One of the risks faced by the insurance industry is the inability to provide insurance services to the entire population, leaving large segments of them outside of insurance coverage, Insurance and Social Security Supervisory Authority (ACAPS) president Abderrahim Chaffai said.
Speaking at the opening of a seminar last week on inclusive insurance and digitalisation in the Middle East and North Africa (MENA) region, Mr Chaffai said that inclusive insurance is one of the pillars of the national financial inclusion strategy in Morocco.
“It is based on a roadmap which concluded that there is a need to develop microinsurance offers, mainly aimed at the population with limited income, through current and new channels, in addition to adapting the regulatory framework,” he said.
In this regard, ACAPS, in partnership with the Ministry of Economy and Finance and the Moroccan Insurance Federation (FMA), has published a document aimed at modernising and developing the insurance sector, including inclusive insurance, by adopting a series of measures:
- expanding the distribution network of insurance operations by authorizing payments institutions to offer microinsurance
- simplifying contract management procedures and accident reporting procedures
- offering a diverse range of products with simplified subscription and coverage conditions
- setting up a marketing process specially designed for target groups, with the time reduced to pay out compensation.
Mr Chaffai said increasing transparency and competitiveness, protecting consumer rights, developing an effective communication strategy, in addition to continuing efforts aimed at adapting control and supervision tools in the era of digitalisation are effective measures to promote the development of the insurance sector.
Capital Market Authority of the Sultanate of Oman (CMA) executive vice-president Ahmed Al Maamari said the role of digitalisation in the insurance sector is an important tool for strengthening trust and transparency between contracting parties, as well as in improving insurance services.
This trend towards improving digital insurance transactions, responds to the national priorities of the Sultanate of Oman, said Mr Al Maamari.
The seminar was organised by ACAPS and the CMA, in collaboration with the International Association of Insurance Supervisors, the Access to Insurance Initiative, the FSD Africa financial sector development programme and the MENA Insurtech Association. M