Rabat
the Moroccan capital, the Universal Insurance and Digitalization Seminar commenced. This seminar is a collaborative effort between the Capital Market Authority and the Moroccan Insurance and Social Security Supervisory Authority. It encompasses a wide array of research papers and discussion sessions focused on topics related to insurance digitalization and universal insurance.
Ahmed bin Ali Al-Maamari, the Deputy CEO of the Capital Market Authority, stressed the importance of steering the insurance market towards digital transactions as a crucial means to foster trust and transparency among all involved parties. This approach also contributes to the enhancement of insurance services, aligning it with the priorities outlined in “Oman Vision 2040.” This vision emphasizes the acceleration of digital transformation and the realization of a smart government.
Al-Maamari, in his address, presented Oman’s experience in digital insurance. This journey began with the launch of the electronic linkage system connecting insurance companies with relevant government entities. A significant milestone was the introduction of the electronic health insurance platform called “Dhamani.” It has emerged as one of the most significant achievements in the regulation of the health insurance market. “Dhamani” has played a pivotal role in promoting transparency and building genuine trust among participants in the insurance process through the implementation of digital solutions for delivering health insurance services.
He further explained that the Capital Market Authority has been actively involved in designing and programming 39 electronic services and systems. This includes 16 in the insurance sector, which were launched alongside the introduction of a smartphone application. Additionally, the Authority has extended support by easing the licensing process for platforms dedicated to marketing insurance products as licensed entities for insurance brokerage.
A dedicated session within the seminar highlighted the crucial role of universal insurance. This underscores the commitment of regulatory authorities within the region to meet the requirements of financial inclusion. The overarching goal is to ensure financial stability for individuals and institutions while working towards the achievement of the 17 sustainable development goals aimed at creating a better and more sustainable future for all. This initiative resonates with the National Program for Financial Sustainability and the Development of the Financial Sector in Oman. It emphasizes the necessity of tailoring insurance products to cater to the specific needs of diverse segments within society.
Today’s sessions within the seminar included in-depth discussions on financial inclusion, digitalization, and insurance technology. Furthermore, there was an overview of the activities carried out by the International Association of Insurance Supervisors and the Access to Insurance Initiative.
This collaborative seminar, the result of the memorandum of understanding signed in March 2022 between the two authorities, will continue to delve into various aspects of insurance technology in the Middle East and North Africa. This includes examining challenges and opportunities for innovation, the expansion of insurance coverage through technology in the same region, and a comprehensive discussion on cybersecurity risks.
