Insurtech Insights’ Post

Artificial Intelligence Partnership: Akur8 and SGI CANADA Revolutionize Insurance Pricing #AI #Akur8 #artificialintelligence #Insurance #insurancepricing #llm #machinelearning #modelingprocesses #predictiveaccuracy #propertyandcasualtyinsurance #SGICANADA #transparentmachinelearning

🔍 UAE Insurance Industry Update 2023: Major Regulatory Revamps & Future Trends We are excited to share an insight into our comprehensive roundup of the UAE insurance sector for the year 2023. 📈 This past year marked a significant turning point in the UAE's insurance landscape, driven by substantial legislative reforms and regulatory advancements. Key highlights include: ✅ Complete Overhaul of Insurance and Maritime Laws. ✅ Establishment of the Ombudsman. ✅ Requirement to hold money in Escrow. ✅ Risk Managment and Internal Control Regulations. ✅ Implementing Corporate Governance Regulations. ✅ Recovery Planning Regulations.  Throughout 2023, the insurance industry has navigated these changes, adjusting to the evolving regulatory framework. The agility and responsiveness demonstrated by the sector have been commendable. 🔮 Looking Ahead to 2024: The journey doesn't stop here. With a slew of draft regulations and new initiatives in the pipeline, such as the brokers regulations, fit and proper regulation, e-KYC, open finance regulations, 2024 is poised to be another year of dynamic change. 📖 To read our full report on the 2023 UAE Insurance roundup contact Anand Singh, Veena Shankar or Charlaine MacLachlan-Brown-Aich to dive deeper into these changes and what they mean for the future. 👉 Stay tuned for more updates and insights from our team! #insurance #uaecentralbank #regulations #uaelaw

In the rapidly evolving general insurance industry, collaboration between tech and traditional players is crucial. At OONA Insurance, we're committed to embracing digital transformation to stay ahead of the curve and effectively tackle emerging risks. Read more about OONA Insurance Founder and Group CEO Abhishek S Bhatia's views on the same in the post below: #oonainsurance #mergersandacquisitions #DigitalTransformation https://lnkd.in/gyV66Qet

Exciting News! 📣 OONA Insurance, backed by Warburg Pincus LLC, is making waves in the Southeast Asian insurance industry. In a rapidly evolving industry, the collaboration between tech and traditional players is crucial. At Oona, we're committed to embracing digital transformation to stay ahead of the curve and effectively tackle emerging risks. Read all about it in the post below. #OonaInsurance #WarburgPincus #InsuranceIndustry #MergersAndAcquisitions #OonaIndonesia #DigitalTransformation

Our UAE insurance round up for 2023 is out now. With a complete revamp of the Insurance Law and the Martime Law, and a number of other regulatory developments including setting up of the ombudsman, the year 2023 has been a very busy year for the insurance industry as they try to adapt to the evolving regulatory regime. A number of draft regulations and initiatives in the pipeline suggest that the trend will likely continue in 2024 as well. #insurance #uaecentralbank #regulations #uaelaw

