The Financial Regulatory Authority (FRA) has granted InsurTech licences to two insurance companies, revealed the regulator's Vice Chairman, Dr Ahmed Abdel Aziz. In addition, the regulator is studying the applications of six other insurance companies for the licence.
He said that these moves are part of the insurance sector’s move to widen the use of digital solutions with the aim of expanding the customer base and enhancing insurance inclusion.
As for the FRA, expanding digitalisation in the insurance sector is one of the main pillars of its strategy, given its role in improving customer experience, reducing costs, supporting innovation, and attracting new investments to the Egyptian market.