MENA Insurtech Summit 2024 Concludes With Success

Doha, Qatar: 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, yesterday. 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 to explore 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.

Salem Al Mannai (pictured), Chief Executive Officer of QIC Group and Chairman of the MENA Insurtech Association, spoke on the intention behind hosting the annual summit saying: “Artificial intelligence (AI) is not a new concept for the insurance industry. 

For decades, insurers have been using various forms of AI to automate processes, enhance customer service, and improve risk management. However, in recent years, the pace and scope of AI innovation have accelerated dramatically, thanks to the availability of large data sets, powerful computing resources, and advanced algorithms.

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.