Motor Care Egypt, the company specialised in inspection and damage reporting on car accidents, aims to expand in neighbouring Arab countries this year, through signing partnerships with a number of insurance companies.
The company’s general manager, Nadim S. Mehchi, said the company achieved a 15% increase in the volume of activity in the Egyptian market last year by contracting with more than seven clients.
He told Daily News Egypt that the company’s growth strategy in Egypt is based on committing to the quality service agreements with insurance companies and their clients.
He explained that the company started its activity in the Egyptian market 10 years ago, describing it as a “strategic market”. He highlighted the enormous insurance opportunities and ability to make it a platform for serving other regions in the Middle East.
He expected the company to raise its paid-up capital to EGP 8.5m by the end of this year, in conjunction with launching the new expansion venture.
Mehchi said that the company conducts inspections before and after maintenance and in accordance with the Insurance Law’s conditions and the terms of agreement signed between the insurance companies and clients.
He pointed out that the inspections are one of the most important compensation procedures, and rely on the examinations and the assessment of damages on the electronic system.
“If inspections are done incorrectly, they adversely impact the rights of clients or the insurance companies,” he explained.
He said that the company is continuously training its team of 38 specialised inspectors and customer service representatives through coordination with several bodies, including the Egyptian Insurance Institute, next to hosting technicians and specialists from service centres and others to increase the experience of the team.
He noted that the company has recently received the International Organisation for Standardisation (ISO) certificate from SGS company, becoming the first inspection company to receive this certificate in the Egyptian market.
He added that the certificate requires the company to adhere to a high level of service with insurance companies and their customers.
“The ISO certificate is an incentive for the company to continue its success in the market by supporting the expertise of the team and raising the level of service,” he noted.
Moreover, Mehchi underscored the need of the Egyptian Financial Supervisory Authority (EFSA) and the insurance companies carrying out the role of raising the awareness of clients to understand the terms and conditions of their agreements.
He pointed out that medical and car insurance are among the insurance branches that require the most control.
In addition, he explained that the decision to float the national currency in November 2016 led to a hike in the prices of spare parts by up to 70%.
He said that the company is keeping detailed statistics on the extent of inflated prices of spare parts and labour costs in the Egyptian market.
It is worth mentioning that complaints regarding supplementary car insurance accounts for the largest share of customer complaints with insurance companies, according to the monthly reports of the EFSA.
There are two types of auto insurance; the first is mandatory insurance, which is determined by Law No. 72 of 2007. The premium is paid at traffic departments on every car when clients renew or obtain licenses.
The second type is the complementary insurance for the car, which is a comprehensive insurance on cars of various types to provide insurance protection for them.
The insurance company shall pay the value of damage resulting from partial or total loss incurred to the car, as well as spare parts, in case of car accidents, mechanical problems, fire, or theft, according to the terms of the insurance package.