the sector called upon to further support economic inclusion

The insurance sector is called upon to strengthen itself to further support economic inclusion and support the recovery and economic development of the Kingdom, said Wednesday in Casablanca, the Minister of Economy and Finance, Nadia Fettah.

In a speech read on her behalf by the Director of Treasury and External Finance, Faouzia Zaaboul, during the 9th edition of the Casablanca Insurance Meetings, which are held under the High Patronage of King Mohammed VI, Ms. Fettah stressed the importance of the role played by the insurance sector both economically and socially.

And to note: “Technical progress confronts us with several paradigms which present immense opportunities for development, but also generate new risks”.

According to the Minister, the financial sphere is called upon to review its financing offers and its methods of intervention to align with these developments and provide innovative solutions adapted to the needs of the population, in addition to dealing with new risks. , including those related to cyberattacks.

Referring to Morocco’s progress in terms of financial inclusion and the strengthening of insurance systems, she said that significant opportunities are now available to insurers, particularly in terms of process automation, digitization of certain services and cost reduction.

In this regard, Nadia Fettah recalled that Morocco launched in 2019 the national financial inclusion strategy to reduce the social and spatial disparities that persist in terms of access to financial services, the objective being to make inclusion a real vector of economic inclusion by targeting in particular young people, women, populations in rural areas and very small, small and medium-sized enterprises (VSMEs).

The main levers of this strategy are technological and financial innovation, by strengthening alternative financing models accessible at lower cost such as mobile payment, microfinance, inclusive insurance, she explained, adding that thanks to this strategy, the financial indicators have improved substantially as evidenced by the results of the World Bank for 2021.

Also, Nadia Fettah noted that fintech and technology companies are an opportunity for insurers to gain agility, digitize the customer journey, automate processes, and offer offers adapted to new consumption patterns.

In addition, new technologies allow insurers to have new data-based risk management tools, she argued.

On the menu of these Casablanca insurance meetings, initiated under the theme “Car insurance: between technological progress and the evolution of mobility”, are a series of panels dealing in particular with the new generation of mobility, digital technology at the service of auto insurance and road safety initiatives.

It is also about innovation in the Customer experience in automobile insurance, the added value of automobile affinity insurance, artificial intelligence and black boxes, the advantages of telematics, as well as the management of fraud.

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