FS Brew- Insurtech and insurance in MENA

🔍 Exploring Corporate Venture Capital with SE Ventures In a recent episode of the FS Brew podcast, Harald, the head of Venture Building at SE Ventures, shared some insightful perspectives on the role of corporate venture capital in shaping the future of FinTech. SE Ventures, the corporate venture-building arm of Standard Chartered Bank, operates independently, focusing on areas that complement the banking sector. They have invested in about 25 portfolio companies and launched over 30 ventures in just five years! 🚀 The best approach for startups looking to partner with Standard Chartered Bank is through the SE Ventures bridge application. Patience is vital when dealing with corporates, but the potential rewards are significant. SE Ventures provides support around the business models, tech, and regulations during the incubation stage and continues to offer guidance post-incubation. SE Ventures is particularly interested in startups that can complement the more significant financial services sector, focusing on the digital economy, SME and trade, digital assets, and sustainability and inclusion. They are also keen on Insurtech startups that offer embedded insurance and innovative credit scoring solutions. Harald's advice to startups? Focus on revenue overgrowth and have a clear proposition that can complement the more significant financial services sector. SE Ventures is not just about investment; it's about building a future where the customer is at the center of the proposition and banking is rewired to reconnect with society meaningfully. For startups looking to make a significant impact in the financial industry, SE Ventures could be the partner you're looking for. #SEVentures #CorporateVentureCapital #Startups #FinTech #Insurtech #VentureBuilding #StandardChartered #Innovation #Sustainability #Inclusion #DigitalEconomy #SME #Trade #DigitalAssets --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

Here's the podcast drop of our interview with Preeti Mundhra, CEO of Tree 🌳, a digital insurance company based in KSA. Deep dive into the burgeoning Saudi Arabian market, its young consumers, and the impact on the insurance industry. We spoke with Preeti at length on many aspects, including: 💡 the customer insights that went into creating Tree 🌳and how Millennials and Gen Zs are driving the strategy for the company- affordability and flexibility as their top requirements! 🎯how continuously testing new #technologies is critical to keeping up with the 'instant' generation; focus on bringing new ideas into the market yet keeping it simple and engaging for the young #saudis! ⚓ how is it to be owned by one of the biggest insurance brands in #saudiarabia, Tawuniya, and remain agile and 'fiercely independent 🚀 her views on the #banking versus #insurance maturity levels 🧑🏻‍🤝‍🧑🏼their sweet spot when it comes to customer segment- the huge middle-class segment that seeks 'value' and Tree 🌳is decoding these 'value maximizers' 🥈 expanding on her top 2 priorities- building a relevant and young team and building an 'invisible' tech stack ⛳ her leadership style and bringing in 'transferable' knowledge from banking, where she spent most of her career in 😎 a fun rapid fire that includes the prominent Deepak Chopra MD (official)🧘🏽‍♀️And much more! #insurance #insuranceinnovation #insuranceinsights #leadership#banking #ksa --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

Sure, here are some more details about the key highlights and learnings from the interview with Avinash Babur: Focus on the customer. Avinash says that InsuranceMarket.ae has built a strong reputation by listening to customers and constantly improving their products and services. For example, the company regularly surveys its customers to get feedback on their experiences. This feedback is then used to make changes to the company's products and services. As a result, InsuranceMarket.ae has a high customer satisfaction rate. Be innovative. Avinash believes that innovation is essential for any business that wants to stay ahead of the competition. He talks about how InsuranceMarket.ae has used technology to improve the customer experience and make it easier for people to buy insurance. For example, the company has developed a mobile app that allows customers to buy insurance on the go. This app has been very popular with customers, and it has helped InsuranceMarket.ae to attract new customers. Build a strong team. Avinash says that no entrepreneur can succeed without a strong team behind them. He talks about the importance of hiring the right people and creating a positive work environment. For example, InsuranceMarket.ae has a strong culture of collaboration and innovation. This culture has helped the company to attract and retain top talent. Here are some more details about the advice that Avinash gives to entrepreneurs: Don't be afraid to fail. Avinash says that failure is a natural part of the entrepreneurial journey. He encourages entrepreneurs to learn from their mistakes and keep moving forward. For example, Avinash himself failed several times before he succeeded with InsuranceMarket.ae. He says that these failures taught him valuable lessons that helped him to succeed in the long run. Be patient. Avinash says that success doesn't happen overnight. He encourages entrepreneurs to be patient and persistent in their pursuit of their goals. For example, it took Avinash several years to build InsuranceMarket.ae into a successful business. He says that it is important to stay focused on your goals and not give up, even when things get tough. Don't give up. Avinash says that the most important thing for entrepreneurs is to never give up on their dreams. He believes that anyone can achieve anything they set their mind to. For example, Avinash had a dream of starting his own business since he was a child. He never gave up on his dream, and he eventually achieved it. Overall, Avinash is an inspiring entrepreneur who has built a successful business from the ground up. His story is a testament to the power of hard work, dedication, and innovation. If you're thinking about starting your own business, Avinash's advice is invaluable. --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

