focus of our claims department is to ensure that the company satisfies its obligation to its claimants by handling all claims promptly and by paying all legitimate claims as quickly as possible.