Advancing InsurTech: Innovation Group for Insurance Brokerage – IGIB Becomes the First Insurance Brokerage Firm to Join FRA Sandbox!

The Financial Regulatory Authority FRA has granted initial approval for Innovation Group for Insurance Brokerage (IGIB) to join FRA Sandbox with its digital platform, “Wathiqaty,” aimed at transforming how insurance services are accessed and delivered in Egypt—marking the first time an insurance brokerage firm joins the Sandbox and highlighting the growing role of InsurTech in reshaping the sector.

The platform enables customers to compare, purchase, and manage insurance policies online through a unified digital interface, offering a seamless and transparent experience across multiple providers. By integrating directly with insurance companies through secure APIs, it provides real-time access to products, pricing, and policy details—reducing manual processes and enhancing efficiency across the insurance value chain.

Commenting on the significance of the project, Dr. Islam Azzam, Chairman of the FRA, stated that this step represents a significant advancement in promoting the adoption of fintech solutions in the non-bank financial sector, particularly in insurance. He added that the company’s entry into FRA Sandbox reflects the growing confidence of foreign investors in Egypt’s investment opportunities, as well as the attractiveness of FRA’s flexible regulatory environment in supporting innovation.

In this context, Eng. Ahmed Khalifa stated: "Digital transformation is redefining how insurance is accessed and delivered in Egypt, unlocking new opportunities to expand coverage and enhance customer experience. Through FRA Sandbox, we are enabling forward-looking innovations—including this Saudi investment—that are driving broader transformation across Egypt’s insurance sector."

For his part, Mr. Saad Khabaz commented: "Through ‘Wathiqaty’ digital platform, we aim to enhance the customer experience in Egypt’s insurance market by enabling customers to compare insurance policies and select the most suitable option through a simple and transparent digital journey, supporting financial inclusion and digital transformation in the sector."

The announcement was made in the presence of:
H.E. Dr. Islam Abdel Azim Azzam — Chairman of the FRA
Dr. Ahmed A. Abdel-Aziz — Vice Chairman of the FRA
Eng. Ahmed Khalifa — Executive Director of FRA Sandbox & Chief Data Officer
Dr. Moustafa Khalil — Deputy Assistant to the Chairman at the FRA

From IGIB:
Mr. Saad Khabaz — Chairman
Mr. Walid Khairy Selim — Managing Director
Dr. Ghada Ali — Board Member
DR WALID ABO HAJAR — Founder -Board Member
Eng. Bander Alweshaigri —Chairman of Masarat Technology Industries, the technology developer of “Wathiqaty.”

Alongside the FRA Sandbox team, whose dedication contributed to making this milestone possible:
Farah AbdelKader, Marian Boshra, Heba Eissa, Shrouk Shawky, Nadia Zaazaa, and Toka Hassan.