FS Brew- Insurtech and insurance in the Middle East

In this in-depth podcast interview, insurance legal expert Anand Singh from Al Tamimi & Co. discusses the major new insurance regulations introduced in the UAE in 2023. He provides insights into the context, impacts and implications for insurers, brokers and the overall insurance ecosystem. Key Topics: 1. The 2023 UAE insurance regulations cover basic governance, risk management, business planning, ombudsman - areas where 60% of the market may not be fully compliant currently. 2. Upcoming Open Finance regulations could drive digitalization and integration of insurers' systems, increasing data sharing and enabling new product innovation. 3. New rules enhance protection of policyholders' medical data and require robust cybersecurity measures from insurers. 4. Higher capital requirements for branches (previously only subsidiaries) and potential licensing changes could drive market consolidation. 5. Reversal of COVID-era 50% motor insurance premium discounts has improved profitability after initial pricing competition. 6. For insurtechs, the choice of mainland vs free zone depends on B2B vs B2C model and brand-building plans. 7. Ombudsman regulation for consumer disputes could be a game-changer for policyholder protection. 8. Premium collection remains a major challenge, with insurers sometimes forced to deduct premiums from claims paid. 9. Regulatory reforms like advance premium collection could catalyze market growth. 10. Open Finance is seen as the most exciting potential innovation for increasing insurance awareness and penetration. 0:00 Intro 2:28 Overview of 2023 UAE insurance regulatory changes 4:13 Rationale behind basic governance, risk management rules 6:59 Potential impacts of upcoming Open Finance regulations 12:09 Regulations on medical insurance data protection & cybersecurity 15:19 New capital and licensing requirements 19:34 Reversal of COVID-era 50% motor insurance discount 22:47 Considerations for insurtech startups: mainland vs free zone 28:31 Policyholder protection and ombudsman regulations 31:29 Premium collection challenges & wishlist for regulatory reforms 36:39 Most exciting innovation: Open Finance 38:20 Rapid fire Q&A Renjit Philip: Newsletter: ⁠⁠⁠https://www.onemorethinginai.com⁠⁠⁠ Socials: Twitter / X: @renjitphilip LinkedIn: ⁠⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠⁠ Vidya Veerapandian: ⁠⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠ #InsuranceLaw #UAERegulations #Insurtech #OpenFinance #Ombudsman #DataProtection #CapitalRequirements #Startups #LegalInsights

🔥 Insider Insights: Marsh McLennan CEO Unfiltered 🔥 Renée McGowan, CEO of Marsh McLennan for the Middle East, India & Africa, gets candid about leadership, Gen AI's impact on insurance, and tackling climate risks. 🌟 Highlights Include: - Her transparent leadership style that empowers teams - How their innovative 'Len AI' is transforming client solutions - Navigating the diverse regulatory landscapes across regions - The biggest risks facing the world according to their Global Risk Report - An exclusive sneak peek into her new book "The Friday Email" Don't miss this power-packed episode as the insurance titan shares her inspiring journey, struggles, and vision for the future of risk advisory. Subscribe now for more industry game-changers! Renjit Philip: Newsletter: ⁠⁠⁠https://www.onemorethinginai.com⁠⁠⁠ (https://www.onemorethinginai.com/) Socials: Twitter / X: @renjitphilip LinkedIn: ⁠⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠⁠ Vidya Veerapandian: ⁠⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

Hosts, Vidya Veerapandian and Renjit Philip review four news pieces from the UAE insurance industry: - HAYAH Insurance's app called TRIBE BY HAYAH- a great move by the team, creating a more comprehensive 'fintech' proposition starting with term life, medical insurance, and savings-linked investment products - Sukoon Insurance and WAX partnership- opening up a whole new way of segmenting target audience with a differential proposition- (📣reinsurers, take note of the variety of risks being underwritten here!) - Cigna Healthcare Middle East & AfricaHealthcare Vitality Study Report- how and why countries like #uae and #ksa have one of the highest vitality scores! - OneDegree and Dubai Insurance Co.'s partnership to provide Crypto Insurance to firms- a first of its kind and what that means to the region. Renjit Philip: Newsletter: ⁠⁠⁠https://www.onemorethinginai.com⁠⁠⁠ (https://www.onemorethinginai.com/) Socials: Twitter / X: @renjitphilip LinkedIn: ⁠⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠⁠ Vidya Veerapandian: ⁠⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

This episode provides an in-depth look at the journey of Mohab Aboueita, co-founder and CEO of Amanleek, a digital insurance brokerage in Egypt, and his insights into the insurance and InsurTech industry. The discussion covers Mohab's accidental entry into the insurance sector, the foundation of Amanleek, challenges faced in scaling the business, strategies for customer acquisition, co-founder dynamics, and the importance of resilience and grit in entrepreneurship. It highlights Amanleek's approach to addressing the underserved insurance market in Egypt, its experiences with funding rounds, and the company's future focus. Additionally, the episode touches on the broader trends in the Middle East's insurance industry, including digital transformation and customer-centric product innovations. The conversation is packed with practical advice for startups, from managing co-founder relationships to navigating fundraising challenges. Renjit Philip: Newsletter: ⁠⁠⁠https://www.onemorethinginai.com⁠⁠⁠ (https://www.onemorethinginai.com/) Socials: Twitter / X: @renjitphilip LinkedIn: ⁠⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠⁠ Vidya Veerapandian: ⁠⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

