Frederik Bisbjerg

🌟 60 Seconds of Insight 🌟 We asked Daniel Wahba, Digital Business Application Analyst at Synex Assurance, "How is technology addressing broker pain points?" Watch now and stay tuned for more insights from our amazing team, clients, and partners! #Innovation #AI #Rival #InsuranceTechnology #Insurance

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QIC Group holds its third annual InsurTech Summit to explore the future of insurance in the age of AI “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.” said, Salem Almannai, Chief Executive Officer of QIC Group and Chairman of the MENA Insurtech Association. 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. 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.” For more information on the MENA Insurtech Summit 2024, please visit www.insurtech-mena.com #QIC #Ai #QICDVP #MENAInsurTechSUMMIT2024 #Insurtech

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Low insurance penetration and limited awareness have traditionally kept many in the Middle East from securing their futures. But times are changing. Insurance penetration in the Middle East remains very low, according to Lara Varjabedian, Co-founder at JoinUBQT. Apart from compulsory covers mandated by regulators, non-compulsory lines of insurance remain largely untapped. Kalpesh Desai, President & CEO at Agile Financial Technologies, confirms the vast protection gap, with insurance penetration hovering between 0.7% and 4%. However, the current insurtech landscape, dominated by aggregators and digital channels offered by traditional players, focuses primarily on price comparison. Miro Fok, Founder and CEO at Vita Virtues, underscores insurtech’s most immediate benefit: enabling digital transformation within the insurance industry. Abdullah Alzakry, CEO at Eltizam | التزام, points to a significant rise in sales for insurers partnering with insurtech firms. This trend is supported by the IA 2023 report, highlighting an 83% increase in insurtech sales, contributing $2 billion to the total digital insurance sales of $2.67 billion. Aman Pal Singh, Founder & CEO at B4E Insurtech | Insurance Infrastructure-as-a-Service, echoes Alzakry’s sentiment. The distribution of insurance is evolving. Coverage is embedded into everyday interactions, from buying a car to booking travel or renting a vehicle. Health insurance claims have already been digitized, improving efficiency. However, according to Benito Mable, Venture Lead at SC Ventures by Standard Chartered, this is the first step in a larger transformation. Frederik Bisbjerg, Deputy CEO at eData Information Management, highlights the stark contrast between traditional insurers and insurtech startups. Legacy systems and bureaucratic processes within established companies clash with the agile, technology-driven approach of insurtech firms.  According to Johnny Kollin, Managing Director of Várri Consultancy, the insurance underwriting process in the Middle East still heavily relies on paper forms and unstructured digital documents. By introducing digital solutions, insurtech firms have enabled insurers and insurance brokers to penetrate new market segments efficiently.

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Embracing Insurtech: Transforming the Landscape of Insurance in the Middle East 🌍💡 From low penetration to digital revolution, the region's insurance sector is undergoing a remarkable shift. As highlighted by industry leaders, insurtech isn't just about comparison tools—it's about digital transformation, increased sales, and embedding coverage into everyday life. Let's bridge the gap between tradition and innovation for a more resilient future. #Insurtech #DigitalTransformation #MiddleEastInsurance #digitalinsurance #insurance

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Saudi Arabia has emerged as a promising hub for #fintech, as part of its ongoing digital transformation and economic diversification under Vision 2030. InsurTech remains underfunded and less mature by comparison. Celent’s Mr. Todd McGregor examines the reasons for the mismatch in funding and progress in these two technology-first sectors. #SaudiArabia #Insurance #InsuranceSector #InsurTech #InsurTechs #Technology #Digitaltransformation

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THE DYNAMIC INSURTECH LANDSCAPE IN MIDDLE EAST: IMMINENT CHANGES AND TRENDS Check out this remarkable piece by Arvind Kashyap, CEO, NewTech Insurance Brokers LLC As one of the oldest industries in the world, the insurance sector has weathered exponential global crises by constantly adapting to evolving consumer expectations and technological advancements. Over the years, the industry has succeeded in overcoming key bottlenecks such as lengthy paperwork, cumbersome processes, and limited customer interaction by embracing the power of digitisation. The adoption of InsurTech has revolutionised all aspects of the insurance value chain, from product development and underwriting to distribution and claims management. Read More: https://lnkd.in/dUyJ4PvW #newtechinsurance #insurtech #financialintegrator

