News Middle East08 Jun 2021

Egypt:Regulator to set up IT system to combat insurance fraud

| 08 Jun 2021

The Financial Regulatory Authority (FRA) is planning to install an "e-score" system targeted at clients of insurance companies who have made attempts to defraud insurers, according to the regulator's vice chairman, Mr Reda Abdel Moaty

He says that the FRA is currently preparing a tender document spelling out technical specifications for the insurance "e-score" system.

In an exclusive statement to Amwal Al-Ghad, he says that the goal is to help insurance companies avoid losses resulting from clients' tampering with insurance policies and other illegal activities.

He points that the FRA has already launched an electronic platform in collaboration with the Insurance Federation of Egypt to exchange data among insurance companies, especially with regard to insurance applications rejected by insurers and the reasons for the rejection. He explains that the FRA is seeking to transform this platform into an insurance inquiry system.

He stresses that the proposed online platform will contribute to exposing negative practices carried out by some individuals to defraud insurance companies. This will also lead to improvement in technical underwriting. Insurers can also benefit from credit information on customers. He says that in the future, the "e-score" system for insurers could pave the way for a unified system with information on all dealings by a particular customer in the financial services sector.


| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.


Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.