Adapting to a rapidly changing environment; TPL Insurance Revolutionizing the InsurTech Space.
Insurance technology or insurtech has rapidly transformed over the last few years, generating technology for every phase of the insurance process, and completely changing the landscape of how traditional insurance used to operate. Digital insurance offerings and a defined omnichannel approach to customer service are driving the pace of change in the insurance industry. For insurance companies, technology has played out very well since it has made the claims experience more efficient, smooth, and hassle-free.
It is safe to say that future of insurance is now. Post pandemic has brought about a significant change in the behavior of an average insurance consumer since now they are more interested in the aspect of protection rather than saving. The last two and half years have shown that people are more concerned about their future; this is where insurance companies have played an important role in creating awareness regarding a safe and secure future.
TPL Insurance is Pakistan’s leading insurtech that is catering to its customers effortlessly since its launch in 2005; the company has grown from strength to strength and is now the leading player in Pakistan. It’s a technology-driven company, the first to develop an insurance application that enables self-survey, allowing customers to survey their vehicle themselves when requesting a claim or getting insurance for their car. The company specializes in tech-driven innovative solutions and digitally integrated systems to provide hassle-free customer experiences and round-the-clock services to 300K+ customers. As an AA-rated insurer (IFS rating PACRA), the company is committed to developing commercial and personal line portfolios by exploring new channels, expanding existing relationships, and maintaining higher risk retention.
In the past few years, industry trends have changed. Organizations have shifted their approach towards customized solutions and kept their policies consumer-centric, and companies and business have changed their approach from product-centric to customer-centric. The same has been observed in the insurance industry as well. TPL Insurance is a good example of this industry change. Pioneers in providing customized solutions for their consumers, the TPLI mobile app is one of a kind, offering products such as Auto, Home, Travel, Bike, Health, and Mobile phone coverage. The application also has an integrated telematics feature, which analyzes driving behavior and rewards good driving.
This Insurtech’s approach towards digitization has led to collaborations with various digital platforms, banks, and Digi-Tech companies to provide solutions and make insurance products and services available to the masses. In addition, TPL Insurance is working on creating an integrated ecosystem through which all lines of General insurance solutions, Conventional and Takaful (Shariah compliant), will match the needs of every retail segment as well as drive awareness.
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