Morocco’s Supervisory Authority of Insurance and Social Security (ACAPS) is considering a major reform of the Insurance Code to keep pace with transformations brought about by the digital revolution in which some Moroccan insurers are already engaged in.
Mr Hassan Boubrik, President of ACAPS, said at the recent Rendez-vous de Casablanca: “I intend to initiate in the coming months, a thorough reform of the Insurance Code to anticipate technological changes in the sector over the next 10 to 15 years.”
He stressed that in amending the law, the reconfiguration of the value chain needs to be taken into account, in addition to the emergence of players in new areas like FinTech and InsurTech, reported the local media.
In addition, GAFA (Google, Amazon, Facebook, Apple) can exploit Big Data to offer new intelligent and customised insurance solutions. These new models will have a significant impact on market conditions and pricing.
Consumers are no longer passive, said Mr Mohamed Hassan Bensalah, President of the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR). He said that with digital transformation, the future of the traditional network must be reinvented and that it must make its own digital changes.
In Morocco, digitisation is still in its infancy. Nevertheless, operators remain confident and hope to accelerate the digital transformation over the next 5-10 years. However, these changes cannot materialise without regulatory support, said Mr Bensalah.
He added that there is a need to revisit the Insurance Code and “try to imagine a new regulatory framework that will allow us to truly benefit from the development potential of the sector over the next 15 to 20 years”. M