Kaf Insurance

Kaf was established following the acquisition, in 2020, of a 75% stake in Tokio Marine Egypt Family Takaful by EFG Hermes and Ghabbour Auto (GB Auto). In the time following the acquisition, the company has rebranded as Kaf and been putting in place the foundation from which to become the leading tech-enabled insurance player in Egypt that will deliver insurance solutions that drive value for individuals and businesses in the life, savings and medical arenas. Led by a team of prominent industry professionals, Kaf aims to create social value for society and to drive progress in Egypt’s insurance sector.

In 2020, management at Kaf took the decision to transform the company from the previous takaful offering to a commercial insurance scope. The aim of this conversion is to better enable the company to offer innovative products that build on initiatives arising from the Central Bank of Egypt and Egyptian Financial Regulatory Authority (FRA) Fintech and Innovation strategies.

The conversion process is governed by the 2019 FRA issued guidelines for takaful transition, which mandates three stages of licensing conversion: the initial approval stage, the business plan approval stage, and the product and governance approval stage. In 2021, Kaf marked a significant milestone by becoming the first in the market to receive approval for the first stage of the process, and is actively pursuing the remaining approvals in 2022.

In 2021, Kaf’s operations registered significant growth on the back of the increase in cross-selling synergies with GB Auto and EFG Hermes. By the end of the year, the company had moved from less than 0.1 million to over 1 million individuals insured, making it one of the largest life insurers in the Egyptian market by the number of people covered. Accordingly, the number of claims administered also grew in line with new business volumes, attesting to the company’s ability to successfully capture and operationally administer new business prospects.

Kaf management also undertook a strategic review to refine outreach methods and product offerings that, post takaful conversion, will be key gamechangers to the life, savings, medical and bancassurance spheres, with a particular focus on harnessing key technological initiatives that are shaping the future of the insurance industry. Moves to reengineer processes and strengthen the company’s technological infrastructure are thus well underway and will be the bedrock from which Kaf aims to deliver unmatched, tech-enabled services to its customer base.

In 2022, Kaf aspires to continue expanding its operational footprint and enhancing its distribution capabilities. Building on its work in 2021, post conversion, Kaf will be launching innovative insurance solutions with the aim of boosting demand in the retail and corporate markets and bridging the ‘insurance-gap’ in Egypt. Allied to this, the company will take its first steps towards having a meaningful digital presence that will be the long-term driver of establishing a digital portfolio, driving higher levels of operational efficiency, and securing customer satisfaction.