Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, held the second edition of its annual insurtech summit on May 20-22, 2023, at Park Hayyat hotel in Doha under the theme “MENA Insurtech Rising”. The three-day event brought together 88 C level regional and international insurers, startup founders, investors and key players to discuss and explore partnerships with close focus on sharing insights on the latest industry trends, innovation, investment and digital transformation, with the goal of fostering learning and collaboration between the MENA Insurtech ecosystem players.
The year 2022 launched the beginnings of Qatar Insurance Group’s (QIC) digital aspirations reaching beyond in-house innovation to build the MENA insurtech ecosystem. QIC through its newly launched Digital Venture Partners unit (QIC DVP) led the establishment of the MENA Insurtech Association, a membership based association founded to build the regional insurtech ecosystem through connecting innovations, talents, partners, and capital.
The question at the center of this initiative was: how can we create products and services that respond to the needs of the modern customer while catalyzing transformations across entire systems? The answer was innovative partnerships. By combining the unique capabilities of multiple sectors across the spectrum of insurance, technology and financial industries to encourage collaborative creativity and intelligence.
Over 300 representatives from insurance companies, technology firms, startups, banks and investors attended the summit, while 1,100 people tuned in virtually. With over 600 meetings over three days the summit proved to be a valuable networking platform that can translate communication into tangible partnerships.
The top themes were digital innovation, VC investment strategies and the funding landscape, how to strengthen synergies with Africa and deepen insurance penetration rates in the continent and the emergence of a new regulatory environment as a result of innovation.
Group CEO of QIC Group and Chairman of the MENA Insurtech Association, Salem Al Mannai said, “I am delighted that QIC can leverage its strong regional and international influence so that this global assembly of innovators, experts, entrepreneurs and industry leaders can meet here in Doha under the umbrella of “MENA Insurtech Rising”. Each participant is at the forefront of their industry, uniquely placed to highlight the latest priorities and developments in their field, and each an integral part of a cohesive ecosystem that can reshape the insurance industry.”