The Insurance and Social Welfare Supervisory Authority (ACAPS) organized a Masterclass in Casablanca with the theme: “Online sales of insurance products”.
The director of policyholder protection at ACAPS, Youness Lammat, said that digitization is now a major challenge, adding that the insurance sector cannot stay away from changes in consumer behavior, Moroccans, especially e-payment.
He assured that a road map is being implemented by ACAPS and its aim is to “better support this transformation in the interest of a dynamic and modern insurance sector, while ensuring that the rights of policyholders and beneficiaries to contracts”.
This roadmap is divided into seven areas: play a leading role in promoting and supporting innovation and digitization of the insurance sector for the benefit of consumers and the development of the sector; promote the insurance sector by promoting transparency and competitiveness; ensure a favorable framework for the protection of consumer rights in a changing world; continue efforts to adapt control and monitoring instruments to the digital age; strengthen internal digital skills and promote a digital culture; accelerate the development of the insurance sector by encouraging, in particular, alternative channels and offers adapted to parts of the population that are currently excluded; and finally guarantee an effective communication strategy with the sector and the digital ecosystem.
Youness Lamat also highlighted the legal framework that governs online sales, including Dahir, which forms the Code of Obligations and Contracts, which constitutes an important step towards the digitization of the relationship with customers and the securing of the process. online buying and selling, especially through the handling of contracts, claims and complaints.
In this sense, he explained that the instruction for the online sale of insurance products, issued by ACAPS, aims to support and clarify this legal arsenal to allow the customer to perform his contract in the best way, noting that the online sales unit can allow the electronic signature, as it can provide the physical signature.
“Morocco lives today in a changing context and a change based on digitalization. The insurance sector is thus obliged to follow this dynamic and ACAPS can only adhere to this digitalization, which constitutes a national strategy.”, indicated for her part the director of communication and international relations by ACAPS, Siham Ramli.
And to add: “ACAPS seeks to highlight the work that has been done and to explain to citizens the role and process of selling online, from registration to acquiring the product. This is an important opportunity to better understand the challenges of online sales, whether at the legal level or in terms of distribution”.
Siham Ramli also pointed out that the roadmap, which is being implemented by the Authority, aims to better support this transformation in the interest of a dynamic and modern insurance sector, while ensuring the rights of policyholders and contract beneficiaries.
In 2022, ACAPS issued an instruction regarding electronic devices for the online sale of insurance products. Its purpose is to clarify the legal framework and the authority’s expectations, to simplify procedures and to make stakeholders accountable.
The electronic entities for the online sale of insurance products may allow the electronic signature as they may provide for the physical signature of the contract.
“The operator, when designing his device, is confronted with the choice of the exact course of presentation of the products, in particular the terms of subscription and signing the contract. In addition to the devices limited to advertising, the insurance company/distributor can either choose an end-to-end device, with an electronic signature, or a device with a handwritten signature, with or without an online conclusion,” highlighted Youness.Lammat in his presentation of online sales in Morocco.
It must be recalled that ACAPS has created an entity whose role is to promote innovation and development of the Insurtech ecosystem to improve customer experience and promote insurance uptake. “This structure is based on levers aimed at stimulating innovation in the Moroccan insurance sector by developing synergies between all stakeholders, including project managers, insurance and reinsurance companies. and the insured”, we read in the press kit distributed during this Master class. And adds that “the innovation unit’s mission is two-fold: on the one hand, it is responsible for supporting the initiators of innovative projects by ensuring that they comply with the rules in force, and on the other hand, it provides support to insurance and reinsurance companies to enable them to interact with the Insurtech ecosystem”.
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