EFU Life wins ‘People’s Choice Award (APAC & EMEA)’ for their proposed solution ‘Iman.AI” at SummerHack 2022 organized by Cookhouse Labs
Recently, the EFU Life team participated in SummerHack 2022. Which is a global insurance Design Thinking ideathon. SummerHack is organized by Cookhouse Labs. Based on the challenges faced by customers, this year’s theme was “Artificial Intelligence and Insurance”. And the participating teams were asked to come up with solutions and the business plans in a limited time span.
The global teams raced against the clock to develop new solutions to the theme. And winners were acknowledged based on their creativity, innovativeness, and business plan feasibility. Cookhouse Labs – InsurTech selected 14 teams from APAC, EMEA, and the Americas to participate in SummerHack 2022.
Mr. Zain Ibrahim led the EFU team and Mr. Raza Hasan, Mr. Ali Qureshi, Mr. Jalal Curmally, Ms. Nilofer Sohail, Mr. Ahmar Hasan, Ms. AREESHA ASA, Mr. Sajjad Muneer Randhawa, and Mr. Muhammad Shayan Chaudhry accompanied him.
Their proposed solution name is “Iman.AI”. It is an AI Influencer and financial advisor, that provided accessible, easy, and affordable insurance products to financially excluded Pakistanis to protect them and their loved ones. Its purpose is to develop and distribute inclusive insurance products to emerging markets.
The solution was awarded the title of ‘People’s Choice Award (APAC & EMEA)’.
EFU won the ‘People’s Choice Award (APAC & EMEA)’. Moreover, EFU won it for the second time (two years in a row, firstly in 2021). EFU won this time by 50% votes, breaking its own previous record of 32% votes. Consequently, this achievement surely makes the whole country proud.
Inspired by a test kitchen, Cookhouse Labs is a leading insurance innovation lab offering a collaborative space to the global community of insurance professionals with a vision to foster co-creation and ideation to solve industry problems using the Design Thinking methodology.
Through this, they aim to collectively develop an ecosystem of digital excellence and strive to make insurance better globally. Cookhouse Labs laid its foundation in 2017. And it currently has offices in Canada and the Netherlands.
EFU Life has always spearheaded unique ideas in the industry as pioneers in the life insurance business in Pakistan. EFU Life has introduced life benefits for the first time in Pakistan. They launched products such as:
- Critical Illness Products
- Education Planning Products
- Pension Plans
EFU Life’s philosophy is pivotal to how they operate and sets them apart from the life insurance industry. They believe that the organization should not be just about profit, but it should be about service to humanity.
So, This philosophy is translated down through its comprehensive product range and the focus on continuous improvements in service quality.
EFU Life started an experimental project 6 years ago. Indeed, it is heartening to see that the concept of #inclusiveinsurance is maturing into a full-fledged vertical. Which is contributing to the national cause of covering millions of Pakistanis with affordable insurance protection solutions. As well as becoming a sustainable business line for the Company.
So, the use of technology as an enabler creates efficiencies in all aspects of the customer journey:
- Awareness creation
- Distribution
- Payment platforms
- Insurance claims
In Conclusion, partnerships with various players in the ecosystem are the only way to reach out to the entire population of 220 million. The opportunities that Pakistan offers are tremendous.
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