The Insurance and Social Welfare Supervisory Authority (ACAPS) in Morocco is carrying out a study on insurance distribution in the digital age. This initiative will gather various financial bodies, including the Ministry of Finance, the FMSAR and the National Federation of Insurance Agents and Brokers in Morocco (FNACAM). The aim of the study is to find a path forward for digitising the distribution of insurance in the Moroccan market. This would help with cost reduction, a better quality of services for policyholders, and more flexibility for insurance companies, insurance intermediaries and brokers.
With digitisation being a key factor in maintaining insurance services through the challenges brought about by the pandemic, the ACAPS has already begun digitising its processes and services, including the implementation of electronic document management.
Regulatory framework needs update
For a digitisation to become reality, the country’s regulatory framework also needs updating, however, reported the Middle East Insurance Review. Some such legislation already exists, such as Law No. 53-05 relating to the electronic exchange of data, and Law No. 31-08 relating to consumer protection.
However, financial bodies say that a need to update regulations remains. For example, regulations should allow digital signatures for online transactions, and make it possible for insurance sales to be carried out without the need for a face-to-face. In the health insurance segment, ACAPS will have to bring providers together, including hospitals, clinics, doctors, pharmacists, laboratories.