الهيئة العامة للرقابة المالية

Dr. Mohamed Farid – FRA Chairman:

• Innovation, enhanced customer experience, efficient pricing and technological advancements are top priorities for improving the sector’s efficiency
• Development of insurance sector is an ongoing process aimed at achieving stability and comprehensive insurance coverage
• A package of decisions will be issued to implement the unified insurance law
• Customer experience with insurance products still has room for improvement, and there is a need to increase customer satisfaction
• To effectively engage younger generations and promote insurance adoption, we need a more sophisticated and tailored approach. We encourage companies to refine their marketing and communication strategies
• Changing public perception and understanding of the importance of insurance requires a collective effort among the Authority, relevant entities, and the Insurance Federation of Egypt “IFE”
• The electronic linkage with insurance companies will be completed soon, enabling us to build a comprehensive database for the sector. This will enhance FRA’s regulatory and supervisory capabilities
• Efficient pricing is a priority to enhance insurance penetration and achieve the desired level of market stability

Dr. Mohamed Farid, FRA Chairman highlighted  insurance sector’s significant potential for growth across all key indicators. He emphasized the sector’s crucial role in expanding insurance coverage, particularly for vulnerable groups and increasing its geographic reach. To achieve this, Dr. Farid underscored the importance of prioritizing innovation, enhancing customer experience, optimizing pricing strategies, and leveraging technological advancements to drive sector’s efficiency.

Dr. Farid assured insurance leaders that FRA is taking proactive steps to strengthen the sector by issuing new regulations that will expand the customer base and introduce innovative products tailored to the evolving needs of businesses and individuals.

In addition, he emphasized that the Authority will soon issue new regulations and amendments that will enable private pension funds to expand their reach and coverage to a wider range of business sectors. He highlighted that the coming period will involve the creation of platforms for dialogue and collaboration to effectively introduce businesses to retirement products that meet their specific needs and provide comprehensive future coverage options.

Dr. Farid emphasized that the journey to develop and grow the sector has begun and will continue, with a core focus on integrating all technological applications and leveraging them within business models to accelerate marketing and availability of insurance products and services.

Also, he added that business models must adapt to all developments aimed at enhancing customer satisfaction and acceptance by improving the efficiency of systems related to communication, premium collection and claims processing.

FRA’s Chairman emphasized that changing public perception and understanding of the importance of insurance requires a collective effort involving the Authority, insurance companies and the Insurance Federation of Egypt “IFE”. He asserted that customer experience with insurance products still needs improvement to enhance customer satisfaction and drive wider insurance adoption. Moreover, he highlighted the need for a more sophisticated approach to engage younger generations, urging companies to refine their marketing and communication strategies.

Finally, Dr. Farid noted that the electronic linkage with insurance companies will soon be completed, enabling the construction of a comprehensive database for the sector, thereby enhancing regulatory and supervisory capabilities. Furthermore, he highlighted that pricing efficiency is a priority for expanding insurance coverage and achieving the desired level of market stability.