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🚀 "The Middle East is a blank canvas for dynamic, customer-focused insurance solutions." - Jonathan Cooper In his latest feature with Middle East Insurance Review, WIS Group Ltd's Jonathan Cooper shares how embedded insurance, digital transformation, and regulatory innovation are reshaping the region’s InsurTech landscape. From the surge in personalized digital products to the rise of Saudi Arabia as an InsurTech hub, the opportunities are vast for insurers ready to adapt. Those who prioritize automation and customer-first strategies will lead this transformation. Explore the full article below. Thank you to Middle East Insurance Review for spotlighting this exciting discussion! 🎉 #InsurTech #EmbeddedInsurance #DigitalTransformation #WISGroup

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🌟 60 Seconds of Insight 🌟 We asked Shashen Mudaly, "How is Rival using AI in its development projects?" Watch now and stay tuned for more insights from our amazing team, clients, and partners! #Innovation #AI #Rival #InsuranceTechnology #Insurance

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Zala Insurtech News: Crux Underwriting has partnered with mea to enhance the broker experience by reducing quote turnaround times and boosting efficiency. The collaboration integrates mea’s AI-driven platform with CruxHub, a cloud-based system, to streamline operations. The post Crux Underwriting Partners with mea to Streamline Broker Service appeared first on Insurtech Insights. Read on below >>  #insurance #innovation #insurtech

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The #GCC currently leads #InsurTech growth in the MENA region and with gen AI, this wave of innovation is expected to propel the evolution of insurance and InsurTech across the MENA region from 2025, says Agile Financial Technologies’ Mr. Kalpesh Desai. Click here to read the full article 👉https://lnkd.in/gUUXkV4B #MENA #InsurTechs #AI #Insurance #InsuranceIndustry #InsuranceSector #FutureInsurance #Insurance2025 #Insurance2025predictions

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What an exciting Day 1 at Digital Insurance MENA. The discussions and networking have been invaluable, and we’re looking forward to even more inspiration and innovation on Day 2! Let’s keep the energy high! 🌟 #DigitalInsuranceMENA #FutureOfInsurance #InnovationInInsurance #TechInInsurance #DigitalRevolution

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Zala Insurtech News: In an era marked by rapid technological advancements, the insurance industry is witnessing a significant transformation. Much of this is achieved via strategic collaborations that enable better products and services - and further reach into previously uncharted marketplaces.  The post 10 Strategic Partnerships Bolstering the Digital Ecosystem in Q3 2024 appeared first on Insurtech Insights. Read on below >> #insurance #innovation #insurtech

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Insurtech and Compliance: Embracing Innovation While Upholding Standards Insurtech advancements like AI, blockchain, and IoT are revolutionising South Africa’s insurance landscape, enabling personalised policies, real-time data analysis, and streamlined claims processing. However, as insurers adopt these technologies, they face the challenge of aligning innovation with regulatory requirements. Key compliance considerations include: Data Privacy: Meeting POPIA and GDPR standards is essential to protect client information. Fair Claims Processing: AI can improve efficiency, but clear guidelines are needed to ensure ethical decision-making. Employee Upskilling: Investing in digital skills is crucial for navigating a tech-driven environment. At Vorofin, we support financial institutions in adopting insurtech solutions while staying compliant. Let’s ensure that technology enhances service without compromising ethics and trust. #Insurtech #Compliance #Insurance #POPIA #DigitalTransformation

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Masoud Al - Rawahi highlights that AI trends in Oman align with global developments, with small organizations expanding their AI strategies across all sectors of their operations. PhazeRo Endorsed By: Muscat Stock Exchange S.A.O.C Strategic Partner: Liva Insurance Oman Automotive Partner: Mazda Oman Supporting Partners: United Securities LLC and Trufud Oman Digital Partner: Nortal Decor Partner : Seasons Floral Boutique #TASConclave2024 #TimeofTransformation #TheArabianStories

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