FS Brew has been speaking to #venturecapital firms interested in #insuranceand #insurtech space to know more about what it takes to pique their interest.In this episode, we spoke with Shwetank Verma, Co-Founder and Managing Partner at Leo Capital and Co-Founder of India Insurtech Association. He is passionate about insurance and has been championing the cause of insurtechs in his current and previous roles. His VC firm, Leo Capital, invests in some of the leading insurtechs, such as Covergenius, so it was super insightful to know more about what it takes to build a solid insurtech start-up and scale.  We spoke in-depth about the following:💪 What is a venture backable insurtech: 2 KEY AREAS TO FOCUS- TAM and Founder's Resilience 🌼 Interesting traits that Shwetank and his team focus on when it comes to assessing the Founders: their ability to deal with ambiguity, their initiative, and their resilience (interesting to note how his team goes about it!) 🎯 Specific pointers on how to approach the pitch deck; the key factors to capture in the cover email, in the pitch deck🌐Some of the regulatory challenges that the #insurtech ecosystem face across geographies🌿Leo Capital's approach to building a scalable start-up- keeping it sustainable🤝Their ME outlook- huge Focus for Leo Capital to expand and invest in #insurtechs  🤵🏻‍♀️ Focus on female founders- Shwetank and his team want to get more female founders within the #insurtech spaceCheck out the interview to know more! Finally, if you are an aspiring #insurtechfounder, write to pitch@leocapital.com, and don't forget to listen to the full podcast to get in-depth insights to approach the pitch.  #founders⁠ ⁠#insuranceindustry⁠ ⁠#investment⁠ ⁠#sustainable⁠ ⁠#strategy⁠ ⁠#team⁠⁠#tech⁠ ⁠#uae⁠ ⁠#ksa⁠ ⁠#egypt⁠ ⁠#operationsmanagement⁠ ⁠ --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

The emergence of Chat GPT and AI technologies has brought about a revolution in the insurance industry. These tools offer promising solutions to the complexity of data-driven insurance operations. Chat GPT, a large language model, can create chatbots that can process claims, answer customer inquiries, and even underwrite policies. AI, on the other hand, can assist insurers in analyzing data, identifying patterns, and making informed decisions about pricing and risk. The integration of these technologies can significantly enhance customer service, reduce costs, and increase efficiency. It can also improve insurers' ability to manage risk, resulting in more accurate pricing and profitable underwriting. The applications of Chat GPT and AI in the insurance industry are numerous. Chat GPT can automate the underwriting process, freeing up underwriters to tackle more complex cases. AI provides valuable insights to insurers about risk and assists in making informed decisions. Chat GPT can also automate the claims process, resulting in faster claims processing and improved customer satisfaction. Additionally, it can create chatbots that are available 24/7 to answer customer inquiries, reducing expenses while improving customer service. The potential of Chat GPT and AI to revolutionize the insurance industry is enormous. These technologies can make insurance more efficient, effective, and customer-centric. They can personalize insurance products and services, prevent fraud, and drive innovation in the industry. In summary, the benefits of Chat GPT and AI in insurance are significant, and insurers must consider these tools' potential to improve their operations. --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

