In support of innovation and the adoption of digital solutions in non-banking financial activities, the Regulatory Research Laboratory (FRA Sandbox) of the Financial Regulatory Authority has given preliminary approval for the Innovation Group Insurance Brokerage Company (IGIB) to join through the “My Document” digital platform project, as one of the applications of Insurance Technology (InsurTech).

In this context, Dr. Islam Azzam, Chairman of the Financial Regulatory Authority, affirmed that this step represents a qualitative addition to facilitating the use of financial technology in non-banking activities, especially the insurance sector, explaining that the company’s joining reflects the growing confidence of foreign investors in investment opportunities and the attractiveness of the flexible regulatory environment provided by the Authority to support innovation.

The “My Document” platform allows customers to review and compare different insurance policies and choose the most suitable one for their needs through a simplified digital experience, thus enhancing the efficiency of insurance decision-making.

The platform also aims to develop the customer experience in the Egyptian insurance market and enhance insurance and financial inclusion, by enabling objective comparison between the various insurance products approved by the Authority.

General Authority for Financial Supervision