Mohandes Insurance Co (MIC) has won the Insurance Company of the Year Award at the 46th African Insurance Organisation (AIO) conference held in Johannesburg last week.
MIC has maintained steady growth over the past five years as GWP grew to EGP430m ($25.6m) in 2018, showing an increase of 31% over 2017 and 107% compared to 2015.
The company is the first insurer in Egypt to introduce an advanced claims handling app to serve clients via the smartphone. It has also been active in upgrading IT systems and expanding its direct, brokerage and bancassurance distribution network. Furthermore, MIC is showing high interest in social media as an enabler to communicate with its clients and expand insurance awareness in the Egyptian market.
“We worked hard to take the leading position which MIC is holding today. Thanks to our team and for their dedication to develop their skills, MIC has been rewarded this impressive Award. Being named the best insurance company in Africa is a translation and recognition of the hard work our team has exerted over the past five years. Eventually, hard work talks for itself,” said Mr Reda Fathy, chairman and managing director of MIC, upon receiving the award.
The company has also been among the top five insurers in Egypt in terms of profitability over the past three years and was the sole insurer ranked among the top 100 companies on the Egyptian Stock Exchange, based on financial performance.
This year's awards represented the fifth edition of the African Insurance Awards which was launched by African Reinsurance Corporation (Africa Re). Other award categories include Innovation of the Year, InsurTech of the Year and CEO of the Year. Mr Fathy was among the shortlisted for the latter.