وزيرا "التخطيط" و"الاتصالات" و"رئيس الرقابة المالية" يشهدون توقيع شراكات بين قطاعى التأمين والاتصالات والجهاز القومى لتنظيم الاتصالات

• Partnership between Misr Life Insurance Company and E& Egypt (formerly Etisalat from e& in Egypt) to market and distribute insurance policies through Etisalat branches

• The Financial Supervision Authority signs a cooperation agreement with the National Telecommunications Regulatory Authority to accelerate the process of digitizing non-banking financial transactions

• Dr. Amr Talaat, Minister of Communications and Information Technology:
Establishing partnerships with the private sector as one of the most important pillars of work in the communications and information technology sector, and we are expanding the use of information technology in various sectors.

• Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation:

• We are working to enhance structural reforms and focus on a number of pivotal sectors that drive growth and achieve comprehensive economic development.
• The partnership between the insurance and telecommunications sectors enhances Egypt’s role as a regional center for technology and innovation and facilitates citizens’ access to financial services.

• Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority:

• Strategic partnerships enhance the Authority’s efforts to achieve financial inclusion using financial technology and expand the base of citizens benefiting from non-banking financial services.

• We always work to provide a work environment that encourages companies to invest and expand in the non-banking financial sector, while emphasizing market stability and protecting customers.

• Dr. Ahmed Abdel Aziz, Executive Managing Director of Misr Life Insurance Company:

• The alliance is a new start for expansion and development as a positive model for innovation and interaction in the financial services and communications market.

• Eng. Hazem Metwally, CEO of E&Egypt

• The work plan is based on providing a number of different insurance products in 52 branches of E&Egypt as a first phase.

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& Egypt, at the Authority’s headquarters, to market and distribute insurance products through E& Egypt branches (Etisalat from e& Egypt previously), in an effort by the Authority to expand the base of beneficiaries of insurance coverage to enhance levels of insurance inclusion, 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 contract 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 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, with the aim of increasing the number of beneficiaries of non-banking financial services, improving levels of financial inclusion and in particular enhancing insurance inclusion in Egyptian society.

This came in the presence of Eng. Mohamed Shamroukh, Acting CEO of the National Telecom Regulatory Authority, Dr. Ahmed Abdel Aziz, Executive Managing Director of Misr Life Insurance Company, Eng. Hazem Metwally, CEO of E& Misr, Mr. Mohamed Mahran, Executive Managing Director of Misr Insurance Holding Company, Mr. Mohamed Abdel Gawad, Chairman of Misr Life Insurance Company, Vice Presidents of the Authority Dr. Islam Azzam and Mr. Mohamed El Sayyad, Dr. Mohamed Abdel Aziz, Assistant Chairman of the Authority, Mohamed Ayyad, Director of the Media Center at the Authority, and a group of leaders from the various entities signing.

The partnership between Misr Life Insurance and E&Egypt allows marketing a number of insurance products affiliated with Misr Life Insurance, through 52 branches of E&Egypt as a first phase distributed across the governorates of the Republic, with work to complete the cooperation steps to include wider geographical areas.
Dr. Mohamed Farid, Chairman of the Financial Regulatory 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.

Financial supervision also aims to provide a favorable environment that helps non-banking financial companies, especially insurance, to expand the base of beneficiaries by providing insurance products that suit citizens’ financial capabilities.

He explained that the Authority is thus completing its efforts to expand the base of insurance products, which began with the issuance of Decision No. 292 of 2023 by the Board of Directors of the Financial Regulatory Authority, which allowed the marketing of standard micro-insurance documents electronically, through the Internet via telecommunications companies and electronic stores licensed to practice the activity, as 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 has enabled companies to obtain licenses to practice micro-insurance activity, with the aim of enhancing its growth and development in the coming periods.

The Board of Directors of the Financial Regulatory Authority also issued Decisions No. 59 and 60 of 2024, allowing 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 licensed by the National Telecommunications Regulatory Authority.

