UAE: Lloyd's and Dubai govt to set up InsurTech enablement platform
Source: Middle East Insurance Review | Jul 2023
Lloyd’s has signed a partnership with Dubai’s Department of Economy and Tourism (DET) to facilitate holistic growth opportunities for Dubai-based InsurTech start-ups and entrepreneurs.
The two sides signed a memorandum of understanding to develop a Dubai InsurTech Enablement Platform to enable start-ups and entrepreneurs to create innovative tech-based insurance solutions and products covering various sectors from autonomous vehicles to the transition to net zero.
Lloyd’s said that it will collaborate with DET based on its experience of setting up the Lloyd’s Lab and supporting the development of InsurTechs through the accelerator. The future partnership will also give members of the programme access to bespoke business facilitation support to set up in and expand operations throughout Dubai.
As part of the programme, it will encourage the applications of Dubai-based InsurTechs to the lab. Successful applicants will benefit from mentorship, networking, commercial product testing and potential investment opportunities through the lab’s direct access to the London market.
The lab facilitates an InsurTech accelerator programme which aims to help innovative ideas gain traction and success in our market. The lab provides access to a co-working space and the chance to develop ideas with guidance from experienced insurance professionals.
In turn, DET will build on Dubai’s existing talent base and pool of new business to support start-ups that are part of the new international programme with the introduction of their products and expansion of their InsurTech operations in the UK and beyond. M