Embedded finance platform Neem, which has raised over $4 million in seed funding, has entered the insurance sector through a strategic partnership with EFU Life, aiming to digitize the entire insurance value chain—from premium collection to claims disbursement.
Digital Payments Made Easy
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Neem Payment Button: EFU Life customers can pay premiums digitally via cards, wallets, or bank transfers.
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Payments are auto-matched to policy numbers, reducing errors, delays, and manual reconciliation.
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Neem is also helping EFU Life build a white-labeled wallet system, allowing customers to store funds, top up via multiple channels, and use them for premium payments, policy purchases, and claims.
Integration with Neem Paymenow
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EFU Life offerings will be integrated into Neem Paymenow, a Shariah-compliant earned wage access platform.
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Employees can access and pay for Islamic insurance products—life, health, and accident coverage—directly through the platform where they receive their salaries.
Azeem Pirani, COO at EFU Life, said:
“The integration of Neem’s payment platform has helped us reimagine how premiums are collected—making the process faster, more secure, and customer-friendly.”
Why Insurance?
According to Nadeem Shaikh, co-founder at Neem:
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Insurance in Pakistan is underpenetrated, with less than 1% of GDP coverage.
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Cash-heavy and outdated processes limit access.
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Digitizing insurance through embedded payments and wallet infrastructure improves efficiency, accelerates insurer operations, and enhances accessibility for millions of Pakistanis.
Neem’s Broader Footprint
Beyond insurance, Neem is active across multiple sectors:
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Healthcare: Sehat Kahani
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Logistics: Smartlane, TCS
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Mobility: ezBike
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Agriculture: Bakhabar Kissan, Farm2Home
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Education: Edkasa
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Retail & Lifestyle: Sana Safinaz, Union Fabrics, Davaam, Padelverse
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Security & Workforce Solutions: Wackenhut Pakistan, HRSG
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E-commerce: Bechlo.pk, Fenrir, EcommDeals
Neem plans to expand partnerships across these verticals, embedding financial products where digital payments are most needed.
This collaboration with EFU Life signals a major step in modernizing Pakistan’s insurance sector, offering faster, safer, and more accessible financial protection through innovative digital solutions.
