State Life Celebrated a remarkable milestone its 50th Years Launch Event

State Life Celebrated a remarkable milestone its 50th Years Launch Event

February 11,2022

State Life Celebrated a remarkable milestone: its 50th Years Launch Event. From our beginning, concepts of community innovation, and service to nation have been the driving forces behind success of this organization. We strive to make a lasting impact in the lives of our clients and communities, with the strength and stability

State Life Insurance Corporation of Pakistan, the country’s largest life & Health insurer, has launched its digital portal.

On the occasion Mr. Abdul Razzak Dawood – Adviser for Commerce, Mr. MUHAMMAD SUALEH AHMAD FARUQUI- Federal Secretary Commerce Mr. Shoaib Javed Hussain Chairman State Life has inaugurated 'SLIC Digital Portal & Mobile App' as part of its effort to enhance its digital footprint.

With an intention to become a tech-driven life insurer, State Life sale its unique health and life insurance products through the portal & app, Customers can use SLIC Digital to buy policies online, pay the premium and avail of other services.

Getting an ‘Insurance Policy or Health coverage’ has never been easier, Now with State Life’s online portal, you will get ‘Digital Insurance products & Health coverage’ from the comfort of your home. Through this digital channel, State Life intends to expand beyond the traditional way of doing business with ease and hassle-free online payment process in this digital age.

State Life plans to undertake the next wave of digital transformation to unlock several benefits of accelerating growth, driving customer satisfaction and improving intermediary productivity and loyalty.

In Pakistan, digital insurance is being adopted at an impressive pace; the country is embracing Insurtech, which is the use of technology in insurance transactions and processes. This entails creating awareness, solving issues, and risk management. The major products used are smart devices and sensors. These products are designed to allow 
Millennials access the insurance coverage they want. 

Chairman State Life Shoaib Javed Hussain said on 50th year anniversary of SLIC
The founding principle for State Life Insurance Corporation of Pakistan has been to “secure that life insurance business is developed to the best advantage of the community.”

Since its inception in 1972; State Life has been successfully meeting its vision; leading Pakistan’s insurance industry, enhancing social and financial protection of Pakistanis from Karachi to Khyber and Gwadar to Gilgit.

Over its 50 year journey, State Life has focused on servicing its esteemed customers with more than 11,000 locations across Pakistan and is the sole insurance company to allocate 97.5% of its profits to its policyholders.

During 2021, despite unprecedent COVID challenges, State Life has continued its mission to serve its community and policyholders by declaring record setting bonuses with expected bonus allocation of more than Rs 80bn in 2021; and a historic payout ratio with more than Rs 100bn expected claim payments in 2021.

State Life has extended its services to our community beyond life protection to health solutions too. It proudly serves the Sehat Sahulat program.
By staying true to its mission and purpose, in 2021 State Life has achieved record setting growth across all lines of business. Across its life and health protection solutions; State Life is honored to serve more than 130m Pakistanis.

State Life has strengthened its financial position via a self-sustained model, with no debt leverage or government grant since its inception; strong dividend payouts and an increasing investment and real estate portfolio with more than Rs 1 trillion assets under management. Through its sound financial management and protection solutions, State Life is the only insurer in Pakistan to be rated AAA by PACRA. State Life through its operations provides livelihood to more than 135,000 Pakistanis.  

As State Life looks towards the next 50 years; we strive to continue serving our community through:

    •    Enhancing value-adding life and health protection solutions for Pakistanis across all strata of society
    •    Solutions serving Overseas Pakistanis via National Remittance Loyalty Program and Bureau of Emigration
    •    Strategic partnerships supporting IT and digital economic development in Pakistan via STZA and PSEB
    •    Innovative financial and protection solutions ensuring youth and women empowerment across Pakistan  
    •    Development of digital services and solutions for its customers
    •    Strategic partnerships with leading banks and organizations in Pakistan to provide ‘best-in-the-industry’ solutions to our respective customers

On behalf of the State Life family, I thank our customers and partners for their continued trust and pledge our continued services to Pakistan.