FRA Chief Announces New Decisions To Implement Unified Insurance Law, Expand Sector Reach

(MENAFN- Daily News Egypt) Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), emphasized that the Egyptian insurance sector is well-positioned for significant growth, driven by innovation, customer experience improvements, and efficient pricing. During a meeting with leaders of the insurance industry, Farid outlined the FRA's upcoming initiatives to enhance the sector's capabilities and broaden its impact.

Farid revealed that the FRA will soon issue a series of decisions and regulations to implement the Unified Insurance Law. These measures are designed to expand the sector's beneficiary base, introduce advanced products, and improve coverage for the business sector. He highlighted that amendments to current regulations will soon be approved, enabling private insurance funds to reach broader categories of business sectors.

As part of these efforts, Farid indicated that the FRA will facilitate discussions with stakeholders to introduce retirement systems tailored to the needs of various business sectors, ensuring future coverage options that align with their evolving requirements.

The FRA Chairperson also emphasized that the journey of sector development has already begun and will continue to prioritize the integration of technology into business models. This shift aims to enhance customer satisfaction, streamline communication, and improve processes such as premium collection and compensation management.

Farid stressed the importance of improving citizens' awareness of the value of insurance, calling for coordinated efforts between the FRA, insurance companies, and the Federation to reshape public perceptions. He acknowledged that the customer experience with insurance products remains subpar and requires significant improvement to increase satisfaction rates. He also called on companies to engage younger generations with more modern, appealing marketing strategies that resonate with their expectations.

Additionally, Farid noted that progress is being made toward completing the electronic link with insurance companies, an important step to improve operational efficiency. He reiterated that pricing efficiency remains a key priority, vital for expanding insurance coverage and ensuring sector stability.

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