QIC Group holds its third annual Insurtech Summit to explore the future of insurance in the age of AI

QIC Group holds its third annual Insurtech Summit to explore the future of insurance in the age of AI

May 09, 2024 (0) comment

MENA InsurTech 2024

The largest insurtech event in the Middle East and North Africa will take place in Doha, Qatar from May 11 to 13, 2024, at Park Hyatt Hotel, under the theme ‘AI Impact on the Insurance Value Chain’. Powered by QIC Group, the leading insurer in Qatar and the MENA region, through its Digital Partner’s Unit (QIC/DVP), the MENA Insurtech Summit 2024, in its third edition continues to bring together insurance executives, startups, investors, regulators and technology providers to explore the opportunities and challenges of Artificial Intelligence (AI) solutions on digitalization, automation, and personalization in the insurance sector. The summit will showcase the latest trends, best practices, and case studies of how AI is reshaping the insurance value chain, from product development and distribution to underwriting and claims management.

This year’s summit is 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.

Announcing the summit, Salem Al Mannai, Chief Executive Officer of QIC Group and Chairman of the MENA Insurtech Association, said, “We are delighted to host the MENA Insurtech Summit for the third year in a row, reflecting our commitment to innovation and excellence in the insurance sector. AI is not only a technological innovation, but also a strategic imperative for the insurance industry as it undergoes rapid and profound changes driven by technology. We believe that this summit will provide a valuable platform for dialogue, collaboration, and learning among the key stakeholders of the insurtech ecosystem, and we look forward to welcoming this global assembly of innovators, experts, entrepreneurs and industry leaders to Doha to discuss the latest priorities and developments. I hope that this conference will inspire us to embrace AI as a positive force for change, and to leverage its potential to create value for our customers, organizations, and the industry at large. More broadly, we aim to contribute to securing Qatar’s strategic future and a sustainable and viable economy that is globally competitive as envisioned in Qatar National Vision 2030.”

Last year, the summit was powered by QIC Group through QIC/DVP and its ecosystem partners Deloitte and FLAT6LABS in partnership with Chedid Capital, Qatar Research, Development and Innovation Council (QRDI), Qatar Financial Centre (QFC), Msheireb, Qatar Development Bank (QDB) and by QIC Subsidiaries Epicure, OQIC and Antares and jointly supported by QLM, CNBC, Microsoft, Insurtech Gateway, Insurtech Asia, India Insurtech Association, Insurtech Lab, Scventure, McKinsey & Company, Luimo, Kojo, Insurtech Connect, Insurtech Insight and FS Brew., SNBSI, Microsoft, Insurtech Gateway, Insurtech Asia and Insurtech Society of India.

AI and the Insurance Value Chain

Al Mannai elaborated: “AI is transforming the insurance industry on two levels: by increasing personal productivity at the workplace and by enabling insurers to create faster, more accurate, and hyper personalized services.

According to the report “The executive’s AI playbook” by McKinsey, AI technologies could add up to $1.1 trillion in annual value for the global insurance industry: approximately $400 billion could come from pricing, underwriting, and promotion technology upgrades and $300 billion from AI-powered customer service and personalized offerings.

At the level of insurance products and services, AI can help insurers improve their efficiency, reduce costs, and enhance customer satisfaction across the value chain, from interacting differently with clients, to product development and claims management.

Some of the applications of AI in the insurance value chain could enable insurers to offer usage-based or on-demand insurance, where customers pay premiums based on their actual behavior and risk exposure, rather than fixed rates. AI can also enable insurers to provide preventive and proactive services, such as alerting customers to potential hazards, offering advice on how to reduce risks, and providing incentives for healthy and safe habits.

For employees, AI can enhance personal productivity by automating mundane and repetitive activities, providing insights and recommendations, and augmenting human capabilities and creativity. For example, AI can help workers manage their schedules, analyze data, generate reports, create presentations, and collaborate with others. AI can also enable workers to learn new skills, access relevant information, and solve complex problems. By leveraging AI, workers can focus on higher-value and more meaningful work, improve their efficiency and quality, and achieve their goals faster and easier.”

Summit Highlights

The summit will feature keynote speeches, panel discussions, workshops, and networking sessions, covering topics such as: How can generative AI accelerate the digital transformation of the insurance industry; From strategy to execution: cross border mergers & acquisitions and IPOs; The latest use cases and trends in embedded insurance; Insurtech lifecycle idea to exit; AI’s role in shaping careers; Banking and insurance regulators’ perspective on AI; and leveraging AI in sales and distribution for the insurance industry.

