The innovation gap in the insurance business is widening, and the industry is sleep walking into the fast-changing market environment, said Ms Inga Beale, Chief Executive of Lloyd’s, while delivering the international keynote address at Dubai World Insurance Congress.
“We need to have an open approach to technology changes happening around. The industry should adopt a customer-centric approach and find ways to reach products and services that are in the best interest of customers,” she said.
“New technologies, such as the use of artificial intelligence, robotics and Big Data analytics will redefine insurance industry’s business models,” she added.
Talking about the insurance industry in the region, she said: “While the decline in oil price and the consequent contraction in economic activities have impacted the underwriting volumes in the GCC region, robust infrastructure investments across the region has opened up new growth opportunities.”
Opening the two-day Congress, Mr Arif Amiri, CEO of DIFC Authority, said adoption of new technology and product innovation are the key drivers of insurance industry’s growth in the region.
“Insurance and reinsurance companies are playing a pivotal role in the growth of DIFC, which is also home to the DIFC Insurance Association. With the fast pace of technology adoption, insurance industry, like other financial services sectors, have huge growth potential in Middle East and Africa region,” he said.
The other speakers, including Mr Dennis Mahoney, CEO, RFIB Group, and Mr Giles Ward, Regional President, Eurasia & Africa, Chubb, also emphasised the need for product innovation and diversification of the industry.