Karachi: The NEM integrated financing platform has entered the insurance space through a strategic partnership with EFU LIFE, with the aim of digitizing the sector value chain – from distinctive payments to payments – using its financial infrastructure. This announcement came on Tuesday in a statement showing in detail the scope of cooperation and the broader sectoral aspirations in the Nim.
According to the start of operation, EFU LIFE customers will now be able to pay digital payments through cards, portfolios and bank transfers through the “NEM button”, which automatically matches the payments with policy numbers. This feature is designed to reduce manual errors and delay reconciliation, which enhances the efficiency of EFU life.
In addition to numbering payments, NEM also builds a white wallet system for EFU. This will allow customers to store money and classify them for distinguished payments and other insurance transactions. The offers of the NEM Paymenow Insurance Company will also be combined, which is an access platform for the acquired wages compatible with Sharia-handover of employees to access Islamic insurance products and pay them directly from the platform where they receive their salaries.
“We have helped merge the NEM payment platform in re-imagining how to collect insurance premiums-which makes the process faster, safer and friendly to customers,” said Azeem Pirani, COO at EFU LIFE. He added: “We improve the efficiency of our teams and the convenience of our documents, with the basis for a more comprehensive insurance experience.”
As mentioned before Business registrarThe co -founder of Neem Nadeem Shaikh said that the insurance sector was the next logical step, given its decrease in its digital maturity and its high importance to financial security. “Insurance has emerged as a critical sector, as both the infrastructure for arrival and digital payments are limited,” said Shaykh, noting that the company saw the opportunity to simplify access through the payments and the compact portfolios.
Despite the increasing demand for financial protection, the penetration of insurance in Pakistan is still less than 1 % of GDP – less than regional standards. Sheikh said Business registrar This is partly due to the outdated operations and the outdated infrastructure that is designed by the NEM infrastructure for replacement.
He said: “By including digital financing on the insurance trip, we can help insurance companies to work more efficiently, go to the market faster, and cancel the insurance of new revenue flows.”
NEM, which raised more than $ 4 million of seed financing from local and international investors-has a credit facility worth $ 4 million from the DNI Group-is a sector and active through a wide range of industries. These health care includes (Sehat Kahani), logistics (TCS, Smartlane), agriculture (Bakhaabar Kissan, Farm2Home), Education (EDKASA), Mobility (Ezbike), Wackeenhut, and e -commerce (bechlo.pk, Ecommdeals), among cases Others.
Shaykh said that the company will continue to deepen its mark in these sectors through targeted partnerships and compact financing solutions specifically designed.
The partnership with EFU Life is one of the most important NEM movements so far and can serve as a template for similar integration with other insurance companies in the future.
