Kaf Insurance, the first Egyptian insurance company to convert from takaful to commercial insurance, has obtained a commercial life insurance license from the Financial Regulatory Authority (FRA). This allows the company to create innovative, transparent, and value-generating insurance solutions that promote financial inclusion in Egypt. Kaf is committed to extending the accessibility of insurance on a national scale through its tech-enabled insurance solutions. The impending launch of its new retail product offering will allow individuals to purchase insurance solutions through their online platform and app. Kaf Insurance’s commitment to operational excellence and customer-centric service approach is the foundation for its new product mix. With the guidance and support of the FRA, Kaf Insurance is bridging the insurance gap in Egypt by providing innovative insurance solutions for both the retail and corporate markets.
Kaf Insurance, the First Egyptian Insurance Provider to Convert from Takaful to Commercial Insurance
Kaf Insurance, formerly known as Tokio Marine Family Takaful, has made history by becoming the first insurance company in Egypt to successfully convert from a takaful insurer to a commercial insurer. This significant accomplishment was made possible through the company’s acquisition of a commercial life insurance license from Egypt’s Financial Regulatory Authority (FRA).
The FRA has provided guidance and support to Kaf Insurance throughout the conversion process. The move will allow Kaf Insurance to create innovative, straightforward, and value-generating insurance solutions that promote financial inclusion. Kaf aims to support the economic development of all Egyptians by protecting those most financially insecure.
Kaf Insurance has experienced explosive growth since its acquisition by EFG Hermes Holding and GB Capital in 2020. The company has achieved over 100% year-over-year growth, making it the fastest-growing life insurance company in Egypt. Currently, Kaf covers over 2 million lives, primarily targeting employers, small business owners, and the micro-segment. However, the company is planning to expand its product portfolio to reach new segments and launch an array of insurance solutions targeting retail customers. The new offerings will focus on simplicity, affordability, and flexibility to provide individuals with peace of mind and an easy customer journey.
In February 2023, the FRA approved the appointment of Dr. George Ghobrial as Kaf Insurance’s new Chief Executive Officer and Managing Director. Dr. Ghobrial has nearly 20 years of professional experience, including working with multinational insurance companies in Egypt and Europe. He has a proven track record in operational optimization, innovative product development, and driving enterprise-wide change. His solid insurance academic foundation, sound business acumen, and robust technical experience come at a pivotal time in Kaf Insurance’s history.
In conclusion, Kaf Insurance’s successful conversion from takaful to commercial insurance marks a significant milestone for the insurance industry in Egypt. Kaf’s dedication to providing transparent, easy-to-access, and tech-enabled insurance solutions that make it easy and do it right will benefit Egyptians from all walks of life.
Kaf Insurance Aims to Boost Insurance Penetration in Egypt with Innovative Tech-Led Solutions
Kaf Insurance, the first Egyptian insurance company to convert from takaful to commercial insurance, is committed to providing innovative insurance solutions to bridge the insurance gap in Egypt. With the support of Egypt’s Financial Regulatory Authority (FRA), Kaf Insurance is taking a step forward in promoting insurance as a social good and an essential tool for financial security.
Dr. George Ghobrial, Kaf Insurance’s new Chief Executive Officer and Managing Director, emphasized the importance of insurance in the current macroeconomic environment and stated that the company is focused on extending the accessibility of insurance on a national scale. With a deep understanding of customer needs and the existing gaps in the market offerings, Kaf is building a cohesive user experience propelled by technology.
Kaf customers will be able to purchase insurance solutions for individuals through their online platform and app. Kaf Insurance believes technology allows for localized and personalized solutions, a seamless customer journey, and speedy underwriting and claims processing. The company heavily invests in its technology to create a seamless customer experience, setting a precedence in the Egyptian insurance industry.
Kaf Insurance’s commitment to operational excellence is the foundation for its new product mix and customer-centric service approach. With the unprecedented conversion to a conventional life insurer and the acquisition of a commercial life insurance license from the FRA, Kaf Insurance is expanding the spectrum of its product and service offerings to the public. The impending launch of its new retail product offering will play an active role in extending the accessibility of insurance on a national scale.
Kaf Insurance is an Egyptian insurance company licensed to offer life, savings, and health insurance products. Established in 2020 as a joint venture between EFG Hermes Holding, GB Capital, and Tokio Marine, Kaf is committed to building a meaningful tech-led insurance platform to drive value for individuals and businesses in the life, savings, and health arenas for the segments of society that have low insurance penetration.
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