Online insurance sales constitute a lever for sustainable growth for the insurance industry, Insurance and Social Security Supervisory Authority director of policyholder protection Younes Lammat, has said.
Speaking at the Digital Bancassurance Forum in Africa earlier this month, he said, “The supervision of the online sale of insurance on a national scale aims to position the Moroccan insurance sector on a sustainable growth trajectory by fully exploiting the opportunities offered by emerging digital technologies.”
He also said that recent regulations surrounding bancassurance have been marked by the significant evolution of regulatory frameworks over the years, evoking the emergence of new players, such as payment institutions, according to local media reports.
In Morocco, bancassurance constitutes the second most important distribution channel after insurance intermediaries, generating 30% of total premiums.
Another speaker, Interbank Electronic Payment Centre general director Rachid Saihi, highlighted the centre's commitment to actively contribute to the development of bancassurance, combining traditional banking skills with insurance risk management.
Separately, Interbank Electronic Payment Group of Central Africa head of the department of network and market development Landry Ghislain Evina Ndaleu, emphasised the role of digitalisation in the growth of the insurance sector.
He said, “The progressive digitalisation of banking and insurance services will promote the fluidity of operations, reducing repayment times and thus broadening access to the entire population.”