The Moroccan Federation of Insurance and Reinsurance Companies (FMSAR) and other stakeholders in the industry including agents, brokers, insurance regulator and the government, are looking into the implementation of a digitalisation strategy.
The COVID-19 pandemic and activity lockdowns have accelerated the pace of digitisation in the sector.
Meanwhile, existing priority digitisation projects in the insurance sector are said to be on the right track with the Insurance and Social Welfare Supervisory Authority (ACAPS) digitising its services, such as implementing electronic management of documents and computerising processes and services, reported Les Eco.
Study on online insurance distribution
ACAPS is also currently carrying out a study on insurance distribution in the digital age. This initiative gathers together the various players in the sector, including the Ministry of Finance, the FMSAR and the National Federation of Insurance Agents and Brokers in Morocco (FNACAM). The results of this study should define a strategy for digitising insurance distribution on the Moroccan market. This would help bring about, among other things, cost reduction, better quality of services to policyholders, as well as more flexibility for insurance companies, insurance intermediaries and brokers.
Among tasks which need to be undertaken for digitalisation to be realised is updating the regulatory framework. Some legislation is already available such as Law No. 53-05 relating to the electronic exchange of data, and Law No. 31-08 relating to consumer protection.
However, industry players say that there is still a need to update regulations. For example, new regulations have to be issued to allow digital signatures for online transactions, and to allow insurance sales to be carried out without the need for face-to-face selling.
In the health insurance segment, ACAPS will have to set up an integrated digital ecosystem bringing together all providers, including hospitals, clinics, doctors, pharmacists, laboratories.