Insurance: online sales lagging behind despite a comprehensive regulatory framework

One of the weak links in the insurance sector, a crucial part of the national economy and the capital market, it’s online sales. A field in which Morocco is lagging behind.

Apart from the widespread online purchase of insurance products required in the context of obtaining a visa for certain countries, online sales of other products (automotive, housing, etc.) are struggling to reach cruising speed. However, since 2005, the legal arsenal authorizes the sale of insurance products via the Internet.

A figure unveiled during the masterclass, organized this Tuesday, June 6 by the Insurance and Social Welfare Supervisory Authority (ACAPS), shows the still insignificant nature of online sales of insurance products in Morocco. Of the more than 4,000 complaints received by ACAPS in 2022, only 3 related to online sales.

It should be noted that even if there are several laws (No. 31-08 enacting consumer protection measures; No. 53-05 relating to the electronic exchange of data, etc.), 2022 constitutes a pivotal year with the entry of the ACAPS instruction relating to electronic data for the online sale of insurance products.

The system explains the Authority’s expectations in this area and includes the main rules relating to contracts concluded at a distance, the dahir forming the Code of Obligations and Contracts, Law No. 53-05 mentioned above, as well as certain provisions of the Law No. 17-99 on the Insurance Code applicable to online sales.

According to Younes Lammat, head of the Directorate for the Protection of Policyholders, who explained, during the masterclass, to representatives of the national press, the legal intricacies of the online sale of insurance products, a ten operators are in the process of deploying an online sales system.

At this stage, it is important to specify that on the legal level, in addition to insurance companies, agents (intermediaries) are authorized to engage in the activity of online sales – on behalf of an insurance company. insurance – under the control of the regulator.

Towards a progressive evolution

Regarding the infatuation of policyholders for online sales, still very timid in Morocco, the head of ACAPS stresses that the activity of the insurance sector is still shaped by the importance of human relations. Thus, it will take time to witness the hegemony of distance consumption modes via the Internet.

In the opinion of Younes Lammat, the online sale of certain insurance products in Morocco – not requiring advice – should develop at a more sustained pace. It should be noted in passing that the online marketing of insurance products is not more successful in France. As proof, France has a penetration rate in this area of ​​between 6% and 10%.

On the other hand, according to our interlocutor, several countries in sub-Saharan Africa are ahead in the area of ​​online sales of insurance products. This is due to the growth and strong use of mobile banking and the development of the mobile insurance offer.

Even if the development by the regulator of the instruction relating to electronic data for the online sale of insurance products is an important step forward, the ingenuity of the operators (companies, intermediaries) will be decisive for the development of this still embryonic activity. .

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