VEON’s Jazz Launches FikrFree: An AI-Powered Digital Marketplace to Unlock Affordable Insurance and Healthcare in Pakistan
VEON's subsidiary Jazz launches FikrFree, an AI-powered digital marketplace for insurance and healthcare in Pakistan. The platform addresses Pakistan's low insurance penetration rate (less than 1% of GDP) by offering personalized insurance plans and healthcare services through a mobile app. FikrFree features flexible payment options, streamlined claims processing with 36-hour payouts, and AI-driven insurance recommendations.
The service complements Jazz's existing digital portfolio, including Tamasha (18M MAUs), JazzCash (17.7M MAUs), and SIMOSA (15.2M MAUs) in 2Q24. This initiative aligns with VEON's Digital Operator 1440 strategy, with direct digital revenues representing over 10% of VEON Group's total revenues.
La sussidiaria di VEON, Jazz, lancia FikrFree, un marketplace digitale alimentato dall'IA per assicurazioni e servizi sanitari in Pakistan. La piattaforma affronta il basso tasso di penetrazione delle assicurazioni in Pakistan (meno dell'1% del PIL) offrendo piani assicurativi personalizzati e servizi sanitari attraverso un'app mobile. FikrFree offre opzioni di pagamento flessibili, un'elaborazione delle richieste semplificata con pagamenti in 36 ore e raccomandazioni assicurative basate su IA.
Il servizio completa il portafoglio digitale esistente di Jazz, che include Tamasha (18 milioni di utenti attivi mensili), JazzCash (17,7 milioni di utenti attivi mensili) e SIMOSA (15,2 milioni di utenti attivi mensili) nel 2° trimestre del 2024. Questa iniziativa si allinea con la strategia Digital Operator 1440 di VEON, in cui i ricavi digitali diretti rappresentano oltre il 10% dei ricavi totali del gruppo VEON.
La subsidiaria de VEON, Jazz, lanza FikrFree, un mercado digital impulsado por IA para seguros y atención médica en Pakistán. La plataforma aborda la baja tasa de penetración de seguros en Pakistán (menos del 1% del PIB) al ofrecer planes de seguros personalizados y servicios de salud a través de una aplicación móvil. FikrFree cuenta con opciones de pago flexibles, procesamiento simplificado de reclamaciones con pagos en 36 horas y recomendaciones de seguros impulsadas por IA.
El servicio complementa el portafolio digital existente de Jazz, que incluye Tamasha (18 millones de usuarios activos mensuales), JazzCash (17,7 millones de usuarios activos mensuales) y SIMOSA (15,2 millones de usuarios activos mensuales) en el segundo trimestre de 2024. Esta iniciativa se alinea con la estrategia Digital Operator 1440 de VEON, donde los ingresos digitales directos representan más del 10% de los ingresos totales del grupo VEON.
VEON의 자회사인 Jazz가 파키스탄의 보험 및 의료를 위한 AI 기반 디지털 마켓플레이스 FikrFree를 출시합니다. 이 플랫폼은 파키스탄의 낮은 보험 침투율(명목 GDP의 1% 미만)을 해결하기 위해 개인 맞춤형 보험 계획과 의료 서비스를 모바일 앱을 통해 제공합니다. FikrFree는 유연한 결제 옵션, 36시간 내 클레임 처리 및 AI 기반 보험 추천 기능을 갖추고 있습니다.
이 서비스는 2024년 2분기 기준으로 Tamasha(1,800만 MAUs), JazzCash(1,770만 MAUs), SIMOSA(1,520만 MAUs)를 포함한 Jazz의 기존 디지털 포트폴리오를 보완합니다. 이 이니셔티브는 VEON의 Digital Operator 1440 전략과 일치하며, 직접 디지털 수익이 VEON 그룹 총 수익의 10% 이상을 차지합니다.
La filiale de VEON, Jazz, lance FikrFree, un marché numérique alimenté par l'IA pour les assurances et les soins de santé au Pakistan. La plateforme répond au faible taux de pénétration des assurances au Pakistan (moins de 1 % du PIB) en offrant des plans d'assurance personnalisés et des services de santé via une application mobile. FikrFree propose des options de paiement flexibles, un traitement simplifié des réclamations avec des paiements sous 36 heures et des recommandations d'assurance basées sur l'IA.
Ce service complète le portefeuille numérique existant de Jazz, qui comprend Tamasha (18 millions d'utilisateurs actifs mensuels), JazzCash (17,7 millions d'utilisateurs actifs mensuels) et SIMOSA (15,2 millions d'utilisateurs actifs mensuels) au deuxième trimestre 2024. Cette initiative s'inscrit dans la stratégie Digital Operator 1440 de VEON, avec des revenus numériques directs représentant plus de 10 % des revenus totaux du groupe VEON.
Die Tochtergesellschaft von VEON, Jazz, startet FikrFree, einen KI-gestützten digitalen Marktplatz für Versicherungen und Gesundheitsdienste in Pakistan. Die Plattform geht auf die niedrige Versicherungsdurchdringung in Pakistan (weniger als 1% des BIP) ein, indem sie personalisierte Versicherungspläne und Gesundheitsdienste über eine mobile App anbietet. FikrFree bietet flexible Zahlungsoptionen, einen vereinfachten Schadensbearbeitungsprozess mit Auszahlungen innerhalb von 36 Stunden und KI-gestützte Versicherungsempfehlungen.
Der Dienst ergänzt das bestehende digitale Portfolio von Jazz, das Tamasha (18 Millionen monatlich aktive Nutzer), JazzCash (17,7 Millionen monatlich aktive Nutzer) und SIMOSA (15,2 Millionen monatlich aktive Nutzer) im 2. Quartal 2024 umfasst. Diese Initiative steht im Einklang mit der Digital Operator 1440-Strategie von VEON, wobei die direkten digitalen Einnahmen über 10 % der Gesamteinnahmen der VEON-Gruppe ausmachen.
- Launch of new revenue stream through digital healthcare and insurance marketplace
- Expansion into underserved market with less than 1% insurance penetration
- Digital services contribute over 10% of VEON Group's total revenues
- Strong existing digital user base across platforms (Tamasha: 18M MAUs, JazzCash: 17.7M MAUs)
- None.
Insights
The launch of FikrFree represents a significant digital transformation initiative in Pakistan's healthcare and insurance sectors. The platform's AI-powered personalization and integration of multiple services (insurance, healthcare, payments) demonstrates strong execution of VEON's Digital Operator 1440 strategy. With direct digital revenues already exceeding
The market opportunity is substantial, given Pakistan's insurance penetration of less than
This strategic move into Pakistan's healthcare sector presents a compelling growth opportunity. With a population exceeding 220 million and severely insurance penetration, FikrFree addresses a critical market gap. The platform's integration with VEON's existing digital ecosystem, particularly JazzCash's fintech infrastructure, creates powerful synergies for user acquisition and retention.
The pay-as-you-go model and micro-insurance options are particularly well-suited for Pakistan's economic demographics, potentially driving rapid adoption among the uninsured population. VEON's track record with digital services in Pakistan, demonstrated by the strong MAU figures across their portfolio, suggests they have the local market understanding and distribution capabilities to scale this new offering effectively.
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
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
"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 VEON
VEON 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
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.
Disclaimer
This 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
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FAQ
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