The Financial Regulatory Authority's fintech applications review committee has granted preliminary approval for two projects to join its regulatory sandbox to pilot artificial intelligence in insurance services.
The approvals cover a project by EG InsurTech for Electronic Applications Systems and Software Services in partnership with Assurex Insurance Brokerage to test the Ameen AI-powered assistant. The FRA also approved a project by Allianz Egypt Insurance in collaboration with Olimi to test an AI-powered Voice Agent and Chatbot Platform.
Islam Azzam, Chairperson of the FRA, said the initiative reflects the Authority’s role in creating a flexible regulatory environment that keeps pace with global advances in financial technology and artificial intelligence while safeguarding market stability and protecting the rights of all stakeholders.
Ahmed Khalifa, Executive Director of the FRA Sandbox, said the approvals bring the total number of initiatives accepted in principle since the sandbox’s launch to seven within a single year and noted that the insurance sector accounts for the largest share of projects submitted.