Qatar Insurance Group (QIC) at the world’s largest InsurTech Conference
InsurTech Connect (ITC) 2022, the world’s largest insurtech event took place in Las Vegas, USA, with over 9,000 attendees from over a hundred countries with 70% at VP level or higher. The three-day event brought together insurance and technology industry leaders, insurtech startups and investors for an opportunity to facilitate discussion and showcase the latest industry innovations.
Notably, Qatar Insurance Group was the only presenter at the event from the MENA region, cementing its position as a big player not only regionally but on the international stage. Placing it in the best position to boost the insurtech ecosystem and to become the go-to digital insurance partner for MENA through its QIC DVP and to define the new digital insurance execution standards through QIC’s Anoud Tech.
Moreover, among the many highlights was the participation of four of the top startups that participated in QIC’s InsurTech MENA Hackathon. Namely, ‘Avey, Today, Demogrance and Ameenleek’.
ITC 2022 offered the start-ups a valuable opportunity to present their ideas before an international audience, to connect with industry experts and insurtech focused VC funds.
“We are proud to be able to leverage our leadership in the insurance space and act as a gateway that facilitates the participation of regional innovation in industry events at a global scale. Given our position as the leading insurer in Qatar and the MENA region, we see thought leadership not as an aspiration but a mandate, one that is driven by a strong cooperative spirit that compels us to share expertise, offer unique guidance and encourage forward thinking,” said Mr. Salem commenting on the event.
Additionally, QIC participated in a panel discussion titled “Becoming a Connected Insurer”. The overarching themes were that data driven propositions lead to better interactions with clients and can potentially reduce risk/claims for both parties. The second theme was around distribution, where API platforms empower insurance brokers to bundle needs and better connect with different insurance providers.
Mr. Salem continued, “QIC is proud to present at an event of this scale. As far as digitizing insurance, it is evident that a momentum is brewing globally, and that QIC is the driver of that momentum regionally through our Digital Venture Partner Unit (QIC DVP)”.
Some key takeaways from the event are:
- Digital innovation has expanded beyond focusing on improved customer experience and is now towards new digital models that enhance operational efficiency.
- Even if insurtech VC investments are slowing down, the rate of innovation has not. There are numerous innovations that can be applied along the insurance value chain, from the ability to offer more customized products and services and improved pricing to efficient underwriting and claims.
- There is an ecosystem of AI specialists, data, and system providers to help incumbents extract higher value insights to improve evidence-based decision making.
It’s worth mentioning that last April, as part of its digital strategy QIC Group, announced the creation of Digital Venture Partners (QIC DVP) – a business unit that is quickly becoming the ecosystem orchestrator for InsurTech and the go-to-digital insurance partner in the MENA region.
In June this year, QIC together with Deloitte, Google Cloud and QIC Digital Venture Partner (QIC DVP) launched “InsurHack MENA”- the first InsurTech Hackathon in the region- with the goal of reshaping the digital insurance landscape by building new digital ventures and strategically investing in high potential early-stage startups.
With the first start-up challenge being a soaring success, QIC is gearing up for the new start-up challenge cycle 2023 and the second edition of the InsurTech MENA Summit. Exciting details and partners will be revealed in the upcoming weeks.
Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of over 50 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 in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A (Excellent) from A.M. Best. QIC is also the first & best digital insurance company in Qatar and the largest insurance company in the MENA region by gross written premium, profitability, and total assets. It is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 7.8 billion.