The Egyptian Financial Regulatory Authority (FRA) is currently planning to increase financial inclusion in the country through digital applications and electronic issuance of insurance policies. The regulator also wants to allow insurance companies to deal with their customers through mobile applications.
Insurance expert Mohammed Al-Maghrabi said that the adoption of the new insurance law, which has been finalised by the FRA and will be debated by lawmakers, will increase the role and effectiveness of digital transformation, according to local media reports.
He said that the FRA has taken effective steps towards digital transformation in the insurance industry in coordination with the Insurance Federation of Egypt, to increase reliance on technology to provide regulatory services to the insurance market on the one hand; and to develop ways of marketing insurance products and prevent practices harmful to the market on the other hand.
He added that there are many criteria to be met by insurance companies to be able to transform their operations digitally.
Mr Al-Maghrabi said that these standards include the need for insurance companies to use modern and advanced IT systems and keep pace with the technological systems in international insurance companies. Insurers also have to maintain electronic databases, to provide policy issuance, premium collection and compensation services quickly and flexibly in order to ensure customer satisfaction and confidence in the services provided to them. Ease of data entry and speed and compatibility with other technologies are important too to meet the needs of customers.
He pointed to the need for all 38 life and property insurance companies in the Egyptian market to adopt digitisation.