A wide randing conversation with Shady El Tohfa, the CEO of Amenli, a digital broking company in Egypt. Key learning opportunities for an Insurtech founder in the Middle East include: 1. Recognizing the low insurance penetration in the region as an opportunity for digital disruption. 2. Understanding the importance of regulatory compliance and adapting to local insurance laws. 3. Leveraging existing technologies and platforms to build efficient solutions. 4. Focusing on customer education to increase awareness and trust in digital insurance products. 5. Tailoring insurance products to suit the unique needs and preferences of the regional market. 6. Building a strong team with diverse skills, including tech, finance, and insurance expertise. 7. Prioritizing data security and privacy to build customer trust. 8. Developing a clear and sustainable business model. 9. Embracing innovation to stay ahead in a rapidly evolving sector. 10. Establishing robust investor relations and effective fundraising strategies. Renjit Philip: Newsletter: ⁠⁠⁠https://www.onemorethinginai.com⁠⁠⁠ Socials: Twitter / X: @renjitphilip LinkedIn:  ⁠⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠⁠ Vidya Veerapandian: ⁠⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

In this episode, we spoke to Rob Schimek, the Group Chief Executive Officer of bolttech, the fast-growing international insurtech. He is responsible for the company’s development and growth around the world. Before starting bolttech, he held leadership roles with AIG, FWD, and Deloitte, and has an MBA from Wharton School. Rob spoke about the evolution of bolttech, and the varied strategic decisions taken, including their stakeholder mix and acquisitions of companies, as reasons behind its exponential growth rate! Given BoltTech's presence in over 35+ markets, we also discussed the strategies Rob employs to manage and adapt to different regional market dynamics and navigate regulatory challenges. We also discussed bolttech's distribution strategy and the current revenue models- 1] the embedded and 2] the insurance exchange. Must listen episode for insurtech founders looking to navigate the start-up landscape ! Renjit Philip: Newsletter: ⁠⁠⁠https://www.onemorethinginai.com⁠⁠⁠ Socials: Twitter / X: @renjitphilip LinkedIn:  ⁠⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠⁠ Vidya Veerapandian: ⁠⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

In this episode of FS Brew, we explore trending insurance sector stories in the United Arab Emirates (UAE) and Saudi Arabia (KSA). Topics include significant employee benefit changes in the UAE, developments in unemployment insurance, the implications of the BOTIM app acquisition, and the introduction of e-monitoring for car insurance in KSA. The episode also gets into a discussion on the exciting potentials of Gen AI's application to insurance underwriting. Lastly, we delve into the fresh rebranding of RSA Middle East to 'Liva' and a tie-up between Zurich and DIFC Innovation Hub. Renjit Philip: Newsletter: ⁠⁠⁠https://www.onemorethinginai.com⁠⁠⁠ Socials: Twitter / X: @renjitphilip LinkedIn:  ⁠⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠⁠ Vidya Veerapandian: ⁠⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

🔍 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. Renjit Philip: Newsletter: ⁠⁠https://www.onemorethinginai.com⁠⁠ Socials: Twitter / X: @renjitphilip LinkedIn:  ⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠ Vidya Veerapandian: ⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠ #SEVentures #CorporateVentureCapital #Startups #FinTech #Insurtech #VentureBuilding #StandardChartered #Innovation #Sustainability #Inclusion #DigitalEconomy #SME #Trade #DigitalAssets

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 #ksaRenjit Philip: Newsletter: ⁠⁠https://www.onemorethinginai.com⁠⁠ Socials: Twitter / X: @renjitphilip LinkedIn:  ⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠ Vidya Veerapandian: ⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

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. Renjit Philip: Newsletter: ⁠⁠https://www.onemorethinginai.com⁠⁠ Socials: Twitter / X: @renjitphilip LinkedIn:  ⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠ Vidya Veerapandian: ⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

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 ⁠Renjit Philip: Newsletter: ⁠⁠https://www.onemorethinginai.com⁠⁠ Socials: Twitter / X: @renjitphilip LinkedIn:  ⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠ Vidya Veerapandian: ⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

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. Renjit Philip: Newsletter: ⁠⁠https://www.onemorethinginai.com⁠⁠ Socials: Twitter / X: @renjitphilip LinkedIn:  ⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠ Vidya Veerapandian: ⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

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! Renjit Philip: Newsletter: ⁠⁠https://www.onemorethinginai.com⁠⁠ Socials: Twitter / X: @renjitphilip LinkedIn:  ⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠ Vidya Veerapandian: ⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

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 Renjit Philip: Newsletter: ⁠⁠https://www.onemorethinginai.com⁠⁠ Socials: Twitter / X: @renjitphilip LinkedIn:  ⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠ Vidya Veerapandian: ⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

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! 👏 Renjit Philip: Newsletter: ⁠⁠https://www.onemorethinginai.com⁠⁠ Socials: Twitter / X: @renjitphilip LinkedIn:  ⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠ Vidya Veerapandian: ⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