The Future of Insurance is Innovation

Fleming's Insurance Innovations conference kicked off yesterday at the Nassima Royal Hotel in Dubai, U.A.E. The conference witnessed key stakeholders in the insurance industry come together and engage in a dialogue on the role of innovation in insurance and major trends reshaping the industry. Sameh Hafez, VP of Customer Proposition at Oman Insurance Company inaugurated the event which was

  
The Future of Insurance is Innovation
19 March 2017
Summary: Insurance Innovations 2017 brings together key stakeholders in the MENA insurance fraternity to discuss the impact of innovations in the regional insurance industry.


Fleming's Insurance Innovations conference kicked off yesterday at the Nassima Royal Hotel in Dubai, U.A.E. The conference witnessed key stakeholders in the insurance industry come together and engage in a dialogue on the role of innovation in insurance and major trends reshaping the industry. Sameh Hafez, VP of Customer Proposition at Oman Insurance Company inaugurated the event which was  followed by a keynote session by Fareed Lutfi – Secretary General at Emirates Insurance Association., titled “The race to the top with digital era innovations to stay ahead”.

Francoise Lamotte, Head of Direct and Digital at MetLife EMEA elaborated on Insurance Futures, emphasizing on how value is shifting as insurance refocuses on the customer, while a presentation on Health Insurance 4.0- The future of health insurer in times of digital disruptions, was conducted by Dr.Sven Rohte, Chief Commercial Officer at National Health Insurance Company – Daman.

Ambareen Musa, CEO at SouqAlMal, highlighted success stories to elaborate on Insurance aggregators in GCC, informing “The online insurance aggregator model is also gaining traction where it offers a transparent marketplace that enables consumers to make more educated purchases. Definitely, in the coming year we will see greater urgency from the supply side to offer a well integrated digital service to maintain their competitive advantage.”

Among key highlights of the first day, were :
- Panel discussion titled 'Paradigm shift in the risk management industry', moderated by Emir Erguner, Executive Director at Aon Benfield Middle East and joined by Marie Lesaicherre – CEO at virtual I, Christos Adamantiadis, CEO at Oman Insurance Company and Tariq Siddiqui – VP of Corporate Solutions at Swiss Re as panelists.

 - TECH PANEL – Exploring the InsurTech options that can and will be implemented in this region, which was joined by Ambareen Musa, Sameh Hafez, Tanvir Haque, Chief Commercial Officer at LifeCare International and Tammer Qaddumi, Partner at VentureSouq.

Matteo Carbone, Founder at Connected Insurance Observatory spoke about how Telematics is eating the auto insurance business, and expressed his observation as -  “I’m bold about connected insurance. I’m talking about any insurance value proposition based on the use of sensors for collecting and transmitting data on the status of an insured risk and the deployment of the capabilities to transform raw information into actionable knowledge along the insurance value chain. Connected insurance can be applied to many insurance business lines but the auto insurance use case is the more mature. I’m expecting to see start the adoption also in GCC.”

Driving success in the age of InsurTech, was the prime focus for the session by Sabine VanderLinden, MD -  Startupbootcamp- InsurTech, while Javed Abbasi, Director at GISBA explained the importance of leveraging innovative learning solutions for the Insurance industry. Simon Kirby from Qlik presented on insurance analytics, while Digital innovations to enhance Customer Support/ Experience was elaborated by Anshul Srivastav, CIO  at Union Insurance Co.

Today, the second day of the conference started with a keynote address by Dr. Haidar Al Yousuf – Director of the Health Funding Department at the Dubai Health Authority, followed by a presentation by Thomas Hirschi, Banking and Insurance Executive Director at Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM).

Nameer Khan – Group Head Bancataful at Pak-Qatar Family Takaful while presenting a session on transformation and new initiatives said  “Rapidly changing customer behavior, the availability of smart devices and innovation ecosystems achieving scale have provided the industry a much needed push. New digital capabilities and Internet of Things (IoT) devices will break the Steeped in tradition, burdened by outdated systems and paper-based operations. Consequently also result in reducing costs, changing systems and processes are the core drivers for driving towards a change for good.”

The conference is yet to witness other intriguing sessions from Daman Health Insurance, AXA Gulf, RSA Insurance, Qatar Insurance Company, AIG, Orient Insurance PJSC, Bank Muscat and more.

The Insurance Innovations 2017 conference organized by Fleming is officially supported by the Insurance Authority of Dubai, while Qlik, virtual I and Dar Al Takaful have partnered as the Analytics Partner, Associate Partner and Networking Partner respectively.

© Press Release 2017


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