The summit will also host the final stage of the ‘MENA Insurtech Competition 2024’ where nine outstanding startups that 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 will pitch their cutting-edge solutions to a panel of experts and investors at the summit. Additionally, the summit will also feature ‘Insurtech Island,’ a unique opportunity for growth-stage startups to connect with potential investors and industry leaders.

This year’s edition will feature a panel of experts from various fields and backgrounds, who will share their insights and perspectives on the current and future trends in the industry. The speakers include:

Lars Gehrmann QIC Group Chief Digital Officer / Head of QIC Digital Venture Partners; Asaad Qassas; CEO of Marsh McLennan Qatar; Hanno Mijer, advisor to InsurTechs and former Global Head Zurich Resilience Solution; Magdalena Ramada, Global InsurTech Innovation Leader at Willis Towes Watson’s Insurance Consulting and Technology; Carl Georg Bauer-Schlichtegroll; Founding Partner ∙ Eos Venture Partners; Rabih Khoury, Managing Partner & Chief Exit Officer at Middle East Venture Partners (MEVP); Ram Kumar, Chief Data and Analytics Officer at Cigna; Serena Mujtaba, Head of Corporate Development & Strategic Partnerships at Liva; Sherif Gamil Awad, Head of Assets and Insurance Business at Commercial Bank; Mohamed Saleh Ali Elsabban, Chief Innovation & Strategic Ventures at Bank Misr; Adib Bidaoui, Senior Director Channel Management at Tawuniya; and Zeeshan Vazeer, Global Head Insurtech at International Finance Cooperation (IFC).

The summit is supported by several prominent partners and sponsors, including QIC Digital Venture Partners Unit (QIC DVP); Google Cloud; Builder Ai, the app development platform; Charlers Taylor, an Insrtech providing a growing range of services, claims and technology solutions across the global insurance market, Vitraya Technologies, a healthcare insurance settlement platform that enables automated, real-time payouts and claim settlements between hospitals, healthcare providers, and insurers that offer health insurance products; India Insurtech Association, a not for profit organization with a goal to facilitate the promotion of usage of technology across the insurance value chain in India; oola, the insurance distribution platform, The Digital Insurer, the leading platform for informal and formal learning on digital insurance; Africa’s premiere platform nurturing and accelerating the InsurTech community in Africa locally and internationally, Africa Insurelab; INSTANDA, a platform that enables carriers and MGAs to create, build and implement complex insurance products in a matter of weeks or months; Qatar Financial Centre (QFC), the leading onshore business and financial center in Doha.

The sponsors have expressed their enthusiasm and optimism for the insurtech sector in the MENA region. John Appleton, Business Development Manager, Charles Taylor InsureTech, says: “Charles Taylor is delighted to be a headline sponsor of the 2024 MENA Insurtech Summit, and to be part of this prestigious and forward-thinking association for the first time. We’re very much looking forward to joining the ‘Embedded Insurance’ panel discussion at the summit, where we hope to share our insights on the market and technology perspective. Meanwhile, our experts from Charles Taylor InsureTech will also be available on the exhibition floor to answer any questions. Please do come and visit us.”

Tim Hardcastle, CEO & Co-Founder of INSTANDA, said, “By sponsoring the MENA Insurtech Summit 2024, INSTANDA proudly reinforces our dedication to driving positive change within the insurance sector. As pioneers of innovation, we’re excited to engage with industry leaders, share insights, and foster a culture of progress that benefits all stakeholders.”

Similarly, Hugh Terry, CEO of The Digital Insurer, said, “The MENA Insurtech Summit has established itself as the event for insurance innovators in the region and we are looking forward to actively contributing with our deeper dive session on Generative AI as well as the launch in MENA of our new learning program on Generative AI in global partnership with Microsoft.”

Prerak Sethi, Co-Founder of the India InsurTech Association, said, “The India InsurTech Association is thrilled to support the MENA Insurtech Association in the upcoming MENA Insurtech Summit. Our collective goal is to facilitate meaningful dialogue within the Insurtech and Insurance industry between India and the MENA region. This summit will serve as a platform for insurance professionals to gain insights, forge partnerships, and explore new opportunities in the insurtech landscape.”

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.


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