The Financial Regulatory Authority (FRA) has attained full digitalisation of its system for interactions with the insurance broking sector, according to the agency's chairman, Dr Mohamed Farid.
He said that the digital transformation would enable insurance brokers to obtain licence renewal services or register with the Authority digitally via an app, without the need to visit the Authority except in specific circumstances.
The online system allows brokers to submit paperwork, update data, conduct tests electronically, and view results in real-time, helping also to expedite the process of issuing and renewing licences, reported the news site Amwal Alghad.
He added that the Egyptian insurance market includes approximately 14,700 individual insurance brokers, both freelance and affiliated with companies, in addition to approximately 26,000 financial professionals. This requires developing digital measures and adopting technology to ease the FRA's work volume and provide faster and more transparent services.
The FRA’s IT infrastructure includes the Digital Professionals Platform, the Central Registry for Digital Contracts and e-Signature.
The regulator requires insurance brokers to register on the electronic platform for professionals.