Egypt - Weak electronic culture in the insurance market
Tuesday, 05 12 2015, Category: Insurance and Reinsurance, Country: Egypt
The Egyptian insurance market has no electronic intermediation, weak modern technology use, such as the use of the internet and social media in marketing in addition to electronic settlement.
Leaders of the sector said that the absence of electronic intermediation in addition to the non-availability of modern “IT” systems since they are expensive, and the refusal of some insurance companies and intermediaries to adopt them call upon cooperation between the two parties in order to enable the electronic settlement of premiums to the benefit of insurance companies.
The leaders added that electronic distribution of insurance is inexistent because it suits a certain category which has a high income, and a certain education level. There is mistrust in electronic payment means which will need a safe infrastructure, innovating methods for marketing and sales, competitive prices along with an easy and simple use of insurance applications.
Source: Al Mal News