Under the partnership, Estafsar will offer its technology to help insurance firms to add new retail and business clients. Credit: Jirsak/shutterstock.com.

Egypt-based insurtech company Estafsar has forged an alliance with insurance company Al Wataniya to drive the advancement of the sector in the country.

Under the partnerships, both firms will work together to boost the levels of insurance penetration in Egypt and improve Al Wataniya’s efficiencies and operations, reported ZAWYA.

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The collaboration reflects Estafsar’s capability in Egypt’s insurtech space, thereby enhancing the company’s relationships with its various stakeholders, including insurance providers, brokers and beneficiaries.

It will also help Al Wataniya, which plans to expand its customer base and form partnerships with potential clients to provide its insurance business with additional benefits.

Al Wataniya will further be able to develop its products and services, through the new alliance.

In addition, the alliance enables Estafsar to achieve its target of boosting insurance penetration levels in Egypt above its present level of less than 1% reach.

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In order to achieve this, Estafsar intends to offer its technology to help insurance companies to add new retail and business customers.

The partnership will further see the acceptance of Al Wataniya Insurance’s offerings by a wider customer base through the use of Estafsar’s digital distribution tools.

Estafsar CEO Amr Darwish said: “This partnership is a testament to our expertise in the Insurtech sector and our ability to provide innovative solutions to enhance the insurance industry.

“We are confident that this partnership will positively impact Estafsar and Al Wataniya as we work together to revolutionise the insurance industry in Egypt.”