Tokyo: Securities and Exchange Commission of Pakistan (SECP) Insurance Commissioner Mujtaba Ahmad Lodhi represented Pakistan and his insurance sector during the Eastern life insurance seminar held in Tokyo, Japan.
The event, organized by the Oriental Life Insurance Cultural Development Center (OLICD), brought together regional stakeholders to deliberate on emerging trends, challenges and opportunities in the life insurance sector.
Lodhi appreciated the president of Olicd Yonekura Tsukasa for his efforts in the organization of the seminar.
The seminar, organized by the International Insurance Society (IIS) in collaboration with the Japan Financial Agency (FSA), has revolved around the theme: “The future of life insurance: digital transformation and global risk management.” He saw the participation of more than 1,000 managers, regulators and fintech leaders in more than 40 countries.
Seminar key factory facts
- Digital insurance solutions and AI: the main insurers, including AIA, Prudential and Zurich, have presented subscription tools fueled by AI and policies management systems based on blockchain. The integration of chatgpt-6 for instant customer service and the treatment of complaints was an important point of discussion.
- Expansion of parametric insurance: Panelists have discussed climate-related life insurance products that dynamically adjust bonuses using real-time data from IoT devices.
- Chart of regulation in Asia: the FSA of Japan has announced its intention to accelerate digital insurance licenses to promote competition, while the Mas of Singapore shared ideas on cross -border insurance sand programs.
- Longevity and retirement challenges: discussions focused on new pension products to approach aging populations in Japan and Europe. Ethical debates also occurred regarding genetic tests and personalized premiums.
- Cybersecurity and fraud prevention: Swiss responded to a quantum resistant encryption frame designed to protect data from the police holder.
The notable speakers of the event included the president of the Asian Development Bank Masatsugu Asakawa, who spoke of “sustainable insurance in emerging markets”; Sarah Hofstetter, the CEO of Swiss Re Japan, who discussed the “role of AI in the effectiveness of complaints”; And Kenji Fujimori, president of Nippon Life, who provided an overview of the “Insurance Market in Japan in 2030”.
The 2026 summit is confirmed in Singapore, emphasizing DEFI insurance and policies supported by Crypto, signaling the prospective trajectory of the industry.