Qatar Insurance Group-Backed Startups Set Stage for Global Expansion, Unprecedented Innovation

Qatar Insurance Group has announced strategic investments in three insurtech startups, in a bold move to strengthen its regional leadership and global expansion.

The investments come with ambitious expansion plans, not only in the Middle East but also into new global markets relevant to each company. 

By partnering with Jaguar Transit, MIC Global, and Digital Petroleum, the group aims to offer innovative insurance solutions in key GCC markets, including Qatar, Saudi Arabia, and the UAE, as well as emerging markets in Asia, such as Singapore and India, and developing African markets.

Group CEO Salem al-Mannai signed the MoUs with Jobi Kenan, founder and CEO of Jaguar Transit; Mike Eksteen, SVP Global Partnerships & Innovation MIC Global; and Fakhruddin Murabet, chief technology officer of Digital Petroleum.

Al-Mannai, said, “The global insurance industry is undergoing rapid transformation, and Qatar Insurance Group is already leading this change in the Mena region. 

Our investments in these companies reflect our commitment to embracing technology to deliver smarter, easier, and more innovative insurance solutions. 

These partnerships will help us take the insurance industry to new heights, meet changing customer needs, and enhance our profitability over the long term.”

The companies are part of the group-supported Insurtech Accelerator MENA programme and represent one of the outcomes of its annual regional forum, the “MENA Insurtech Summit,” headquartered in Doha. US-based StarUP and Otonomi have recently joined the MENA InsurTech Accelerator.

As part of QIC’s commitment to empowering talent, supporting innovative startups, and creating new investment opportunities, QIC will provide financial support and strategic guidance. This will allow these companies to expand into dynamic markets such as the GCC, North Africa, South Asia, and Europe.

Al-Mannai, said, “Our investments in these companies reflect our vision of creating a smart and efficient insurance ecosystem that spans the region and the globe. 

This investment is not just an expansionary step, but a commitment to reshaping the future of insurance through innovation and partnerships, while ensuring that the best insurance solutions are provided to customers and enhancing operational efficiency and profitability.

“These companies will enable us to offer innovative and flexible insurance solutions across various countries, particularly in petroleum-producing industries, and meet the needs of both developed and developing markets. This will further strengthen our position as an unrivalled market leader, focusing on increasing profitability and sustainable growth in the long term.”

As the region’s largest and first digital insurance company, Qatar Insurance Group has taken on the role of elevating the region’s insurance industry, with over 60 years of experience in the global insurance market.

Through its various initiatives, partnerships, and investments, including the seamless integration of its products with national companies and government entities in the countries where it operates, the group ensures that the future of insurance in the region is in safe hands, continually strengthening its leading position through innovation and integration.