NextMoney MENA InsureTech Event
On Wednesday, 25nd October, we were delighted to partner with Next Money as knowledge partner at the InsureTech Event focused on the fast-moving world of InsurTech.
Over a hundred FinTech and insurance professionals were treated to a fantastic panel discussion and Q&A with several hundred more tuned in to watch the live stream. The event focused on the how technology can create massive change in the region. As Carter Murray’s Ian Jenkins noted "the region has more than 350 million people with a median age of 28 and insurance penetration stands at around 1.5% this represents a huge opportunity for insurers".
The panel was made up of two InsurTech founders, Michele Grosso of Democrance and Tarek Bayaa of Bayzat. Demoncrance are focusing on micro insurance and making insurance more democratic while Bayzat’s platform helps individuals and companies compare, buy and use their health insurance. The discussion was ably moderated by YallaCompare’s Jonathan Rawling, the comparison site has been growing rapidly and recently attracted $4million in Series A funding.
The trio discussed how traditional insurance distribution channels were a serious challenge to growth and how they leave certain segments out of the insurance market. As Michele said, "Insurance businesses are interested in risks but don’t seem to like taking them". The panel also discussed how different categories of risk require different models of distribution and how demographics and smart phone ownership in the region make it ripe for disruption.
The discussion was wide ranging and took in everything from wearables to parametrics and telematics to micro insurance. The overarching themes though were clear, the current players, and there are over 190 in the region, have an opportunity to innovate and gain market share but this is difficult for them to achieve. Tarek highlighted one of the core challenges for incumbents, "Most insurance carriers have a substantial technology debt caused by legacy systems". So how does the industry develop? The panel agreed partnerships between carriers and InsurTech firms have a huge role to play in making insurance more attractive to customers and closing the gap in insurance penetration to the rest of the world.
If you missed the event you can see the live stream here https://www.facebook.com/nextmoney/videos/1752968961389409/