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UAE: DIFCIA tackles 4IR topic at industry event

Source: Middle East Insurance Review | Dec 2018

As part of its role in keeping its members abreast with the latest development trends, the DIFC Insurance Association (DIFCIA) hosted Mr Ian Fletcher, director of IBM Institute for Business Value in the Middle East and Africa Region to talk about the Fourth Industrial Revolution (4IR) and its impact on society and business including the insurance industry.
 
Mr Fletcher presented a comprehensive overview of the profound impacts that all industries and financial services would face as a result of the new revolution. “We are moving forward from a path to personalisation to an experience that is all about individualisation. No one size will fit all and 4IR will help tailor an experience to meet one’s lifestyle. As corporations compete for our time and, more importantly, our cash, they need to understand consumers at a micro level, using cognitive real-time analytics, artificial and augmented intelligence, and deep learning,” he said. 
 
Dr Bassel Hindawi, CEO of DIFCIA said according to the World Economic Forum we are living in one of the most exciting and transformational periods in human history. We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before.
 
Dr Hindawi said the 4IR is characterised by a fusion of technologies that blurs the lines between the physical, digital and biological spheres. 
 
The event was attended by professionals from the insurance and reinsurance industry in the DIFC and UAE. M 
 
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