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    HomePartner ContentEgyptian Fintech Giant Fawry Launches Standalone Insurtech Company Following 700,000 Policies

    Egyptian Fintech Giant Fawry Launches Standalone Insurtech Company Following 700,000 Policies

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     Egyptian fintech giant Fawry has announced the launch of its latest medical insurance product, “Your Health Fawry,” signaling a strategic push into Egypt’s growing insurtech sector. The move comes after the company achieved a significant milestone, issuing more than 700,000 digital insurance policies across various categories. This marks a pivotal expansion for Fawry as it diversifies its offerings and strengthens its foothold in the financial services market.

    The new product is part of Fawry’s broader strategy to build an integrated financial ecosystem, bringing a fully digital medical insurance solution to individuals and families across Egypt. Developed in partnership with GIG Insurance, “Your Health Fawry” will be available via the company’s popular “My Fawry” app and prepaid card, further enhancing the company’s digital footprint in the insurance sector.

    “Your Health Fawry” offers a range of health coverage options, including inpatient coverage of up to EGP 25,000 (USD 514), access to discounted services from an extensive network of healthcare providers, and free telemedicine consultations. The company aims to reach a segment of Egypt’s population traditionally underserved by health insurance, leveraging its extensive consumer base and technological infrastructure.

    The partnership with GIG Insurance ensures that policyholders can access a broad range of medical services across Egypt. These services include discounts from leading healthcare institutions such as Integrated Diagnostics Holding (IDH), Nile Radiology and Analysis, Burj and Lab Laboratories, Dawy Clinics, City Clinics, and Shefaa Pharmacies. In addition, outpatient services are available at 30 hospitals, along with telemedicine support through Al-Tibbi, a regional leader in digital healthcare consultations.

    The integration of medical insurance with Fawry’s prepaid card system allows users to sign up easily through the My Fawry app, offering flexibility in selecting coverage plans, with options tailored for individuals or families. The prepaid card also functions as a customer identification tool, simplifying eligibility verification and access to services at participating healthcare providers.

    Fawry’s expansion into the insurtech space follows its success in rolling out over 700,000 digital insurance policies, covering a range of insurance needs, from travel and personal accident to property coverage. The launch of “Your Health Fawry” under Fawry Insurance Brokerage Company solidifies its place as a key player in Egypt’s insurtech landscape.

    Fawry has long been a pioneer in Egypt’s digital payments market, and its foray into insurtech is seen as part of a larger effort to drive financial inclusion. The company’s prepaid card, which already supports payments, savings, and lending services, now offers an insurance solution — making it Egypt’s first integrated financial tool with a comprehensive suite of services.

    Fawry’s CEO, Eng. Ashraf Sabry, highlighted the significance of this launch in a statement: “We are excited to bring this innovative product to market. ‘Your Health Fawry’ underscores our commitment to meeting the evolving needs of Egypt’s population, particularly those who lack access to traditional health insurance coverage. This product strengthens our position as a leader in integrated financial services and reinforces our mission of driving financial inclusion.”

    A Competitive Market and Broader Implications

    The entry of Fawry into the health insurance sector aligns with the broader trend of fintech companies diversifying into insurtech, a space that has seen rapid growth in emerging markets. As Egypt’s middle class continues to expand, demand for accessible and affordable healthcare services is on the rise. Fawry’s digital platform, with its large and established user base, is well-positioned to meet this demand by providing a seamless, tech-enabled insurance solution.

    While competition in the insurtech space is heating up, Fawry’s extensive market reach, combined with its established reputation in digital payments, provides a competitive advantage. With the introduction of “Your Health Fawry,” the company hopes to tap into a growing market of uninsured or underinsured Egyptians, offering them an affordable and convenient alternative to traditional health insurance products.

    This launch not only strengthens Fawry’s portfolio but also contributes to Egypt’s broader efforts to enhance healthcare access and financial inclusion. The country’s fintech ecosystem has seen remarkable growth in recent years, with companies like Fawry playing a leading role in bringing financial services to a wider segment of the population.

    As Fawry continues to innovate and expand its range of services, its latest move into insurtech is likely to have far-reaching implications for Egypt’s financial and healthcare sectors alike, setting a benchmark for other players in the market.

    Founded in 2008, Fawry is Egypt’s leading provider of electronic payment services. The company offers a variety of financial products, including bill payments, mobile top-ups, and merchant services, serving over 40 million customers. With its latest foray into insurtech, Fawry continues to expand its footprint in Egypt’s growing fintech industry.

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