The Financial Regulatory Authority (FRA) has given preliminary approval for Orient Insurance Egypt to join the Financial Technology Applications Regulatory Sandbox (FRA-Sandbox) to test a new digital project involving remote inspection and damage assessment in supplementary motor insurance.
The project is part of the Authority’s efforts to promote the use of FinTech and develop digital services in non-banking financial activities, through the application of a digital mechanism that allows remote inspections to be conducted using a secure video link via mobile phone, enabling the inspection expert to guide the client during the inspection and take live documentary photos and footage without the need for on-site assessments.
The project involves integrating a comprehensive digital solution within the existing insurance system, managing inspection requests, directing inspection teams, and recording images, videos, and inspection data in real time. It also links inspection results to compensation, underwriting, and insurance document management procedures, thereby accelerating the work cycle, increasing assessment accuracy, and reducing reliance on traditional manual procedures.
FRA Chairman Dr Islam Azzam affirmed that the Authority pays great attention to supporting innovation in the insurance sector and promoting the use of modern technological solutions that contribute to raising the efficiency of services and improving the customer experience, noting that inspections via digital means represent an important step towards accelerating compensation procedures and reducing the time and operational costs associated with traditional field assessments.
Engineer Ahmed Khalifa, Executive Director of the Regulatory Laboratory at the FRA, said that the Orient project's inclusion in the regulatory laboratory will enable the company to conduct live tests of the proposed digital solutions under the supervision of the Authority, including verifying the efficiency of remote inspection processes, the accuracy of collected data, the level of protection of customer data, and the extent to which the system complies with regulatory and technical requirements.
The Authority revealed that the Regulatory Laboratory received 38 projects in the field of financial technology in the non-banking sectors in less than a year, and five projects were accepted initially, including projects for GIG and Orient in the insurance sector.