FS Brew has been speaking to #venturecapital firms interested in #insurance and #insurtech space to know more about what it takes to pique their interest and get the fund in! In our first chat with a #venturecapital firm, we spoke with Ahmed Elgabri, an investment professional from Shorooq Partners, a leading #abudhabi based #vc firm with offices across #MENA and #pakistan. It was a super insightful conversation, and we even got to know the whole application process for an insurtech start-up to apply for investment and their turnaround time. We also spoke about the following: 💪 their ethos- to be founders' partners; Ahmed spoke with us in detail on 'deep' Shorooq Partners work with the founders 🌼 working with founders involves accessibility to Shorooq Partners' team itself, continuous access to partners and investors, helping build tech and team strengths, regional footprint and market access, and full support with fund-raising exercise 💸 criteria to evaluate start-ups: 🧑🏼‍🤝‍🧑🏿invest in the founders/ team who are close to the problem 🌐is the team solving a sizeable problem?🤝early signs of product-market fit, customer sign-ups ⌚Investment team to assess the start-up deck and get back within a month; investment ticket size between 1 to 3 mn $ for early-stage start-ups📖 Shorooq Partners' interesting method to invest in an industry: thesis-driven sourcing! 📊 different trends within the #vc world, capital access, and focus on sustainable business models and lean and efficient operations management 👩‍💻 trends within the #insurtech space shaping each country within the region- from Egypt to KSA to UAE, maturity, and trends vary! 🧠 their exit strategy, and they remain on top of industry trends that shape their decision-making; many valuable lessons for budding #vc professionals! Check out the interview to know more! Finally, if you are an aspiring #insurtech founder, check out www.shorooq.com to access their application online and let us know how it goes! --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

Here's our latest podcast episode with Gautam Datta from Watania Takaful! When we interviewed him a few weeks back, the freshly merged Dar Al Takaful PJSC and #Watania entity were on the verge of revealing their new name, which he makes reference to in the interview. We had a great time speaking to him about a no. of things, ranging from: 🕰️ the timeline of this seemingly complex merger; how it all panned out ⛳ the importance of having a singular company culture post-merger 📢 criticality of a good comms strategy and how Dar Al Takaful PJSC being Dubai- based and #Watania being Abu Dhabi based helped 🎰 crippling issues facing the industry such as the pricing/ discount culture which goes against the very grain of the insurance principle of probability 🙆‍♂️ how regulatory intervention to fix these issues means denting the confidence of the public towards the industry and raising credibility issues  🎯 new entity's PL and CL strategy ⌚ his approach to trends and insurtech- a matter of collaboration and using the services to ultimately drive superior customer experience 🦸🏻‍♂️ their evolving diversification plans which are highly dependent on emerging risks- cyber, pandemic-based, pension🔥 a fun rapid-fire Q&A at the end of the interview- getting to know his fav books, hobby, music band, and even his fav #middleeast city!   If anyone in the insurance sector is currently questioning the larger purpose of the industry, then this is the interview to watch to rekindle the 'power of protection' based on which this industry was formed. Link to the interview in the comments. Don't miss this episode! 👇#interview #power #ceo #insurance #collaboration #dubai #abudhabi#culture #strategy #customerexperience #podcast --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

Happy Women's Day! 👩🏻‍💼 To commemorate this year's international women's day, we spoke with three leaders from the UAE insurance industry. We asked them about their approach to advancing gender diversity and inclusion within the industry, navigating complex situations, and their leadership style. We also discussed in detail some of the common challenges women face in the insurance industry, especially within the Middle East; we delved into some practical actions women can take and what the broader ecosystem can do for women to thrive in their workplace. It was a fascinating panel discussion, and we urge our listeners to tune in to know how each of us, whether we are a man or a woman or someone in a position of power, use the influence to build an equitable system. ☯️ Thank you, Mina Sahib, Caroline Bertrand, and Tanja Magas, for leading the conversation and making it an extraordinary episode! 👏 --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

In our latest episode, we spoke with Mohamed Seghir, CEO of HAYAH Insurance, UAE's recently branded insurance company that specializes in life, medical, and savings.   It was a delightful chat as we dug deeper into how Mohamed Seghir went about rebranding and redesigning the organization which was previously AXAGreen Crescent, before AXA Gulf's exit from the region. We spoke about HAYAH's ideal customer and the behaviors which drive their digital strategy, trends that are shaping the life & health insurance market, how AI shapes their product strategies, and how a cool & young organization cannot be run by one cool person or a single 'cool' department. 😁😎 --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

FS Brew spoke with Lars Gehrmann from QIC Digital Venture Partners and got exclusive details about the #MENA-wide #startup challenge they recently launched!   We also spoke to him about the gaps in the insurance ecosystem in the region for innovative insurtechs to take shape here and what is QIC Digital Venture Partners doing to fill those gaps. Through this #startup challenge leading up to a summit that is to take place in May this year, the selected start-ups will get access to RI capacity, venture-building support, and access to talent, amongst others! Listen in to learn more about this exciting #challenge! --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

