Karachi, September 19, 2019: Careem and MicroEnsure have recently entered into a strategic partnership to offer innovative digital insurance and financial protection solutions through the Careem platform.
Under the arrangement, both companies will work together in developing a range of need-based insurance and protection plans which will be made available to Pakistanis who subscribe to the Careem App. Captains and Customers, both existing and new, will soon be able to buy insurance easily through their Careem App not just for themselves but also for their families. This is, however, different from in-ride insurance provided to Captains and customers using Careem App.
The key feature of this service will be an end-to-end digitized process from enrollment to claims settlement, while maintaining simplicity, keeping in mind that a large number of Pakistanis do not have any prior insurance experience.
Most financial products including insurance in Pakistan has low penetration compared to the various regional markets. There is therefore a need for established players with strong consumer brands to utilize their platforms in promoting such products to a larger segment of the mass market. Inaccessibility of right products fits, complex processes, exorbitant premiums and lack of trust for conventional insurance products means fewer customers in Pakistan can be catered to. Digital solutions through partnerships can help break these barriers.
On this important partnership, Zeeshan Hasib Baig, General Manager Careem Pakistan, commented “Our mission is to simplify and improve the lives of people by providing easy access to facilities such as buying insurance. This service on our app will enable App users to purchase insurance not just for themselves but also for their families. In the long-term we see big opportunities for developing services such as insurance and financial services solutions with our vision of becoming the number one Super-App for the region”.
Rehan Butt, Group Business Director, MicroEnsure remarked: ‘’The environment for hyper growth of insurance in Pakistan is just set and credit goes to the emergence of large digital brands like Careem and the efforts of the regulatory bodies in providing enabling environment. Leveraging on these favorable conditions and partnership with strong Careem brand, we hope to help address financial worries of common people in risks like death, disability, hospitalization and loss of personal belongings’’.
