Tribune News Network
Doha
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, on Monday in Doha.
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. They explored 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.
Salem Al Mannai, Chief Executive Officer of QIC Group and Chairman of the MENA Insurtech Association, said, "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.”
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.”
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.