Morocco: Online sales channel lagging in insurance market
Source: Middle East Insurance Review | Jul 2023
One of the weak links in the Moroccan insurance sector is online sales. Despite widespread online purchase of insurance policies required in obtaining a visa for certain countries, sales of other products such as automotive and housing via the Internet are struggling, reported Medias24.com.
Insurance customers in Morocco are still timid about purchasing insurance online and in-person contact is still preferred.
The Insurance and Social Security Supervisory Authority (ACAPS) issued instructions relating to electronic systems and devices for online insurance sales that took effect in July 2022. The instructions set out the terms and conditions and procedures that insurance and reinsurance companies, as well as insurance intermediaries and other entities authorised to engage in online insurance operations, must fulfil in setting up systems for the purchase of insurance contracts online.
Under the instructions, the insurance policy is signed online, with electronic signatures by both sides and the e-contract must be accessible to the insured at any time and sent upon request, within seven days.
ACAPS policyholder protection directorate head Younes Lammat speaking at a masterclass on online insurance said that a dozen insurers are currently in the process of deploying online sales systems. He said that online selling of certain insurance products in Morocco, which do not require advice, should develop at a more sustained pace. M