Hefazat Technologies is an insurance tech company that specializes in takaful insurance. They work with Telemart, an e-commerce marketplace, to offer solutions for mobile insurance. To simplify the Takaful insurance Kash Rehman, a serial entrepreneur and founder of Hefazat Technologies, enters this Pakistani market.
The start-up will offer insurance for both new and used smartphones. It only matters how old the mobile phones are unless they have a receipt from a recognized shop within 30 days of purchase. It can be an iPhone 8 with a verified invoice that has been sold for the fifth time by a reliable shop.
The Association focuses on mobile device insurance, but hopefully they will expand it to other items. Last year, smartphones imported into Pakistan were worth more than $2 billion.
During the same time, Pakistan also made a total of 25 million handsets. This vast product market requires safety and security against snatching, theft, and unforeseen damage.
By starting this program in Lahore, Islamabad, Rawalpindi, and Karachi, Telemart and Hefazat are trying to get into this market and fill the gap.
Hefazat will provide this takaful offer for smartphones ranging from 5000 to 150,000 PKR within one month of their purchase.
Telemart will operate and manage both the virtual and physical presence. It will also control the services arm of the smartphone Takaful insurance program through all these stores.
Users should evaluate their mobile devices before visiting Telemart locations to be eligible for a takaful certificate. This is a paid scheme, so the seekers of takaful will pay the cost to get the certification.
According to a report by the Global System for Mobile Communications (GSMA), the economic contribution of Pakistan’s mobile phone industry could reach $24 billion by 2023.
Once people have gone through the Telemart website verification process, they can also get the certificates by email. If any theft, loss, or unintentional damage happens to the insured phone through Takaful, then the consumer will receive a smartphone as a replacement.
In Pakistan, Over 2–2.5 million mobile devices are sold monthly. So eventually, thousands of people will benefit from this project through a collaboration between these two companies. When Telemart and Hefazat work together, they could be the first in Pakistan to take this approach.