In our first episode of #FSBrewInternational for 2023, we speak with the passionate and exuberant, Rohit Nambiar, Group CEO of Tune Protect, based in KL Malaysia! This interview was a playbook on how to run an insurance company that is 'fit-for-purpose' in all aspects- customer, employee, business strategy, culture, partnerships...you name it, Rohit had clear views on what it takes to run a successful D2C and a parallel, flourishing B2B components of the business! Some of the things we've spoken in length are: - Tune Protect's Business model- their D2C proposition, reinsurance business which is spread across 60 countries and a white-labelled tech which is even present in the Middle East and used by leading airlines and travel agents! - Their D2C proposition in ML is focussed on Gen Z and millenials and hence their major workforce are from this generation! - Their work culture is to keep it 'fun and uncomfortable'...yes, uncomfortable! - Their laser focus since Rohit took over the business during COVID 2020, their NPS score for the employees has moved from -20 to +20 and the customer NPS score has moved from -14 to +38! - Moving away from traditional metrics like GWP, NEP, they track 4 key metrics closely- no.of customers added per month, are they buying more products, are they staying longer with Tune Protect and finally, is the average premium growing - Secret sauce- their digital capabilities and their ability to turn around a product to market in matter of days versus months taken by typical insurers - their role in Middle East and future plans - Interesting products such as consignment insurance and 14 variations to travel insurance product! --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

UAE Insurance Market: 2022 Roundup and 2023 Predictions. Today we have a very special episode on how 2022 has been for the insurance companies in the UAE so far and potentially what that means in terms of how we will be ending the year and setting the tone for 2023. Has 2022 been one of the worst years for the insurers? Will 2023 be any different? To answers some of the burning questions, we have with us Navin Ghorawat, who is a senior manager at Badri Consultancy. Navin, in a recent event, spoke about the UAE Insurance market performance and drivers & findings. And we simply had to get him online to chat with us more about it. --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

In FS Brew's latest HYPE episode, we deep dive into Open Insurance to understand:   - What is open insurance? - Who are the suitable partners who can benefit from open insurance - International examples & use cases - Business and technology readiness to build open insurance capabilities - Product lines and sectors that make sense for the region to benefit from open insurance  - Finally, the all-important regulations required to bring this concept to life!   #openinsurance #fsbrew #insurance #insurtech #embeddedinsurance --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

Here's our interview with Walid Daniel Dib, Co-founder, and CEO of Hala Insurance, the OG millennial insurtech founder from the #UAE!  We spoke with Walid on many nuances and factors involved in running an agile insurance start-up brand like Hala:  🎯Hala's business model- tech seems like the starting point...surprisingly, it is not!  🔍Test & learn culture- using hypotheses versus assumptions to test & learn product fit  🤑How did they go about building their first set of customers...did the #cacstack-up?  🏝️That one 'trend' they are keen to develop... is exciting as it is micro-level penetration of insurance  💸Current VC and funding environment outlook for insurtechs ®️Regulatory wishlist to develop the market not just within the UAE but the Middle East as a whole  🔭Drawing inspiration from other markets like #India, #Singapore, and #EU countries and start-ups, he closely tracks --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

Here's our #newswithanalysis episode after long! 💃🏻 In this episode, we've picked trending #news pieces from the #uae market exclusively, because there's just SO MUCH going on!  🎂Shory - (we had to start with this!), our review about the Shory digital experience so far, their 'socially invested' angle and more   📄Policybazaar UAE - tie-up with Adamjee Insurance UAE to provide exclusive #healthinsurance products to cater to the #Pakistani residents in the UAE and their family back home; 🏹SALAMA - Islamic Arab Insurance Co. - seemingly renewed strategy with multiple exclusive and interesting tie-ups; special shout-out to their #Kindness campaign #KindBeingsofDubai 🚀InsuranceMarket.ae™ By AFIA Insurance Brokerage Services LLC- many interesting activities like their partnership with Hero Motorcycle - UAE, and tie up with Dubai National Insurance (DNI) to create #pedalcycleinsurance; special mention to Avinash Babur ACII for TikToking to promote insurance awareness 📲Cardea- we dig deeper into this embedded insurance proposition provider, including their recent build for Petra Insurance Brokers LLC to create www.insured.ae --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

Here's our #FSBrewInternational interview with Andy Ann, CEO of YAS MicroInsurance based in #HongKong. Fascinating conversation and a must-watch for all #insurers aspiring to target or innovate to attract #genz and #millennials as their audiences.  We spoke extensively on many aspects of a customer lifecycle and innovation including:   🔬Extensive customer research to understand the psyche of the #millennialsand #genz that YAS MicroInsurance is targetting- Andy shared some insights that were fascinating and hilarious! 😂   🏃🏻‍♀️Moving away from insuring people and their belongings to time and event-based insurance- a clear shift from a 'limiting' factor of population to a 'limitless' possibility of events 🔮Insuring digital assets, starting with NFTs! 🖼️ 🚴🏻‍♂️Building an ecosystem around each product proposition- hard work that pays off! 🌍Their global plans, including coming into the UAE market! 🤹‍♂️Their amazing progress in the embedded insurance space- including their tie-up with a local transportation company --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

