MENA Insurtech Summit 2024 Concludes with Success
- Written by: iPMI Global
The MENA Insurtech Summit 2024, the premier event for insurance and insurtech stakeholders in the Middle East and North Africa region, concluded on a high note, yesterday, on 13 May in Doha, Qatar. Powered by Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, and partners, the three-day summit, which was held under the theme ‘AI Impact on the Insurance Value Chain’, brought together 1,500 participants including 120 speakers, 40 insurance companies, 40 investors, 50 insurtechs, and an assembly of experts, entrepreneurs, regulators and technology partners from across the region and beyond to explore the latest trends and opportunities in the region’s fast-growing insurtech ecosystem.
The summit featured a rich and diverse agenda that covered a wide range of topics related to the impact of artificial intelligence (AI) on the insurance industry, such as: the insurtech investment landscape in MENA and globally, and how to attract and secure funding from different sources; how generative AI can accelerate the digital transformation of the insurance industry by creating personalized and dynamic products, services, and experiences for customers and stakeholders. Moreover the sessions discussed insights and tips for establishing and scaling insurance companies in the region; the challenges and opportunities faced by entrepreneurs and incumbents alike; and AI’s role in shaping the careers and skills of the future workforce in the insurance industry, and how to foster a culture of learning, innovation, and collaboration among employees and teams.
Additionally, the summit explored the journey of building a global insurtech company in MENA, and the lessons learned from successful exits, acquisitions, and IPOs; how deep tech is revolutionizing the insurance industry by enabling new business models, value propositions, and risk management strategies; the latest use cases and trends in embedded insurance, and how to leverage the power of platforms, ecosystems, and partnerships to create seamless and integrated customer journeys across different sectors and domains; as well as, leveraging AI in sales and distribution for the insurance industry, and how to optimize and automate processes, enhance customer engagement, and increase conversion and retention rates. Other sessions discussed insurtech life cycle from idea to exit, and the best practices and pitfalls to avoid along the way, from ideation, validation, and product development, to growth, scaling, and monetization.
Regulation was another main topic with sessions dedicated to the insurance regulators’ perspective on AI, and how to balance innovation and regulation, while ensuring consumer protection, data privacy, and ethical standards; how to facilitate cross-border expansion and collaboration among insurtech players in the region and beyond by harmonizing regulations, standards, and frameworks; alternatives to VC capital and how to leverage them to finance and grow insurtech ventures in the region.
Salem Al Mannai, Chief Executive Officer of QIC Group and Chairman of the MENA Insurtech Association, spoke on the intention behind hosting the annual summit saying: “Artificial intelligence (AI) is not a new concept for the insurance industry. For decades, insurers have been using various forms of AI to automate processes, enhance customer service, and improve risk management. However, in recent years, the pace and scope of AI innovation have accelerated dramatically, thanks to the availability of large data sets, powerful computing resources, and advanced algorithms. Today, AI is transforming every aspect of the insurance value chain. It offers tremendous opportunities for the insurance industry, as it can help insurers improve their operational efficiency, reduce costs, enhance customer experience, and increase profitability and competitiveness. However, AI also poses significant challenges for the insurance industry, as it requires insurers to address ethical and legal issues, such as data privacy and security, and regulatory compliance and governance. Moreover, AI creates new risks and uncertainties for the insurance industry which require insurers to adapt and innovate their risk management and mitigation strategies.”
He continued, “It is imperative to establish a clear and transparent AI strategy and governance framework that guides AI development and deployment and defines AI principles and policies, such as data quality and security, algorithmic accountability, human oversight and intervention. It is also important to invest in building AI capabilities and culture, by hiring and training AI talent, and fostering a culture of innovation, collaboration, and learning, across organizations”.
“Therefore, we are delighted to host the MENA Insurtech Summit for the third year in a row, which this year explored in depth the impact of AI on the insurance value chain through dialogue, collaboration, and learning among the key stakeholders of the insurtech ecosystem. I believe AI is an enabler for the insurance industry, and that insurers who embrace AI and use it to create value for their customers, employees, and shareholders will be the winners in the digital age.”
In keeping with previous editions, this year also hosted the finals of the MENA Insurtech Competition, which showcased the top 15 startups that are disrupting and transforming the insurance industry in the region by leveraging the power of AI and emerged from a rigorous selection process across multiple renowned events such as GITEX Global, the General Arab Insurance Federation conference in Oman (GAIF), Web Summit Qatar 2024, and a virtual showcase spanning eight countries. The startups pitched their solutions to a panel of judges from leading insurance and investment firms, and competed for mentorship, and exposure to potential partners and investors.
Al Mannai commented on the startup competitions, “We are constantly looking for new ways to improve our products, processes and customer experiences. That is why we support startups and insurtechs, because they bring fresh ideas, creativity and agility to the table. They challenge us to think differently and to experiment with new solutions. This year, we widened the geographical scope of the competition to include countries from the wider Asian continent and countries in Europe. This was at the request of startups from beyond the MENA region who recognized the valuable opportunity the competition offers, cementing its position as a prominent platform that fosters and innovates the future of the industry. Congratulations to our three winners this year, Finsall, Digital Petroleum and InsureCow.”
The summit was hailed as a success by the participants, who praised the quality and diversity of the content, speakers, and networking opportunities. The summit also fostered cross-regional collaboration and learning, as the India and Africa insurtech associations participated and shared best practices to support the growth and innovation of their respective ecosystems.
The organizers thanked all the participants, speakers, sponsors, partners, and supporters for making the summit a memorable and impactful event.
The summit this year was organized by the MENA Insurtech Association, a membership-based association, established two years ago and spearheaded by Qatar Insurance Group through the Digital Partners Unit (QIC DVP) to build the regional insurtech ecosystem by connecting innovations and talent with partners and capital. This third edition was supported by several prominent partners and sponsors, including QIC Digital Venture Partners Unit (QIC DVP); Google Cloud; Builder Ai, Charlers Taylor, Vitraya Technologies, India Insurtech Association, Oola, The Digital Insurer, Africa Insurelab, INSTANDA, Qatar Financial Centre (QFC, as well as other sponsors, media partners, and community partners.
About QIC Group
Qatar Insurance Company Q.S.P.C (QIC, QIC Group) is a publicly listed insurer with a consistent performance history of 60 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader and the first digital insurance company in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the largest insurance companies in the MENA region in terms of written premium and total assets and is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 7 billion.
