Asaad to Al-Borsa: Completing the branch network to 9 by the end of next June
“GIG Egypt – Hayat Takaful” company, the arm of the Gulf Insurance Group, with the activity of Takaful Life Insurance in Egypt, intends to offer 3 new products, during the next year, for Life and Medical clients, after obtaining the necessary approvals for approval from the Financial Supervisory Authority.
Ramah Asaad, the managing director of the company, told the “stock market” that “GIG Egypt _ Hayat Takaful” is in the process of designing a new product for life coverage from among the three products, and it is planned to be marketed electronically during the first quarter of 2021.
He noted that electronic marketing is the staging ground for the growth and spread of insurance coverage during the coming years, with the strong spread of obtaining services and goods, as well as online payment and collection processes, noting that the company recently contracted with Fawry and some banks for electronic collection to pay insurance premiums Of customers electronically.
He explained that the company is awaiting approval by the Financial Supervisory Authority to add a new package of coverage to one of the individual temporary insurance policies with new benefits and prices, in addition to a new medical product that covers a package of coverage, including electronic counseling, critical diseases, medical deduction and others.
According to “Asaad”, the company’s underwriting policy aims to diversify the products offered to customers between individual and group products, including temporary insurance, savings, medical and others, to meet all customers’ insurance needs.
He indicated that the company is practicing the banking marketing mechanism through 4 banking partnerships with each of the Egyptian banks, Islamic transactions, Audi, Abu Dhabi Islamic and the national Kuwait.
According to “Asaad”, bank insurance represents about 25% of the company’s total proceeds from premiums.
“Asaad” pointed out that bank insurance recently witnessed chaos on the part of some insurance companies, represented by the provision of signature grants to banks that exceed the expected revenues from bank marketing.
He called on the Financial Supervisory Authority to urgently establish regulatory mechanisms to control these practices. In order to avoid stopping the activity similar to what was done earlier in 2003 due to the occurrence of similar practices on the part of some companies, stressing the need for mechanisms to apply transparency in the contracts concluded between banks and insurance companies.
On the geographic expansion of the company, “Asaad” pointed out that the company plans to open two new branches during the first half of next year 2021, while it is currently practicing its activity through 7 branches distributed in a number of regions at the level of the Republic.
The managing director said in statements recently published by the “Stock Exchange” that the number of clients insured by “GIG Egypt – Hayat Takaful” has exceeded one million clients currently, distributed among 400 institutions other than individual documents.
The company’s preliminary indicators indicate the company’s financial position during the first half of the current fiscal year, at the end of last December, to exceeding the targeted installment plan during that period; As the new sales installments amounted to 300 million pounds out of the total realized installments of about 500 million pounds, by more than 30% of the target and an increase of 54% over the same period of the last fiscal year.
The company aims to reach the total portfolio of its installments by the end of the current fiscal year to one billion pounds, according to the results achieved during the first half.
The company is currently ranked sixth at the market level, and fifth at the level of life companies, with a market share of about 6%, according to FRA data.
The article “GIG-Hayat” plans to launch 3 new insurance products during the first quarter of 2021, it was written in the Al-Borsa newspaper.