الهيئة العامة للرقابة المالية

Islam Azzam, FRA Chairman:

• Modern digital solutions boost insurance efficiency and speed up claims for a better customer experience.

Financial Regulatory Authority (FRA) has granted initial approval for Orient Insurance – Egypt to join its FinTech Regulatory Sandbox (FRA-Sandbox). Approved by the FinTech Applications Review Committee, the company will test a new digital model for motor insurance inspections and damage assessments. This initiative aligns with FRA’s ongoing commitment to drive financial technology and expand digital services across non-banking financial sectors.

Several leaders attended the announcement ceremony from FRA, alongside representatives from Orient Insurance and “EG InsurTech.” This project aligns with the Authority’s approach to support the development of insurance services and digital transformation. It implements a digital mechanism that enables remote inspections via a secure video link on mobile phones, allowing the inspection expert to guide the customer during the assessment and capture live photos and documentation without the need for on-site visits.

The project relies on introducing an integrated digital solution and embedding it into the existing insurance ecosystem. This allows for managing inspection requests, directing assessment teams, and recording photos, videos, and inspection data in real time. Furthermore, it integrates inspection results with claims procedures, underwriting, and insurance policy management, contributing to accelerating the workflow, improving the accuracy of assessments, and reducing reliance on traditional manual procedures.

Dr. Islam Azzam, FRA Chairman emphasized that the Authority attaches great importance to support innovation in the insurance sector and foster the use of modern technological solutions that enhance service efficiency and improve user experience.

He pointed out that digital inspections represent a major step toward accelerating claims procedures while reducing the time and operational costs associated with traditional field inspections.

For his part, Eng. Ahmed Khalifa, Executive Director of FRA Sandbox confirmed that the project reflects an advanced approach toward integrating technology into daily insurance operations. This enables faster and more efficient inspections, enhancing insurance companies’ capacity to manage requests and improve the quality of service provided to customers.

He noted that the project’s admission into the Regulatory Sandbox will enable the company to conduct live testing of the proposed digital solutions under FRA’s supervision. This includes verifying the efficiency of remote inspection processes, the accuracy of collected data, the level of customer data protection, and the system’s compliance with relevant regulatory and technical requirements.

It is worth noting that in less than a year, FRA Sandbox has received 38 FinTech projects across non-banking sectors. Five projects have received initial approval: “GIG” and “Orient with EG InsurTech” in the insurance sector; “Cassbana” in digital brokerage for microfinance; and “Lumin Soft” in cooperation with “Azimut” for foreign identity verification using e-passports.

Additionally, the Sandbox provided regulatory guidance to 36 companies, which included studying their ideas, providing tailored guidance to assist innovators, raising awareness about acceptance criteria, navigating regulatory frameworks and regulations for non-banking financial activities, and evaluating proposed business models. This is in addition to launching a diverse series of workshops and webinars for FinTech professionals to promote cybersecurity and digitization of financial solutions.