FS Brew- Insurtech and insurance in the Middle East Renjit Philip and Vidya Veerapandian

In this insightful episode of FS Brew, Arijit shares his diverse experience spanning from being a corporate lawyer to leading InsurTech ventures. Discover:
✅ The story behind CoverGenius' cutting-edge embedded insurance solutions for digital giants like Booking.com, eBay, and Shopee.
✅ How CoverGenius leverages AI, NLP, and data science to revolutionize pricing, product innovation, and claims processing.
✅ Arijit's leadership lessons and advice for insurance professionals aspiring to thrive in the InsurTech space.
✅ The future of embedded insurance and the exciting possibilities of IoT-powered, usage-based insurance models.
✅ Rapid-fire insights on work-life balance, inspiring leaders, and Arijit's favorite city to travel.

Join us for an engaging conversation that explores the intersection of insurance, technology, and entrepreneurship. Like, subscribe, and share your thoughts!
@covergenius
#InsurTech #EmbeddedInsurance #CoverGenius #Innovation #Leadership

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In this in-depth podcast interview, insurance legal expert Anand Singh from Al Tamimi & Co. discusses the major new insurance regulations introduced in the UAE in 2023. He provides insights into the context, impacts and implications for insurers, brokers and the overall insurance ecosystem.

Key Topics:

1. The 2023 UAE insurance regulations cover basic governance, risk management, business planning, ombudsman - areas where 60% of the market may not be fully compliant currently.

2. Upcoming Open Finance regulations could drive digitalization and integration of insurers' systems, increasing data sharing and enabling new product innovation.

3. New rules enhance protection of policyholders' medical data and require robust cybersecurity measures from insurers.

4. Higher capital requirements for branches (previously only subsidiaries) and potential licensing changes could drive market consolidation.

5. Reversal of COVID-era 50% motor insurance premium discounts has improved profitability after initial pricing competition.

6. For insurtechs, the choice of mainland vs free zone depends on B2B vs B2C model and brand-building plans.

7. Ombudsman regulation for consumer disputes could be a game-changer for policyholder protection.

8. Premium collection remains a major challenge, with insurers sometimes forced to deduct premiums from claims paid.

9. Regulatory reforms like advance premium collection could catalyze market growth.

10. Open Finance is seen as the most exciting potential innovation for increasing insurance awareness and penetration.


0:00 Intro
2:28 Overview of 2023 UAE insurance regulatory changes
4:13 Rationale behind basic governance, risk management rules
6:59 Potential impacts of upcoming Open Finance regulations
12:09 Regulations on medical insurance data protection & cybersecurity
15:19 New capital and licensing requirements
19:34 Reversal of COVID-era 50% motor insurance discount
22:47 Considerations for insurtech startups: mainland vs free zone
28:31 Policyholder protection and ombudsman regulations
31:29 Premium collection challenges & wishlist for regulatory reforms
36:39 Most exciting innovation: Open Finance
38:20 Rapid fire Q&A

Renjit Philip:
Newsletter: ⁠⁠⁠https://www.onemorethinginai.com⁠⁠⁠
Socials:
Twitter / X: @renjitphilip
LinkedIn:
⁠⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠⁠

Vidya Veerapandian:
⁠⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠
#InsuranceLaw #UAERegulations #Insurtech #OpenFinance #Ombudsman #DataProtection #CapitalRequirements #Startups #LegalInsights

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🔥 Insider Insights: Marsh McLennan CEO Unfiltered 🔥

Renée McGowan, CEO of Marsh McLennan for the Middle East, India & Africa, gets candid about leadership, Gen AI's impact on insurance, and tackling climate risks.

