The Financial Regulatory Authority Agrees on Delivering “Qershak El Abyad” Insurance Policy Through E-Channels

Fawry Insurance Brokerage and AIG Egypt Insurance Launch “Qershak El Abyad” Digital Policy

Fawry Insurance Brokerage partners with AIG Egypt Insurance Company to launch the digital insurance policy “Qershak el Abyad” through 151,000 Fawry outlets and e-wallets, allowing the insurance policy for more than 30 million Egyptian Fawry users throughout Egypt. The policy provides 75k EGP insurance coverage upon accidents of the candidate, with a monthly premium starting at 10 EGP.

The Financial Regulatory Authority has agreed on the electronic distribution partnership between AIG Egypt Insurance and Fawry Insurance Brokerage, which offers delivering “Qershak el Abyad” policy through Fawry e-channels, which include 151,000+ outlets and e-wallets of major Egyptian banks and mobile companies.

On his part, Joseph Bijani, Vice Chairman of AIG Egypt Insurance Company, indicated that “Qershak el Abyad” insurance program for personal accidents also allows the beneficiaries to cover their children’s education expenses upon death or total disability as a result of an accident, as well as recovery expenses. The subscription for those willing to purchase “Qershak el Abyad” insurance policy starts at 10 EGP per month and up to maximum insurance coverage for a customer is 75K EGP upon death or total disability in accidents.

“We seek to provide distinguished services for customers interested in purchasing insurance policies upon personal accidents, to facilitate payment methods, and to maximize the return of digital transformation by investing our new partnership with “Fawry Insurance Brokerage”, which guarantee customers to obtain insurance service faster and easier especially in the current pandemic circumstances that require avoiding crowds.” Bijani added.

Engineer Ashraf Sabry, Founder and CEO of Fawry, stated that the approval of the Financial Regulatory Authority on this product comes within the framework of the authority’s ongoing initiatives to avail financial services to the most needy in support of the state’s policy towards financial inclusion.

He continued: “Fawry Insurance Brokerage, a subsidiary of Fawry, will play a genuine role in marketing and selling the insurance policies of “Qershak el Abyad” program to millions of Egyptians and payments will be available through more than 151 thousand Fawry machines and through e-wallets, so that customers will receive their policies electronically on mobile phones easily, this in cooperation with AIG Egypt Insurance Company, in a step that enhances financial inclusion in Egypt according to the plans and directives of the Egyptian government.”

Worthy mentioning that Fawry Insurance Brokerage is a subsidiary of Fawry, the leading platform for digital transformation and e-payments, serves more than 26.2 million customers per month, with more than 3 million transactions per day for more than 819 services including telecom bills, tickets and tourism, online payments, various utilities, and others. All through one big network of 35 banks and more than 151,000 outlets across Egypt, 2500+ branches for post offices. And more than 15 mobile phone wallets for banks and mobile companies in addition to “FawryPlus” outlets, as well as “myFawry” online gateway and application.

AIG is the world’s leading insurance organization, with more than 90 million customers worldwide — a multinational footprint serving clients in over 200 countries and jurisdictions. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength.

AIG Egypt Insurance Company is a member company of AIG International Group, offering AIG products and services in Egypt; AIG Egypt is an Egyptian joint stock company registered with the Financial Regulatory Authority under no. 8 and registered with the commercial register under no. 63482; For more information: www.aig.eg.