Tribune News Network
Doha
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>
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.”
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.
