Page 10 - March 2022 Issue 604 Part 2

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*Day 2

First Panel: Who will be the winners in the new world of Insurtechs?

The insurtech sector in the MENA region has enjoyed substantial growth over
the past two years, in part driven by the global pandemic. Panelists speaking
at the insurtech roundtable acknowledged that country lockdowns had prompted

an acceleration in digital trends more broadly, with venture capital money backing

insurtech companies among others. While insurance has traditionally lagged

behind the banking sector, the advent of blockchain technology and artificial intel-

ligence (AI) has been a game changer, thought Aftab Hasan, chairman of the

Risk Exchange at the DIFC, creating efficiencies in the back office, allowing the

easy distribution of smart policies and improving customer satisfaction. Currently

there is around $10 billion of investment into insurtech globally, up from just $2

billion five years ago. Current forecasts are that this will exceed $100 billion by

2030, representing a huge growth potential.

Mohamed Radhi, vice chairman and group COO of Braxtone Group, said regu-

lation had played a role, noting that in Bahrain there had been a concerted drive

to ensure that customers could take out and renew their policies online, without

the need for face to face meetings. “Without the pandemic, that would not have Mohamed Radhi Yousuf Amin
happened as easily”, he observed. All parties realized this was needed for the

benefit of all.

Much of the investment coming into the insurtech space is being concentrated within just five percent of firms in the insurtech space, according to Antoine

Bdadouni, head of MEA at Aspen Re. This means insurers will have to invest further in their ecosystems in order to attract the right funding, he said.

Yousuf Amin, EVP Operations, Consumer Lines Claims & Engineering Services at ADNIC, said the willingness to go digital existed. With venture capitalists

investing in insurtechs and coming up with smart solutions for the industry, insurers will be able to take advantage of this if they have the right mindset.

“Companies regionally and locally have to refocus their direction, invest in digital and take advantage of the growing ecosystem”, he said.

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