We spoke to Roopa Malhotra- Head of Customer & Digital, APAC, Zurich Insurance Group  LinkedIn: https://www.linkedin.com/in/roopamalhotra  APAC is a hugely diverse, exciting and complex landscape to manage with each country having its unique strengths and opportunities. We dug deeper into what it takes to drive digital transformation in the region, building on insurtechs innovation and incumbent's distribution strengths to build a solid insurance business, the importance of people focus a key sauce to success and much more!!   Roopa Malhotra is the Head of Customer & Digital, APAC for Zurich Insurance Group, and became a member of the Zurich Regional Committee in March 2022.  Ms. Malhotra is responsible for driving the digital strategy across the region with customer-focused propositions across channel partners and digital ecosystem players.  Before joining Zurich Group, Ms. Malhotra was Head of Digital for Chubb Insurance in the Asia Pacific. Over the years in the industry, she has gained well-rounded expertise in different aspects, including Natural Catastrophe risk management, digital product development, and partnership management.  Ms. Malhotra started her career in India as a financial analyst with the leading hedge fund - D.E. Shaw Group, before entering the insurance industry and holding positions with AIG and MSIG.   A passionate Diversity and Inclusion champion, Ms. Malhotra was also recognized as one of the rising female leaders in the region by Insurance Business Asia in 2021.  Ms. Malhotra holds an MBA in Finance with certifications in design thinking for innovation, and she is currently pursuing a Postgraduate Certificate in Sustainable Business from the University of Cambridge. She also actively volunteers at organizations like ‘All Hands and Hearts’ for disaster relief and Singapore’s ‘Alzheimer's Disease Association’ and is a fitness enthusiast.  #asia #zurich #motorinsurance #fsbrew #claims #insurance #lifeinsurance #healthinsurance --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

In our first episode of #FSBrewInternational, we spoke with Nicolo Robba from Lifepal.  Lifepal is the no. 1 B2C #insurance #aggregator in #indonesia. Nicolo Robba is an e-commerce leader in the South East Asia region, and has held senior roles within Alibaba.com and Lazada previously before co-founding Lifepal.  Listen in to Nicolo as we dig deep into what it takes to create a leading insurance brand in one of the most dynamic countries in the world and fastest-growing insurance market (expected to reach $58bn by 2025).   They have a very strong customer value proposition and its success is evident in their whooping 536K followers on Instagram and 9 million monthly visitors to their #website- a feat that is tough achieve for any insurance brand! --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

We caught up with Wilson Varghese, General Manager and Head of Operations, Zurich Middle East, part of Zurich Insurance Group.  Wilson spoke in length about the Customer Benefits report recently released by Zurich Middle East and the relevance of this report in order to raise awareness about #lifeinsurance and #BeBetterPrepared. We also spoke about the incredible changes within the health insurance space, the various #trends like #wearables and #tech that are shaping the industry and how an incumbent insurer like Zurich Insurance are gearing up to these changes! We even got to dig deeper into his roles and responsibilities and how keeping the insurance promise- 'claims experience' remains at the heart of his role.  If you are keen to read about Zurich Middle East's Customer Benefits report, click here: https://lnkd.in/drsqHicb --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message

Check out our interview with wellx.ai founders, Vaibhav Kashyap and Javed Akberali! wellx.ai is the newest #healthinsurance brand in the UAE, rewarding its customers for leading a #healthylifestyle. We spoke in length about: 🧩wellx.ai's business model- its core components, the rewards system, and the business case behind it 🧑🏼‍🤝‍🧑🏿Customer acquisition process- how they acquired their first set of customers, what is working, and their renewed distribution strategy 🐾 Exciting partnerships they now have in place and their future diversification plans 🚦Start-up mindset, their outlook on the funding process in the region And finally, reach out to Javed Akberali if you are seeking to invest in a promising insurtech start-up in the region. The link to the full interview is in the comments section. #insurance #insurtech #fsbrew #uae #dubai #innovation #healthinsurance #funding #founders --- Send in a voice message: https://podcasters.spotify.com/pod/show/fsbrew/message