In a groundbreaking move, nine insurance companies have signed a Memorandum of Understanding (MoU) with the Central Depository Company (CDC) to establish Pakistan’s first centralized auto insurance repository. The initiative, under the regulatory guidance of the Securities and Exchange Commission of Pakistan (SECP), marks a significant step forward in the digital transformation of the country’s insurance sector.
The CDC will provide the technological support necessary for the creation of an automated repository, which aims to revolutionize auto insurance underwriting through enhanced data-centric decision-making.
The MoU signing ceremony took place at CDC House on Thursday, with notable attendees including SECP Chairman Mr. Akif Saeed, Commissioner Insurance Mr. Aamir Khan, CEO CDC Mr. Badiuddin Akber, and representatives from the insurance industry.
This digital auto insurance repository is expected to streamline processes, improve efficiency, and provide greater transparency and accuracy in auto insurance underwriting. The centralized system will fundamentally change how auto insurance is managed in Pakistan, benefiting both insurers and policyholders.
About CDC:
The Central Depository Company (CDC) of Pakistan, established in 1993, plays a pivotal role in the country’s financial infrastructure. As Pakistan’s sole securities depository, CDC provides secure, efficient, and transparent services for the electronic settlement of securities transactions. By maintaining and safeguarding investors’ holdings, CDC has been instrumental in promoting transparency and reducing risks in the Pakistani capital market. Through its innovative technological solutions, CDC continues to enhance the efficiency and reliability of the financial ecosystem in Pakistan.
