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The Deep dive: AI in Insurance industry in Middle East

By Puja Sharma

May 16, 2024

  • AI
  • AML
  • Banking in UAE
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The deep dive’ is our bi-weekly exploration of a relevant topic, hot trend, or new product. For Prime subscribers only.

How does it work?

The insurance industry in the Middle East is undergoing a transformative journey, marked by technological advancements and evolving consumer needs. As highlighted in Rihla by HAYAH, insights from industry experts shed light on key trends and challenges shaping the landscape.

Chakib Abouzaid, Secretary General of the General Arab Insurance Federation (GAIF), emphasizes the significance of life insurance and retirement systems in the Arab region. With increasing longevity and changing demographics, insurers must adapt to meet the evolving needs of their policyholders.

Swiss Re, a global reinsurance company, provides valuable analysis on the future of life insurance, emphasizing the role of insurers and reinsurers in addressing new social and medical risks. Adapting to emerging challenges such as chronic diseases is crucial, as discussed by Adel Benachour, Head of Protection & Partnerships at HAYAH Insurance.

Who is under the radar?

In the midst of a rapidly changing business environment, insurance-related decision making in the UAE is influenced by various factors. Adil Saghir, Head of Pensions & End of Service Benefit at HAYAH Insurance, explores the evolving landscape and its impact on the industry.

Furthermore, the integration of artificial intelligence (AI) is reshaping the insurance sector. David Howard, Head of Strategy, Digital & CX at HAYAH Insurance, delves into the role of AI, questioning whether it is merely a passing trend or a permanent fixture in the industry.

Financial inclusion is another crucial aspect of the insurance industry, highlighted by Arvind Krishnan, Head of Wealth Solutions. Economic equity and accessibility to insurance products are essential for fostering growth and resilience in the region.

Why does it matter now?

Looking ahead, Fredrik Daveus, CEO, and co-founder of Kidbrooke, envisions the future of wealth management in the Middle East. Leveraging technological innovation and data analytics will be key to driving efficiency and enhancing customer experiences.

In conclusion, Hana Alnuaimi, Head of Compliance & AML at HAYAH Insurance, provides insights into the regulatory landscape, comparing onshore and offshore insurance companies in the UAE. By navigating these challenges and embracing innovation, the insurance industry in the Middle East is poised for growth and transformation in the years to come.

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