🌟 Highlights Include:
- Her transparent leadership style that empowers teams
- How their innovative 'Len AI' is transforming client solutions
- Navigating the diverse regulatory landscapes across regions
- The biggest risks facing the world according to their Global Risk Report
- An exclusive sneak peek into her new book "The Friday Email"

Don't miss this power-packed episode as the insurance titan shares her inspiring journey, struggles, and vision for the future of risk advisory. Subscribe now for more industry game-changers!
Renjit Philip: Newsletter: ⁠⁠⁠https://www.onemorethinginai.com⁠⁠⁠ (https://www.onemorethinginai.com/) Socials: Twitter / X: @renjitphilip LinkedIn: ⁠⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠⁠ Vidya Veerapandian: ⁠⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠


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Hosts, Vidya Veerapandian and Renjit Philip review four news pieces from the UAE insurance industry:

- HAYAH Insurance's app called TRIBE BY HAYAH- a great move by the team, creating a more comprehensive 'fintech' proposition starting with term life, medical insurance, and savings-linked investment products
- Sukoon Insurance and WAX partnership- opening up a whole new way of segmenting target audience with a differential proposition- (📣reinsurers, take note of the variety of risks being underwritten here!)
- Cigna Healthcare Middle East & AfricaHealthcare Vitality Study Report- how and why countries like #uae and #ksa have one of the highest vitality scores!
- OneDegree and Dubai Insurance Co.'s partnership to provide Crypto Insurance to firms- a first of its kind and what that means to the region.

Renjit Philip:
Newsletter: ⁠⁠⁠https://www.onemorethinginai.com⁠⁠⁠ (https://www.onemorethinginai.com/)
Socials:
Twitter / X: @renjitphilip
LinkedIn:
⁠⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠⁠

Vidya Veerapandian:
⁠⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

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This episode provides an in-depth look at the journey of Mohab Aboueita, co-founder and CEO of Amanleek, a digital insurance brokerage in Egypt, and his insights into the insurance and InsurTech industry. The discussion covers Mohab's accidental entry into the insurance sector, the foundation of Amanleek, challenges faced in scaling the business, strategies for customer acquisition, co-founder dynamics, and the importance of resilience and grit in entrepreneurship.

It highlights Amanleek's approach to addressing the underserved insurance market in Egypt, its experiences with funding rounds, and the company's future focus.

Additionally, the episode touches on the broader trends in the Middle East's insurance industry, including digital transformation and customer-centric product innovations. The conversation is packed with practical advice for startups, from managing co-founder relationships to navigating fundraising challenges.
Renjit Philip:
Newsletter: ⁠⁠⁠https://www.onemorethinginai.com⁠⁠⁠ (https://www.onemorethinginai.com/)
Socials:
Twitter / X: @renjitphilip
LinkedIn:
⁠⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠⁠

Vidya Veerapandian:
⁠⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠


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A wide randing conversation with Shady El Tohfa, the CEO of Amenli, a digital broking company in Egypt.
Key learning opportunities for an Insurtech founder in the Middle East include:

1. Recognizing the low insurance penetration in the region as an opportunity for digital disruption.
2. Understanding the importance of regulatory compliance and adapting to local insurance laws.
3. Leveraging existing technologies and platforms to build efficient solutions.
4. Focusing on customer education to increase awareness and trust in digital insurance products.
5. Tailoring insurance products to suit the unique needs and preferences of the regional market.
6. Building a strong team with diverse skills, including tech, finance, and insurance expertise.
7. Prioritizing data security and privacy to build customer trust.
8. Developing a clear and sustainable business model.
9. Embracing innovation to stay ahead in a rapidly evolving sector.
10. Establishing robust investor relations and effective fundraising strategies.

Renjit Philip:
Newsletter: ⁠⁠⁠https://www.onemorethinginai.com⁠⁠⁠
Socials:
Twitter / X: @renjitphilip
LinkedIn: 
⁠⁠⁠https://www.linkedin.com/in/renjit-philip⁠⁠⁠

Vidya Veerapandian:
⁠⁠⁠https://www.linkedin.com/in/vidya-veerapandian/⁠

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