By: Basel Khaled
Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, Dr. Amr Talaat, Minister of Communications and Information Technology, and Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority, witnessed the launch ceremony of the first strategic partnership between the insurance and telecommunications sectors, represented by Misr Life Insurance Company and E&Misr. This is at the Authority’s headquarters, to market and distribute insurance products through the branches of E&E Egypt (formerly Etisalat by &E Egypt), in an effort by the Authority to expand the base of beneficiaries of insurance coverage to enhance levels of insurance coverage, as well as the first cooperation between the Authority and the National Telecommunications Regulatory Authority within the framework of the efforts made. To support digital transformation and financial inclusion efforts by signing an agreement regarding the customer data verification service in Egypt.
The partnership between Misr Life Insurance and E&Misr is the first implementation of the decisions of the Financial Regulatory Authority to allow insurance companies to market their insurance products approved by the authority by establishing a branch of the company in one of the branches or offices of telecommunications companies, after allowing insurance companies to market and distribute micro insurance policies electronically from Through telecommunications companies and electronic stores licensed by the competent authorities.
The authority aims to enhance integration between all institutions and support the role of the non-banking financial sector in the national economy, aiming to increase the number of beneficiaries of non-banking financial services, to improve levels of financial inclusion, and in particular to enhance insurance inclusion in Egyptian society.
The partnership between Misr Life Insurance and E&Misr Company allows the marketing of a number of insurance products affiliated with Misr Life Insurance Company, through 52 branches of E&Misr Company as a first stage distributed across the governorates of the Republic, provided that work is done to complete the cooperation steps to include broader geographical areas. .
For his part, Dr. Mohamed Farid, Chairman of the Financial Supervisory Authority, said that the partnerships we witnessed today aim to support the government’s efforts to achieve financial inclusion and expand the base of beneficiaries of non-banking financial services, especially insurance inclusion.
The Financial Supervision also aims to provide an enabling environment that helps non-banking financial companies, especially insurance, expand the base of beneficiaries by providing insurance products that suit citizens’ financial capabilities.
He explained that the Authority is thus completing efforts to expand the base for the spread of insurance products, which began with the Board of Directors of the Financial Regulatory Authority issuing Resolution No. 292 of 2023, which allowed the marketing of typical micro-insurance policies electronically, through the Internet through telecommunications companies and electronic stores licensed to practice the activity. This comes in support of digital transformation efforts and accelerating the digitization of non-banking financial transactions to enhance the role of the non-banking financial sector in the national economy.
Dr. Farid added that the Unified Insurance Law allowed companies to obtain licenses to practice microinsurance activity, with the aim of enhancing its growth and development during the coming periods.
For her part, Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, stressed the importance of the partnership launched today, which is the first of its kind between the telecommunications and insurance sectors in Egypt, as they are at the heart of all economic development plans, in light of the state’s move towards implementing structural reforms. Supporting the Egyptian economy, and focusing on a number of key sectors that drive economic growth and digital transformation, within the framework of enhancing Egypt’s role as a regional center for technology and innovation. She also stressed that the stage that the Egyptian economy is going through requires the expansion of partnerships with the private sector, which is reflected in achieving comprehensive and sustainable development.
In the same context, she praised the partnership between the Financial Regulatory Authority and the National Telecommunications Regulatory Authority, which works to accelerate the pace of digital transformation in the non-banking financial sector and enhances citizens’ access to these services.
For his part, Dr. Amr Talaat, Minister of Communications and Information Technology, confirmed that the two agreements consolidate the vision of the communications and information technology sector in facilitating the provision of services to citizens and the governance of these services through their automation in light of the vital role played by the communications and information technology sector. Pointing out that the sector has become a common denominator for all sectors and a basic pillar for achieving a real renaissance in all other sectors. Adding that the signing of the cooperation agreement between the National Telecommunications Regulatory Authority and the Financial Regulatory Authority comes in light of the importance of verifying data and ensuring its accuracy to provide better services to citizens. Stressing that no software system can bear fruit without the availability of audited, sound and real-time data.
For his part, Dr. Ahmed Abdel Aziz, Executive Managing Director of Misr Life Insurance Company, said that the strategic alliance with E&Misr, one of the leading companies in the field of communications and technology, is the first alliance of its kind in the Egyptian market and a new beginning of expansion and development as a positive model for innovation and interaction in The financial services and communications market, which will result in an increase in growth rates and a wider spread of insurance awareness in the Egyptian market and the uses of financial technology.
He confirmed that this strategic alliance with E&Misr will ensure the presence of new marketing channels that are more widespread and present in the Egyptian market, and the provision of insurance solutions that suit the requirements of E&Misr’s customers, while benefiting from a smooth and unique experience in purchasing insurance policies, which saves customers time and effort.
For his part, Engineer Hazem Metwally, CEO of E&Misr, said that this alliance will provide one of the effective means that will achieve a breakthrough in providing various insurance products to the company’s customers. This agreement comes with Misr Life Insurance to meet the requirements of our customers, establish extended relationships with them, and provide what they need. Unique and distinguished financial services and products.
He pointed out that this strategic partnership comes within the framework of the new company's vision to transform into an integrated technology company that provides a wide range of innovative solutions, products and services to its corporate and individual customers in Egypt, which helps them improve the efficiency of their operations and enhance their growth, including these innovative insurance services.
Engineer Metwally added that the work plan is based on providing a number of different insurance products in 52 branches of E&Misr as a first stage nationwide, stressing that work is being done to complete cooperation steps to include broader geographical areas, allowing for more uses of technology. Finance and positively affects the interest of customers and provides insurance and financial solutions more easily and smoothly.
