Overview


 

 

With the GCC Insurance Industry slated to cross over $60 bn by 2020, and growing at the CAGR of 16.7%, it is often easy to forge this trend as a seemingly positive outlook. However, on closer inspection, there is no denying the fact that immense challenges lie in store for insurance operators today to maintain profitability whilst retaining a unique competitive edge.

The inaugural edition of the GCC Insurance Summit, held under the theme of “EMERGING RISK | MARKET EVOLUTION | EMERGING OPPORTUNITIES” will set out to tackle the single most significant challenge the sector is facing: Customer Engagement.

One of a kind, The GCC Insurance Summit serves as a platform focused exclusively on the developments in the GCC insurance landscape and aims to facilitate idea-sharing amongst insurance and banking industry leaders, focused on generating breakthrough insights and navigating the way forward for the regional insurance ecosystem.

 

 

 

 

 

 

Objectives

Converge, strengthen and advance the GCC Insurance ecosystem

Equip Insurance & Banking leaders with breakthrough insights to aid in strategic decision making

Chart the direction of the industry to stay ahead of the value curve

Bring to the fore the latest trends in the insurance industry, particularly InsurTech

Facilitate transfer of the best international practices to set a high benchmark for the regional insurance industry

Advancing the industry through generating effective cognizance

The GCC Insurance Summit takes into account the single biggest challenge of customer engagement that insurance operators face and engages renowned experts to delve deep into the issue at hand, breaking down the challenges and brainstorming to come up with effective solutions that can be implemented by insurance operators to foster the regional insurance industry.

 

Evolving Customer Dynamics - Constantly Hard to Decipher


 

 

 

It is estimated that by 2020, 80% of the global population will have access to mobile phones and more than 60% to smartphones or low-cost tablet computers, with there being more than 50 billion connected devices globally, and the mobile being the primary internet device for most individuals. Social media and the influx of online information has given rise to an informed and empowered customer generating a new wave of customer behavior, often being hard to decipher or forecast for insurance operators.

As per a leading research, customers prefer products that are simpler and transparent, and would aid in informed choices. It is the insurance operators have to take a call on where to invest across the value chain and focus on where the sales channels add value to the end customer.

 

 

Key Reasons why Effective Customer Engagement Takes Precedence

Foundation to Building Trust

Touch-point performance, the ease of doing daily business and the perception of customer-facing employees often leaves a lingering impression in the eyes of customers.

Basis of Differentiation

Since every financial firm out there is vying to market and sell their own products, and with the similar product offering, it is the way you engage with customers that can set you apart. the level of competition is on an all time high.

Source of Profit

Customers with positive experiences have been known to drive revenue in a variety of ways - often being more open to the idea of purchasing other products from the firm, less prone to straying to competitor products, and acting as strong ambassadors vouching for the products amongst their personal and professional network.

Service: An indisputable purchase-driver

Gone are the days when people mostly shared their thoughts and ideas simply over a cup of tea. With the ushering in of the digital era, people prefer the comfort of exchanging their thoughts over a virtual medium empowered by the user-friendly smartphones and social media. A majority of conversations zero down to services and the quality offered, often having a huge role to play in the decision-making process. Price and service are the two most important purchase drivers,that are shaping the end decisions.

To Prevent Loss of Value

A major chunk of insurance and financial products sold everyday are those that do not match the needs of the customer, signifying the poor customer engagement that was done at the very outset. The cancellation rate in life insurance is a definite proof of this. The sunk costs include billions of euros in intermediation costs, and most importantly, huge loss of value for customers.

Constant Scrutiny by Regulators

Owing to global financial crisis, regulators stepped up their game, often focusing on the source of income generation and the quality being offered. This very scope has now widened considerably with regulators forcing insurers to take a full stock of customer engagement, and focusing on treating their customers right and fairly, generating the need for effective customer engagement.

Key Themes

Emerging Risk

"Risk comes from not knowing what you are doing"Warren Buffett

As we sit in the midst of an ongoing technological transformation, insurers have a double duty not only to assess and deal with risks present today, but also be able to forecast the risks that will come tomorrow. The only way they can reach decisions to subvert or mitigate these risks lies in their ability to foresight.

The co-relation of insurance sector and external factors is immense and makes the matter at hand difficult. From Geo-Political trends to the population societal changes, from competition to the changes in technology are all grave areas to analyze and study so that insurers can come up with the right strategic decisions.

Industry veterans will be addressing:

  • How and which market trends will have an adverse / beneficial effect on the sector
  • Over capacity of insurers in the market and how competition will play out following the official regulations
  • Disruption of services and losing out on market share
  • IoT, AI and BlockChain are prone to compromising privacy and vulnerable to breach of security
  • Old and traditional workforce's resistant to change hampers transformation across all levels within companies

 

 

Market Evolution

"Change is the only constant in life"Heraclitus, Greek Philosopher

The market is starkly different from what it was a couple of years ago. Nothing is archaic anymore. What remains certain is that insurers need to understand and adapt to the growing changes in the market and be able to better position themselves to derive maximum value and be readily and always available to offer products and services to their customers.

