The Government of Pakistan, in collaboration with insurance companies, is set to roll out inclusive insurance schemes closely linked to existing governmental protection programs such as the Benazir Income Support Programme (BISP). This move aims to extend financial security and health coverage to a broader segment of the population, particularly those in the informal sector.
SECP’s Comprehensive Report on Micro and Inclusive Insurance
- The Securities and Exchange Commission of Pakistan (SECP) recently shared a comprehensive report highlighting the potential of micro and inclusive insurance in the country.
- The report emphasizes the integration of health insurance into social protection programs, drawing parallels with the National Health Insurance Programme to enhance the value of these schemes.
Collaboration for Accessibility and Reach
- Collaboration with Mobile Network Operators (MNOs) and Microfinance Institutions (MFIs) is crucial for expanding the reach and accessibility of micro-insurance/inclusive insurance.
- Partnership with MNOs enables leveraging their extensive network and digital infrastructure to facilitate premium payments, claims processing, and policy management through mobile platforms.
Also Read: How to Register for the April to June 10500 BISP Survey?
Addressing the Untapped Market
- According to the International Labour Organization – Social Protection platform, only a small percentage of the population in Pakistan is covered by social protection programs.
- Inclusive insurance presents an opportunity to tap into the vast untapped market, particularly among those working in the informal sector.
Why is integrating health insurance into social protection programs important?
Integrating health insurance into social protection programs helps reduce out-of-pocket health spending and ensures broader access to healthcare services, fulfilling the state’s responsibility to provide universal health coverage.
Conclusion
The introduction of inclusive insurance schemes through initiatives like BISP signifies a significant step towards enhancing social protection in Pakistan. By leveraging partnerships with MNOs and MFIs and integrating health insurance into existing programs, the government aims to extend financial security and healthcare access to a larger segment of the population, particularly those in the informal sector. This collaborative effort is poised to unlock the potential of inclusive insurance and contribute to the overall welfare and economic resilience of the nation.