 The UAE insurance market continues to flourish despite challenging times, demonstrating remarkable growth! 📈💪 The region has not only overcome the impacts of COVID-19 but also navigated through complex changes brought on by various regulations and reforms. 🌐✨ 🏦 The merger of the Insurance Authority into the UAE Central Bank (CBUAE) has streamlined oversight, ensuring a more robust and stable market for insurers, brokers, and service providers. Meanwhile, different entities are effectively regulating insurance companies within free zones, promoting diversity and innovation in the industry. 🏢📝 📚 The UAE boasts a comprehensive regulatory framework, governed by Federal Law 6/2007, that covers various insurance products and services. This legal framework ensures that life insurance, property insurance, and liability insurance receive appropriate oversight, providing confidence to consumers and businesses alike. 💼💡 🔍 Moreover, there are several other laws, resolutions, and updates that fine-tune the insurance business in the UAE. Recent examples include Corporate Governance Regulation, Takaful Insurance Regulation, and Anti-Money Laundering protocols, all aimed at enhancing the industry's integrity and efficiency. 💼🌐🔒 🤝 On the other side, the Kingdom of Saudi Arabia (KSA) has also experienced rapid insurance market growth, driven by economic developments and expanded coverage options. Health insurance, general insurance, and Protection and Saving (P&S) insurance are at the forefront of this expansion. 💸🇸🇦 🏢 KSA's regulatory landscape is robust, with the Saudi Arabian Central Bank (SACB), Council of Cooperative Health Insurance (CCHI), and Capital Markets Authority (CMA) ensuring adherence to laws and regulations. 📝🔒 Foreign investment companies must meet additional requirements, fostering a dynamic market for investors. 💼💼🌍 📚 The Insurance Law and its implementing regulations form the cornerstone of KSA's insurance governance, promoting transparent and fair practices among registered companies. 🏛️💡 The market continues to evolve, with collaborations between SACB and CBUAE aiming to further enhance the supervision and control of the insurance sector in both countries. 🤝🌐 📢 Stay informed about these exciting developments shaping the insurance landscapes in the UAE and KSA. 🌟💼 Embrace the opportunities, make informed decisions, and ensure your future is safeguarded! 💪💼🔍 #InsuranceMarket #UAEInsurers #KSAGrowth #InsuranceRegulations #UAEFinance #KSABusiness #InsuranceLaws #MiddleEastInsurance #FinancialUpdates #UAECentralBank #KSAInsurance #BusinessOpportunities #InsuranceConsultancy #FutureProtection #ProfessionalAdvice

"When a key person dies, it is important to ensure that the business continues " fallow on our page Lifeinsurancebazaar.com https://lnkd.in/gGiW-Zh #insurance #termlifeinsurance #business #financeandeconomy #dubai #dubaibusiness #uae #uaebusiness

Most D&O polices are written on a “global basis.” However, some countries require that companies purchase insurance in that country to have a claim paid in that country—that is, they require “admitted” insurance. International D&O expert Jane Njavro covers some common reasons US-based companies place a local D&O policy in foreign jurisdictions as well as approaches you can take to provide local admitted coverage. #foreignsubs #insurance #directorsandofficers

Sigma Insurance Academy is dedicated to unlocking your potential in the UAE's vibrant #insurance sector. With #courses crafted to match the UAE's unique market practices and regulations, we don't just educate; we open doors. Choose Sigma Insurance Academy and unlock your full potential in the #uae insurance sector. #uaejobs #onlineeducation #insurance

[Press] APRIL has been present in the UK market since 2012 through its London-based expatriate insurance business. The group is now confirming its ambitions for international development, particularly in the property and casualty and two-wheeler insurance markets, where APRIL have strong expertise in France and Spain. Marc-Andre Dupont, head of the P&C division and Isabelle Moins, head of IPMI Europe answered questions from the specialized English media : Insurance Age. Some extracts : "We have a strategy to build the first broker in Europe in the two-wheels market" said Marc-André Dupont. "When we met the Lexham team and the CEO James Miller, we immediately saw we have a very similar model and culture". "It is a significant brick to build a European broker for us". "Each country has it own particularities, and we can't manage UK as France and Spain (from) the same page. We need a strong management team in place". "We need a strong technical know-how inside the company", adding relationsships with insurers and "best in class" customer experience to the list. "Our priority is to develop the Lexham business with organic growth. If we identify some complementary business, we are open to look". "We want to buy businesses that are very strategic for us. We don't have an objective to do say five or 10 a year. If we find something in Italy (Two wheels), it will be perfect for us to build a European broker". About IPMI (APRIL International has had a UK presence for health since 2012 acquisition) : On IPMI, which has its main office in Paris, the ambition is to double the size of the business between now and 2027. “We already doubled between 2019 and 2023” said Isabelle Moins. While she oversees Europe including Germany, Switzerland, Belgium and the UK, the group also has varying levels of IPMI presence in Singapore, Hong Kong, Thailand and Dubai. "Our DNA is a wholesale broker, meaning distribution, building products and claims management TPA activities". "When we buy a company one of our strong criteria is the team. We know it is very important for the success of the company”. #Insurance #growth #UK #Brokerage