Third edition of The Future of Insurance 2023 event concludes with resounding success

The highly anticipated and widely attended third edition of The Future of Insurance 2023 event concluded on May 30 with immense success. The event brought together thought leaders, industry experts, policymakers, and stakeholders to engage in dynamic discussions, address challenges, and explore opportunities shaping the insurance sector.

Witnessing an exceptional convergence of technology and insurance, this year’s summit, held under the captivating theme “Insurance 3.0: Embracing Digital Transformation for a Better Future,” set the stage ablaze with groundbreaking discussions. Thought leaders and industry experts delved into pressing topics that shaped the dynamic agenda, including the roadmap to develop an integrated insurance system for the UAE, the remarkable potential of the UAE Insurance Ecosystem, the takaful industry’s growth, opportunities, and challenges, the art of navigating the complexities of merger and acquisitions, the game-changing Insuretech 3.0 revolution, the crucial importance of engaging with the next generation, the roadmap ahead for IFRS 17, and the captivating realm of the future of reinsurance.

The keynote address was delivered by Fareed Lutfi, secretary-general of the Emirates Insurance Association, shedding light on the roadmap to develop an integrated insurance system for the UAE. In his address, Lutfi acknowledged the challenges faced by the insurance industry in 2022, including global market turbulence and rising inflation, which significantly impacted their operations. These challenges manifested in two ways: a decline in investment income due to subdued investment performance and a drop in underwriting profits caused by a highly competitive market, inflation-related claims, and rising expenses. Lutfi emphasized the need for companies to shift their focus from solely competing on price to a more comprehensive approach that encompasses underwriting, risk selection, claims management, and operational efficiency. By doing so, insurers can improve their overall performance and ensure long-term sustainability and profitability in the insurance industry.

Another keynote address at the event, titled “UAE Insurance Ecosystem - Ready for the big leap,” was delivered by Simon Price, chief executive officer of DIFC Insurance Association. In his address, Price expressed optimism regarding the UAE insurance market, emphasising that while insurance penetration rates have remained low for an extended period, the influx of people and businesses to the region is a positive sign. He highlighted the role of technology in meeting the increasing demand for insurance services, emphasising the five main business outcomes it can generate: increased revenue, improved customer experience, cost reduction through efficiency, compliance enablement, and risk management. Simon also underscored the importance of adapting to change, leveraging available technology, and prioritising customer expectations. He concluded by emphasising the significance of organisational support and executive involvement in driving successful transformation.

The event provided attendees with unparalleled networking opportunities, cutting-edge insights, and actionable strategies to navigate the evolving insurance landscape. The vibrant atmosphere was a testament to the industry’s commitment to driving innovation, fostering collaboration, and embracing the future of insurance.