Morocco: Insurance federation embarks on digital transformation
Source: Middle East Insurance Review | Sep 2020
The Moroccan Federation of Insurance and Reinsurance Companies (FMSAR) is involved in several projects to promote digital technology as a strategic lever for economic transformation and social inclusion.
Towards this purpose, a diagnosis of insurance distribution is underway. This will make it possible to better define the starting point, to assess the maturity of the players in the sector and to consolidate the visions and ambitions of the forces involved, reported Les Eco.
At the start of 2020, before the outbreak of COVID-19 in the kingdom, the Supervisory Authority of Insurance and Social Welfare (ACAPS) initiated a joint study with the FMSAR and the various players in the sector (FNACAM, insurers, Ministry of Finance, banks involved in bancassurance, etc.) to analyse the evolution of the distribution of insurance products in the digital age. This study aims to support the digital strategy both for underwriting and for services offered to policyholders and beneficiaries.
The study aims to identify all the necessary measures that would make digitalisation a development lever for the insurance industry, and also improve the insurance coverage rate.
According to the FMSAR, “it is not about replacing one distribution channel with another, but rather enabling existing distribution channels to be more efficient while bringing additional business through online subscriptions.”
The federation is also working on two important projects. These involve the issuance of online motor insurance certificate and a national repository of insured vehicles. M