AXA Egypt plans to expand in Egyptian market this year: GM
The COVID-19 pandemic and now the nation-wide inflationary wave are the key challenges the insurance sector is facing at present.
Ahram Online discussed in an interview with Ayman Kandeel, the managing director of AXA Life Insurance Egypt and chairman of AXA General Insurance, which is a key player in such an industry in Egypt, the current outlook of the insurance industry as well as AXA’s future plans in the local market.
Kandeel said that the insurance industry has proven its resilience by transforming challenges into opportunities.
“At AXA, supported by technological and human skillsets, we believe that challenges are the key moments to showcase the integral role as a partner to our customers,” he added.
That said, Kandeel said that AXA Egypt has had an ambitious growth journey in which they have adopted a one-stop-shop strategy to cater to evolving customer demands.
“Keen on broadening our distribution network and client portfolio, AXA Egypt forges strategic alliances with partners such as Egypt Post, Post for Investment, Commercial International Bank, and Arab African International Bank. The future looks promising as this dynamic collaboration sets the stage for an enhanced customer experience,” Kandeel said, describing AXA’s cooperation with key governmental entities in Egypt and the private sector.
AXA is expanding distribution channels with its bancassurance partnerships, exploring telesales initiatives, and creating customized products that fit market demands across segments in order to implement its strategy and broaden its customer base in the country, which reached more than 2.1 million customers by the end of 2022, Kandeel added.
Insurance is a fast-growing industry in Egypt. According to the latest figures published by the Financial Regulatory Authority (FRA), total gross premium of this activity grew in FY2021/2022 by 18.5 percent to post EGP 47.5 billion, up from EGP 40.1 billion recorded in FY2019/2020.
“Our overarching objective is to increase penetration rates, which are currently below one percent, and we encourage fellow insurers to collectively consolidate efforts to raise this rate. In parallel, we, at AXA, aim to increase awareness about the importance of insurance through various campaigns and creating educational content, simplified processes, making insurance an everyday product and a simple one,” Kandeel told Ahram Online.
On AXA’s future plans in the local market, Kandeel explained that the company is forging ahead with its investments in Egypt.