The Co-operative Insurance Society Egypt intends to improve and reform its electronic system instead of establishing a new one as a cost-cutting action, a source said. The cost of establishing a new electronic system is EGP one million which would increase the company’s financial burdens in the current period, while its financial position deteriorated because of closing down the issue department.
After improving the electronic system, the Society will inform the Egyptian Financial Supervisory Authority (EFSA) to send specialist consultants who will approve or disapprove such system. Approving the electronic system will strengthen the Society’s position in the negotiations with EFSA about starting the issuance of insurance policies, the source added.
It is worth mentioning that the Society’s employees held a protest last July demanding EFSA to allow the Society to issue insurance policies.
