 |
| Transforming the Insurance Landscape in Pakistan Instaful Solutions and FCB ai to Introduce AI-Powered Insurance Solutions. |
In a groundbreaking development for Pakistan, advanced Artificial Intelligence (AI) technology is poised to revolutionize the insurance landscape. Pakistani startup Instaful Solutions has partnered with Luxembourg-based conversational AI experts FCB.ai to introduce conversational AI-based channels, making insurance products more accessible for millions of uninsured Pakistanis.
Pakistan faces one of the lowest insurance penetration rates in the region, primarily due to complex insurance products, cumbersome processes, confusing terms, and high premiums. These challenges have led to a reliance on agents, often resulting in aggressive sales tactics and fraudulent practices, leaving customers dissatisfied. In contrast, the nation has experienced a significant increase in digital adoption, especially in the post-COVID era, with a growing number of digital-first and mobile-first users.
Recognizing this gap and understanding the specific insurance needs of ordinary Pakistanis, Instaful Solutions and FCB.ai are joining forces to leverage Pakistan's digitalization wave. Their goal is to offer innovative and user-friendly insurance solutions through AI-powered bots, all at affordable prices.
Rehan Butt, Founder & CEO of Instaful Solutions, expressed his vision for this initiative: “For over a decade, I’ve been providing simple insurance products to everyday people. Unlike brands excelling in complete digital solutions for their core products, we, as insurance providers, have struggled to offer an end-to-end digital experience. With this innovation in Pakistan, we aim to provide a world-class digital insurance experience that eliminates issues related to aggressive sales tactics.”
Antoine Paillusseau, CEO of FCB.ai, shared his enthusiasm: “Our mission is to deliver cutting-edge digital solutions to the financial services industry. We are excited to collaborate with Instaful Solutions, working together to simplify, make more cost-effective, increase accessibility, and revolutionize insurance in Pakistan through innovative technological advancements.”
Instaful Solutions, a Pakistani InsurTech company, aims to simplify the delivery and purchase of insurance, collaborating with insurance providers and consumer brands to make insurance easy, affordable, and accessible. For more information, contact: contact@instaful-solutions.com
FCB.ai is a global technology company specializing in creating impactful onboarding and servicing customer experiences through a conversational AI ecosystem. Currently serving some of the largest brands, their conversational AI solutions help clients generate revenue, increase conversion rates, enhance customer acquisition and retention, and reduce operational costs.
