If you’re part of the insurtech industry in the MENA region, you’re likely familiar with the challenges of digital transformation. Traditional insurance incumbents and insurtech startups often face a gap that can prevent them from collaborating and driving innovation. That’s where the MENA Insurtech Association comes in – it’s a membership-based non-profit organization that aims to build a self-sufficient and prosperous insurtech ecosystem in the region.
The association connects insurance incumbents, startups, investors, and service providers to promote innovation, talent, partnerships, and capital. One of their key initiatives is to host regional startup competition that bring together incumbents and startups in health, lifestyle, mobility, and travel. The competitions help promising insurtech startups gain visibility and connect with potential partners and investors.
Another priority of the association is to create a harmonized approach for digital insurance models. They collaborate with regulators to help traditional insurance companies and startups work together on a level playing field. The association also works to encourage fronting insurers to partner with insurtech startups, helping them access the insurance market. This collaboration softens the capacity in the market and allows startups to take on risks that may have previously been unavailable to them.
The association partners with (re) insurance companies to help increase capacity and ensure the market can support the innovative solutions insurtech startups bring. They also connect startups with investment capital to help them expand their growth opportunities. Finally, the association aims to expand the talent pool in the region by connecting with partners who can help bring top talent to the insurtech industry.
In summary, the MENA Insurtech Association drives innovation and collaboration in the insurance industry in the MENA region. By hosting summit, competitions, working with regulators, encouraging fronting insurers, partnering with (re) insurance companies, connecting startups with investment capital, and expanding the talent pool, they’re building a self-sufficient and prosperous insurtech ecosystem. If you’re looking to collaborate with like-minded individuals and companies to drive innovation in the insurance industry, consider joining the MENA Insurtech Association today.