Egypt – Insurers to adopt digital system
Tuesday, 12 05 2017, Category: Technology, Country: Egypt
The insurance sector is moving toward to the electronic issuance of insurance contracts by taking advantage of the decision of the Egyptian Financial Supervisory Authority, which was issued last year. This regulatory decision allowed standard uniform insurance contracts to be issued electronically such as Third Party Liability motor insurance, travel insurance, micro-insurance in addition to term life contracts that do not necessitate medical underwriting.
Many companies are rapidly applying for licenses at the Supervisory Authority in order to start the process in collaboration with insurance brokerage companies and travel agencies in order to save time and efforts, collect quickly premiums, guarantee liquidity as well as eliminate fraud and human error. Such insurance will use mobile phone applications due to the spread of the use of smart phones and the high level of electronic culture in the Egyptian society during the past years.
Source: Al Mal News