Bank Alfalah, one of Pakistan’s leading financial institutions has joined hands with Jubilee general insurance, the country’s premier insurance solution provider to form a strategic alliance that will enable a digitized pathway for customers to avail insurance through AlfaMall. With customers rapidly moving towards digital platforms, this partnership will facilitate users and their ability to avail insurance solutions in a simple manner.
Pakistan is amongst the 50 largest markets for E-commerce with industry revenues growing by 90% during the year 2021. AlfaMall is banking industry’s first initiative to create a trusted E-commerce pre-payment marketplace in Pakistan. It provides Bank Alfalah’s customers the opportunity to use their Accounts, Alfa Wallets, Credit Cards, and Orbit Points or opt for combination payment to securely pay for their online shopping without any hassle, either all in one or on Buy Now Pay Later(BNPL). Through this partnership with Jubilee Life Insurance, the platform will now offer convenient insurance solution for valid purchases of services on AlfaMall. Adding security and simplicity to the mix will create a unique e-commerce experience for AlfaMall users across the country.
Commenting on the development, Group Head Digital Banking Group, Yahya Khan stated; “As a revolutionary platform, AlfaMall has been leading transformation of the conventional E-commerce industry since its inception. Our goal is to provide general insurance solutions for high-ticket size products purchased from AlfaMall. This partnership with Jubilee General Insurance is another step towards our ultimate goal of building a comprehensive platform for customers to shop with convenience.”
For customers, AlfaMall offers thousands of genuine products at the best prices and on BNPL. Jubilee Life Insurance customers who are interested in buying products online on instalments, or by paying upfront, can use the AlfaMall platform to make online purchases.
Azfar Arshad, Chief Operating Officer – Jubilee General Insurance, also commented on the occasion, stating, “Innovations like this are destined to be the backbone of successful nationwide digitalization that leaves no one behind. Partnerships that add value to existing services and bring more convenience to customers are the way forward, and with Jubilee Insurance on board, the only way for business to go is upwards.”
This just goes to show what an immense paradigm shift the banking ecosystem is taking as finance moves towards a digital yet sophisticated environment.
Bank Alfalah is one of the largest banks in Pakistan, with a network of 700+ branches across more than 200 cities in the country, and international presence in Afghanistan, Bangladesh, Bahrain and the UAE. The Bank also has a representative office in Abu Dhabi. Bank Alfalah is owned and operated by the Abu Dhabi Group. The Bank provides financial solutions to consumers, corporations, institutions and governments through a broad spectrum of products and services, including corporate and investment banking, consumer banking and credit, securities brokerage, commercial, SME, agri-finance, Islamic and asset financing solutions.