VEON’s Jazz Launches FikrFree: An AI-Powered Digital Marketplace to Unlock Affordable Insurance and Healthcare in Pakistan
October 24 2024 - 7:00AM
Amsterdam and Dubai, 24 October 2024: VEON Ltd.
(Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator
(“VEON” or the “Company”), today announces 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.
About VEONVEON is a digital operator that
provides converged connectivity and digital services to nearly 160
million customers. Operating across six countries that are home to
more than 7% of the world’s population, VEON is transforming lives
through technology-driven services that empower individuals and
drive economic growth. VEON is listed on Nasdaq and Euronext. For
more information visit: www.veon.com
About Jazz
Jazz is Pakistan’s leading digital operator with
over 71.4 million cellular subscribers and 63.3 million MAUs of
digital services. Jazz offers the most extensive portfolio of
digital services including JazzCash, Pakistan’s leading fintech;
Garaj, the largest onshore cloud and cybersecurity platform; and
Tamasha, Pakistan’s largest homegrown OTT video streaming and
entertainment platform.
DisclaimerThis release contains
“forward-looking statements,” as the phrase is defined in Section
27A of the U.S. Securities Act of 1933, as amended, and Section 21E
of the U.S. Securities Exchange Act of 1934, as amended.
Forward-looking statements are not historical facts, and include
statements relating to, among other things, VEON’s digital products
and commercial plans. Forward-looking statements are inherently
subject to risks and uncertainties, many of which VEON cannot
predict with accuracy and some of which VEON might not anticipate.
The forward-looking statements contained in this release speak only
as of the date of this release. VEON does not undertake to publicly
update, except as required by U.S. federal securities laws, any
forward-looking statement to reflect events or circumstances after
such dates or to reflect the occurrence of unanticipated
events.
Contact Information
VEON Hande Asik Group Director of
Communication pr@veon.com
MHP Group Julian Tanner julian.tanner@mhpgroup.com
- Jazz CEO Aamir Ibrahim unveiled FikrFree, an AI-powered digital
marketplace set to revolutionize access to affordable insurance and
healthcare in Pakistan, at the VEON Management Strategy Workshop in
Dubai.
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