From regulatory reforms to changes in customer lifestyle, every aspect of data suggests the way business is done is changing at a rapid rate and early worms will be the most profitable to seize opportunities.

Industry veterans will be addressing:

  • What can insurers expect from VAT and how can they prepare for it
  • Government plays a vital role to push health/motor insurance. Can they also include other insurance products?
  • Customer lifestyle has become digitized, what would be an ideal framework for insurers to market/distribute and customize their products as per the needs and wants of their customer
  • Driverless Cars / Passenger carrying drones are unprecedented developments, what should insurers account for to be able to better price and underwrite them
  • What to expect once the encouragement for consolidation makes way for stronger players in the market
  • Will there be a regional growth if insurers work with local reinsurers as opposed to international ones

 

 

Emerging Opportunities

"Opportunities are like sunrises. If you wait too long, you miss them"William Arthur Ward

While there is no denying every ounce of tact and prudence is required if anyone is to stay ahead in this competitive sector, there are plenty of positive social and economic signs that restore faith and place the regional insurance sector at a growing trough.

Growing infrastructure owing to the Expo 2020, Qatar WC 2022 and Saudi Arabia Vision 2030, have brought a plethora of opportunities and the regulators’ tough stance on policies will ensure the sector is regulated as per international standards. Technology serves a double-edged sword, and though its peril should be carefully avoided, insurers cannot overlook its significant contribution.

Industry veterans will be addressing:

  • Automated and Augmented Claims and Underwriting save time and resources
  • How will Big Data assist insurers to create/innovate products and services after quantifying their customers lifestyle
  • What avenues and distribution channels can technology unlock that makes penetration effective
  • Operational readiness and efficiency will make players lean and robust

 

 

Programme Content Structure

The forum programme has been designed in collaboration with a diverse panel comprising of specialists in Insurance & Banking. Key features of the programme include:

International and Regional Keynote Addresses

Industry Leaders Session

Exclusive Session on Effective Marketing: Amplifying Customer Engagement

Insurance Technology Session

Intensive Risk Management Session from both Insurance and Reinsurance Perspective

International Contemporary Case Studies to provide a Benchmark for the Regional Industry

 

Why Sponsor?

Partner with us at the most sought after conference for the regional Insurance Industry to showcase your prominence. Below are the key reasons how GCCIS can help you in achieving your strategic objectives:

NEW
OPPORTUNITIES

Interact with key decision makers from relevant stakeholders including Insurance, Banking, Government and Technology Providers. Forge new business connections and develop partnerships leading to enhanced opportunities for growth

EXHIBITION
 

Showcase your unique value proposition to the industry and interact with prospective clients and other industry professionals in the conference exhibition

THOUGHT
LEADERSHIP

Contribute to significant conversations and have a say in thought provoking discussions that serve to determine the direction of the industry

PROMINENCE AND
VISIBILITY

Stay ahead of your competitors and showcase your leadership to the various industry stakeholders using our highly effective marketing system, reaching far and wide into markets around the world

Why Attend?

The GCC Insurance Summit is one of the world’s first conferences focused exclusively on the challenges and opportunities in the GCC Insurance landscape. Here is how you can benefit from participating:

  • Be the first to learn about new visions and initiatives by regulators and policy makers in exclusive keynote speeches
  • Explore how global trends in insurance and macroeconomic developments in the region will influence the regional insurance industry
  • Meet more than 200 senior executives from the regional insurance and Insurance technology industry
  • Learn from distinguished and influential speakers, and engage with them in lively discussions
  • Network with key decision makers and leaders in the regional insurance industry

Who is Attending?

An influx of professionals serving the insurance sector from GCC member nations UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain. This includes:

  • Policy Makers, Regulators, Economists & Strategists
  • Chief Level Professionals from the Insurance and Reinsurance Sector across the region
  • CIOs, CTOs and Chief Strategy Officers serving the industry
  • Technology Start Ups / Disruptors
  • Decision Makers from Insurance Brokerage and Agencies
  • Experts in various segments of including Health, Motor, Life
  • Technology company C-level executives, Business Development Managers
  • Business Specialists and Professionals, Mid-Level Management, Analysts, Risk Professionals in the Middle East Insurance Market
  • Lawyers and Legal Experts
  • Professors, Academics and Journalists

Download Concept Note

Got enquiries about the summit? Please drop us a line

 

For Sponsorship and Exhibition Enquiries:
partnerships@meglobaladvisors.com

 

For Marketing and Media Enquiries:
Aanchal Dhawan
aanchal@meglobaladvisors.com

 

For Visa Support Enquiries:
Aveline Ceballos
aveline@meglobaladvisors.com

 

For Delegate Enquiries:
Regel Aloria
regel@meglobaladvisors.com

 

For Speaker Inquiries:
Zille Rehman
zille@meglobaladvisors.com

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