Tuesday 18/March/2025 – 10:45 AM
The committee to decide the requests for the use of financial technology in non -banking financial activities, at the General Authority for Financial Supervision, issued a decision to approve for the first time for Egypt Insurance and Insurance Company, to issue documents for supplementary supplementary cars electronically using the financial technology fields.
According to the approval of the competent committee of the General Authority for Financial Supervision, Misr Insurance Company and Tharwa Insurance Company will work on issuing documents electronically using some fields of technology in the areas of identification, investigation and authentication electronically, customer recognition operations, and contracts for concluding contracts on non -banking financial products electronically, registration, conservation and retrieval operations from digital records electronically, And that is through a company in VLENS, which is bound by the outskirts record of the authority.
The authority had approved 4 companies in the record of the outsourcing service providers in the fields of technology, in accordance with Law No. 5 of 2022, which regulates the use of financial technology in non -bank financial activities, and the decisions of the Board of Directors of the Authority No. 139, 140 and 141 of 2023, and these companies began contracting procedures with several non -banking financial institutions that want to digitize their services.
Legislative decisions
This comes in light of the authority’s activation of legislative and regulatory decisions in implementation of Law No. 5 of 2022 regarding the regulation and development of the use of financial technology in non -bank financial activities, as the authority obligated all companies wishing to use financial technology in non -banking financial services with mechanisms and methodologies for technological risk management and their governance in order to ensure their continuation in performing its work tasks efficiently that contributes to protecting the rights of customers with them to take into account the requirements of the requirements Financial stability.
It will also allow companies to turn to the use of this technology, more ease and speed in customers’ obtaining insurance policies, as it is possible for customers to issue supplementary car insurance documents (zero) electronically without the need to go to the branches of insurance companies, given the completion of all procedures quickly and through the Internet using smart phones or computers, which saves time and effort.
Also, the use of electronic verification and digital signature ensures the confirmation of the customer’s identity and the protection of personal data, and reduces the risks associated with manipulation or human errors in issuing documents, as well as the possibility of electronic payment without the need for cash or checks, which makes the process more smooth, and supports the financial control authority plans to achieve insurance, financial and investment inclusion.
In addition to the possibility of customers reaching documents at any time via applications or email, instead of dealing with paper copies that may be lost or damaged, and technical support is available through digital channels, which facilitates the solution of problems and inquiries quickly, as well as the availability of electronic data to facilitate their follow -up by the supervisory authorities to ensure that companies comply with laws and regulatory decisions.
This digital transformation also gives customers more safety and flexibility in obtaining insurance policies, and makes the insurance process more efficient and transparent, which reflects positively on the insurance market and thus on the national economy.
