Egypt's state-owned general insurer, Misr Insurance Company (Misr Insurance), and the UAE-based Al Ain Ahlia Insurance Company have entered a strategic partnership to enhance cooperation in the fields of digital transformation between the two companies, as well as develop insurance products, exchange scientific expertise, improve the level of training and exchange expertise; in the interest of both companies, said a statement issued by Egypt's Ministry of Investment and Foreign Trade (MIFT).
The partnership also helps the two insurers in keeping up with developments and facing challenges in the insurance market; a strategic step that reflects the future vision to enhance Arab cooperation in the field of insurance, said the statement. It added that this cooperation is an important step towards achieving an integrated digital transformation in the insurance industry, which will contribute to improving the level of services provided to customers, as well as increasing the speed and efficiency of transactions.
MIFT minister Hassan El Khatib stressed the ministry's support for this important strategic step, which reflects the Egyptian state's vision towards enhancing Arab integration and cooperation by accelerating the pace of digital transformation in all economic sectors, especially in an important sector such as the insurance sector.
Misr Insurance managing director and CEO Omar Gouda said that this protocol of cooperation aims to exchange expertise in the fields of innovative digital solutions in the insurance industry by developing digital systems, enhancing the development of IT infrastructure, and improving digital services through the application of modern technologies, in addition to cooperation in developing and building human capacities in the two companies.
Al Ain Ahlia Insurance Company CEO Mohamed Mazhar Hamadeh said that this cooperation is a first step towards more partnerships and joint cooperation, emphasising that this partnership will contribute to achieving tangible results in providing more flexible insurance solutions, and will enable the two insurers to benefit from the latest developments in InsurTech, which will eventually contribute to raising the competitiveness of the Arab market.