Einstein once said: “If I had an hour to solve a problem and my life depended on the answer, I would spend the first 55 minutes figuring out the proper questions to ask. For if I knew the proper questions, I could solve the problem in less than 5 minutes.”
This makes logical sense as after spotting a problem, identifying proper questions has better chances of getting to the right solution. This approach was exhibited in last week’s hashtag#insurance webinar “Innovations in Insurance for Pakistan” organized by the CxO Global Forum. In most insurance related events I have participated in, I am sure many of my friends will relate, the discussion typically starts with how low is the insurance penetration in hashtag#pakistan (yes, the near never-failing repetition of <1% of the GDP…) and often ends on the note that the regulator has to do something to fix that (I am looking for a circular or law issued by a regulator that led to the insane growth of hashtag#ridehailing apps or hashtag#youtube for that matter…🙂).
Back to the webinar…. I got the privilege of participating in the discussion with experienced and talented professionals and moderated by very capable Barrister Sahar Iqbal and we asked ourselves some difficult but fundamental questions such as these:
🔍Why a majority of insurance professionals have joined the industry only accidentally?
🔍Why isn’t insurance the go-to industry for top graduates joining the market?
🔍Why common people do not get insurance? Or
🔍With over 23 million motorbikes in Pakistan, why aren’t those (or some of those) insured?
Our discussions and explanations in an hour-long session were a mere scratching of the surface but marked a good beginning. There is definitely need for more sessions focused on asking the right questions as that is the key to unpack the problem and find practical and workable solutions.
Wajahat KhawajaHunain KapadiaAtif IrshadMuhammad Hisham ACII (UK) Chartered InsurerZain J.Sohail Hameed KhanInstaful SolutionsCxO Global ForumMuhammad Affan
hashtag#inclusiveinsurancehashtag#digitalinsurancehashtag#microinsurancehashtag#digitaltransformationhashtag#InsuredPakistanhashtag#inclusivebancassurancehashtag#climateriskinsurancehashtag#cropinsurancehashtag#agricultureinsurancehashtag#instaful