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.
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
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.
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.
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.
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.
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.
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.
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.
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.
"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:
"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:
"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:
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
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:
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
Showcase your unique value proposition to the industry and interact with prospective clients and other industry professionals in the conference exhibition
Contribute to significant conversations and have a say in thought provoking discussions that serve to determine the direction of the industry
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
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:
An influx of professionals serving the insurance sector from GCC member nations UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain. This includes:
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