Minister of Investment and Foreign Trade Dr Mohamed Farid has emphasised that digital transformation is a strategic necessity for the growth of Egypt's insurance sector, which requires a stronger private sector to support structural reforms and improve market efficiency.
This came during the Minister's meeting in Washington with Ms Amanda Horan, Vice President and Head of Government Relations at MetLife, where they discussed boosting joint investments and expanding in Egypt, particularly in digital insurance, the State Information Service said in a statement.
Dr Farid said the Egyptian government is working to create a supportive operating environment by introducing tools such as e-KYC and electronic signatures to expand access and improve service quality.
Initiatives
In the digital arena, the Financial Regulatory Authority (FRA) is set to introduce several initiatives. These include:
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a digital insurance brokerage company offering online platforms to compare and market insurance policies, helping customers select the most suitable options more efficiently
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a “digital identity” to enable electronic verification of personal data without the need for physical documentation, to facilitate foreign investors’ access to Egypt’s financial market, particularly investment funds, and reshape customer verification processes across sectors such as insurance, microfinance, and investment funds
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a model enabling remote vehicle inspections using video technology, allowing damage assessments without the need for an on-site expert
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a digital financial brokerage model in the microfinance sector.