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Othman Khalil El Alamy: “ACAPS is currently reviewing the regulation of the distribution of insurance products”

L’Observateur du Maroc et d’Afrique: How does digitization affect the insurance sector?

Othman Khalil El Alamy: As the regulator of the insurance sector, we believe that digitization is a very important lever of development for the insurance sector, which will enable it to reach remote populations and allow policyholders to benefit from offers and services that are much more personal and therefore tailored. guarantees provided. However, it must be recognized that the digital will affect the traditional network. The various studies carried out in this direction allow us to understand the subject globally and understand how digitization will transform the sector.

How exactly does ACAPS intend to respond to limit the impact of this digital revolution on the traditional network?

Digital requires us to change paradigms. We want to develop the sector. We know this transition is important, but there is a traditional network that sees digital as more of a threat. ACAPS is determined to support these professionals to enable them to get through this phase with the least possible harm. We are currently working together with the Ministry of Finance to review the applicable rules for the distribution of insurance products. The aim is to allow insurance intermediaries to carry out other activities compatible with their core business. For example, they will be able to handle claims for foreign companies, offer services such as driving licences… As a starting point, they will be able to play a new role. Based on a benchmark, we take a closer look at what is being done elsewhere. The desire is to draw inspiration from good international practice, but adapt them to the local context.

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What about selling insurance products online?

This is another challenge for the classic network. We have recently issued an instruction on the sale of insurance products online, which applies to both insurance companies, brokers and banks. The goal is to have websites that allow contractualization. The rules allow it. The problem arises primarily in connection with the signing of contracts. But for insurance companies, the process is simple. For policyholders, there are various options for this. The most important thing is to somehow be sure that their consent has been taken into account in a transparent and regulated way. This mechanism will accelerate financial inclusion and facilitate access to insurance services. We also cooperate with the CNDP to protect personal data.

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