Mr. Abdul Latif Sallam. Managing Director. Wethaq Takaful Insurance Co, said his company has already started to conduct negotiations with 3 banks in order to sign cooperation protocol to activate bank insurance.
Sallam explained that banks insurance will contribute in creating new marketing opportunities, aside providing entire database for the customers of the insurance sector, raising sale rates and various insurance policies.
He said the life insurance companies are the major beneficiary of the insurance activity, explaining that the Egyptian market lacks the valid bank insurance system.
He emphasized that this system is mainly based, the promotion of bank for certain products of the insurance industry, which is characterized by its technical price , and it does not need to any technical or underwriting rules, including personal accidents and civil liability.
He further added that his company is considering inaugurating new branch in Giza, aiming to attain EGP100million premiums within the current fiscal year of 2013-2014.
