ISLAMABAD: President Dr. Arif Alvi urged insurance companies to expand their services in the health and agriculture sectors and leverage modern technologies to enhance outreach to the masses.
Dr. Arif Alvi emphasized that the insurance sector's contribution to the national economy falls short of its potential compared to other countries in the region. He called upon all stakeholders to work diligently to establish a positive reputation among the public and raise awareness in order to achieve exponential growth. The president made these remarks while addressing a seminar titled "Role of Ombudsman in the Development of the Insurance Sector," organized by the Federal Insurance Ombudsman secretariat at Sindh Governor House.
Dr. Arif Alvi acknowledged that the government provides social safety nets, public health services, and compensation in the event of natural calamities and accidents. However, he highlighted the need for additional initiatives to cover the entire population of the country. Particularly, he expressed concern about the high health expenditure, especially for the lower-income group, and emphasized the vast potential of health insurance services. Such services not only bridge existing gaps but also provide invaluable support in times of need.
The president also stressed the importance of insurance services for the agriculture sector, which is currently underserved. He noted that progress in providing agriculture insurance services has been slow. Dr. Arif Alvi recommended leveraging rapidly developing information and communication technologies to expand outreach and ensure the accessibility of insurance services to the masses. He advised keeping channels open for public complaints and feedback, while also suggesting that building goodwill among the general public and increasing mass awareness would gradually change the perception of the insurance sector.
President Alvi praised the role of the Federal Insurance Ombudsman in the timely resolution of public complaints against insurance companies. He expressed encouragement in observing the positive results brought about by the approach of dispute resolution through mediation rather than prosecution. Dr. Muhammad Khawar Jameel, the Federal Insurance Ombudsman, highlighted the performance and achievements of the FIO secretariat. He informed that the monetary relief provided to complainants had grown from Rs 410 million in 2019 to Rs 2.54 billion in 2022. This significant growth was attributed to a policy shift from prosecution to persuasion and mediation in conflict resolution.
