Pakistan has been somewhat slow to adopt Islamic fintech. However, it seems to be changing at least in the emerging field of Islamic insurance or Takaful.
Coverlo, Pakistan’s first-ever Digital Takaful is a product of First Digital Takaful (FDT). The coverlo is a step towards protecting yourself against any eventualities. The fintech app offers Shariah-compliant insurance or Takaful to customers online.
Coverlo will be operating under SECP’s Regulatory Sandbox. Such technology and innovation, never seen before in Pakistan’s insurance sector, will alter the Islamic insurance sector in the country by providing safety and protection. By catering to millennials and Generation Z apart from others, Coverlo allows for the financial inclusivity of this largest segment of the population.
The accessibility throughout Pakistan and the availability on all platforms including desktops, laptops, tablets, and mobile phones make it the platform of choice for its customers. The bilingual FAQs and other pages are designed to be more relatable to the target audience. The provider has designed the service platform to empower their customers so that they could cater to adversities and challenges in life.
FDT products include Personal Health Takaful, Family Health Takaful, Personal Accident Takaful, Domestic Travel Takaful, and Home Takaful. The Personal Health Takaful provides a customer-protected hospitalization cover in case of an accident or illness. The policy has unique features including access to Tele-Medicine and access to over 100 hospitals, made easy and affordable.
FDT’s Family Health Takaful is a hospitalization cover that ensures the protection of not only the customer but also their spouse and children in case of an accident or illness. The family is safeguarded against in-patient expenses – protecting the customer’s financial strength. Personal Accident Takaful ensures the customer and his family in case of an accident/permanent disability. It is extended to include medical expenses and repatriation costs as well.
FDT Domestic Travel Takaful offers a series of advantages to protect its clients against various risks, including personal accidents, medical emergencies, and luggage loss. Its Home Takaful product is designed to provide custom home structure and content with comprehensive coverage, including cash and home jewelry security
The aim with Coverlo is to provide Islamic Insurance (Takaful) in a seamless manner that incorporates efficiency, Shariah Compliance, integrity, passion, and innovation.
The company behind the project to protect our customers from any adversities in life and also intend to expand our project to include more products including Health cover for the elderly, Motor Takaful, and International Travel Takaful. Our innovation and customer-centric policies make us the perfect and trustworthy Islamic Insurance platform