(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: The largest insurtech event in the Middle East and North Africa will take place in Doha, from May 12 to 13, 2024, at Park Hyatt Hotel, under the theme 'AI Impact on the Insurance Value Chain'. Powered by QIC Group, the leading insurer in Qatar and the MENA region, through its Digital Partner's Unit (QIC/DVP), the MENA Insurtech Summit 2024.
In its third edition it continues to bring together insurance executives, startups, investors, regulators and technology providers to explore the opportunities and challenges of Artificial Intelligence (AI) solutions on digitalization, automation, and personalization in the insurance sector. The summit will showcase the latest trends, best practices, and case studies of how AI is reshaping the insurance value chain, from product development and distribution to underwriting and claims management.
This year's summit is organised by the MENA Insurtech Association, a membership-based association, established two years ago and spearheaded by Qatar Insurance Group through the Digital Partners Unit (QIC DVP) to build the regional insurtech ecosystem by connecting innovations and talent with partners and capital.
Announcing the summit, Salem Al Mannai, Chief Executive Officer of QIC Group and Chairman of the MENA Insurtech Association, said,“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.”
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.
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