The decisions included that an agreement will be reached between insurance companies and telecommunications companies licensed by the National Telecommunications Regulatory Authority to determine these branches and offices. The agreement may also include the presence of delegates or representatives of the insurance company in these branches or offices.

The cooperation aims to provide advanced and innovative insurance solutions to customers by taking advantage of the ease of access to insurance services, direct communication with service providers, and benefiting from insurance products that provide protection, savings, and investment to customers, keeping pace with technological developments, by easily using the capabilities of the two companies in terms of their technological development and diversity in the use of financial technology in providing these solutions.

The alliance will also work to find new marketing channels that are more widespread and present in the Egyptian market and provide insurance solutions that suit customers’ requirements, while benefiting from a smooth and unique experience in purchasing insurance policies, which saves customers time and effort.

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 orientation towards implementing structural reforms that support 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 expanding 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 enhance citizens’ access to these services.

In his speech, Dr. Amr Talaat, Minister of Communications and Information Technology, stressed that the two agreements enshrine the vision of the communications and information technology sector in facilitating the provision of services to citizens and governing 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 fundamental pillar for achieving a real renaissance in all other sectors; adding that signing the cooperation agreement between the National Telecom Regulatory Authority and the Egyptian Financial Supervisory 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 accurate, sound and real-time data.

Dr. Amr Talaat explained that the communications and information technology sector is the country’s fastest growing sector over the past six years, with the sector’s growth rate exceeding 16% in the last fiscal year; and its contribution to the gross domestic product reached about 5.8% in the fiscal year 2023/2024, up from 3.2 6 years ago, and it aims to reach 8% in the near future.

Dr. Amr Talaat pointed out the keenness of the Ministry of Communications and Information Technology to expand the use of information technology in various sectors and services provided to citizens; explaining that one of the most important pillars of work in the communications and information technology sector is establishing partnerships between the public and private sectors.
Dr. Ahmed Abdel Aziz, Executive Managing Director of Misr Life Insurance Company, stated that the strategic alliance with E&Misr, one of the leading companies in the field of communications and technology, is the first of its kind in the Egyptian market and a new start for expansion and development as a positive model for innovation and interaction in the financial services and communications market. It 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 added that this alliance represents a fundamental pillar in providing advanced and innovative insurance solutions to customers by taking advantage of the ease of access to insurance services and direct communication with service providers and benefiting from insurance products that provide protection, savings and investment to customers in keeping pace with technological developments by easily using the capabilities of the two companies in terms of their technological development and diversity in the use of financial technology in providing these solutions.

He stressed that this strategic alliance with E&Egypt will ensure the presence of new marketing channels that are more widespread and present in the Egyptian market and provide insurance solutions that suit the requirements of E&Egypt customers, while benefiting from a smooth and unique experience in purchasing insurance policies, which saves customers time and effort.

Dr. Abdel Aziz added: “We will start the partnership as a first phase of cooperation by having insurance officials in E&Egypt branches, equipped in a manner that is consistent with the digital development adopted by the company with the latest digital solutions for issuing documents; which will facilitate the employees’ issuance of documents to customers directly from the branch.”

For his part, Eng. 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 clients. This agreement with Misr Life Insurance comes to meet the requirements of our clients, establish extended relationships with them, and provide them with the unique and distinguished financial services and products they need.

He pointed out that this strategic partnership comes within the framework of the company’s new vision to transform into an integrated technology company that provides a wide range of innovative solutions, products and services to its corporate and individual clients in Egypt, helping them improve the efficiency of their operations and enhance their growth, including these innovative insurance services.

Eng. Metwally added that the work plan is based on providing a number of different insurance products in 52 branches of E&Egypt as a first phase across the country, stressing that work is underway to complete the cooperation steps to include wider geographical areas, which will allow for more uses of financial technology and positively impact the interests of customers and provide insurance and financial solutions in an easier and smoother manner.