An AI-Powered Digital Marketplace to Unlock Affordable Insurance and Healthcare in Pakistan
- Written by: iPMI Global
VEON Ltd., a global digital operator has announced that Jazz, its digital operator in Pakistan, has launched FikrFree, a new AI-powered digital marketplace for insurance and healthcare. The platform aims to bridge a significant gap in Pakistan, where insurance sector penetration is less than 1% of GDP according to the Securities and Exchange Commission of Pakistan, and millions lack access to essential healthcare. In comparison, insurance penetration in other countries is significantly higher (over 7% of GDP in the US and more than 9% of GDP in the UK, according to the World Bank). FikrFree helps users find accessible and affordable coverage through personalized insurance plans and healthcare services.
FikrFree aims to reach the underserved healthcare market in Pakistan through an innovative platform that seamlessly integrates insurance, healthcare, and financial services all in one mobile app. FikrFree also leverages artificial intelligence to recommend personalized insurance plans for customers. The new digital service builds on VEON’s commitment to creating innovative digital solutions as part of its Digital Operator 1440 strategy, offering customers a portfolio of connected services that are relevant for each of the 1,440 minutes in a day. In 2Q24, direct digital revenues represented over 10% of VEON Group’s total revenues.
"Access to affordable healthcare is a fundamental need. In Pakistan, where millions struggle to find suitable insurance coverage and healthcare services, VEON is addressing this challenge with connected digital services. With the launch of FikrFree, we are empowering customers to access personalized insurance plans, specialist doctors, and on-demand medicine delivery—all in one seamless platform. Our digital operator strategy focuses on investing in services that enhance lives, and with FikrFree, we aim to make affordable healthcare accessible to all Pakistanis," says Kaan Terzioglu, CEO of VEON Group.
FikrFree provides affordable insurance options with flexible payment options, including a pay-as-you-go model and micro and nano-insurance policies, to help maximize access to healthcare. It also significantly streamlines claims processing, which has been a key barrier to entry for insurance services. Customers can now submit claims with just a few clicks and receive their payout from the insurance company within 36 hours, significantly reducing the stress of filling claims.
The launch of FikrFree builds on the success of Jazz’s existing digital services, including Pakistan’s leading digital entertainment platform Tamasha, which had 18 million monthly active users (MAUs) in 2Q24. Additionally, in 2Q24, JazzCash, Pakistan’s largest fintech platform had 17.7 million MAUs, and SIMOSA, Pakistan’s largest telecom and lifestyle hub had 15.2 million MAUs.
In other connected healthcare services, VEON's Kyivstar in Ukraine continues to develop Helsi Ukraine, with about 28 million registered users in Q224, while in Bangladesh, the MyBL super app, which served 8.1 million MAUs at the end of 2Q24, offers the Banglalink Health Hub.
