Egypt – New products that fit low income persons
Saturday, 04 28 2018, Category: Insurance and Reinsurance, Country: Egypt
Life insurance experts agreed on the importance of innovating new products that target low income persons with an affordable low premium though a convenient distribution channel such as electronic payment or cooperation with the post or telecommunications. Moreover, the marketing departments of insurers as well as insurance brokers are important in selling group and individual contracts.
Additionally, they said that innovating new products like “Aman for Egyptians” is a successful example of cooperation between insurance companies and banks in order to reach the low income persons, so they confirmed the importance of creating new products that complement pension income or that offer savings and investments noting that banks have a large network of branches compared to insurance companies, which can help reach customers quickly.
Source: Amwal Al Ghad