An expert view from Salmaan Jaffery, Chief Business Development Officer, DIFC Authority
FinTech, or Financial Technology, has increas- ingly become a driving factor in the insurance sector. A new generation of tech savvy millennials is becoming more and more digital, changing how they make purchases and interact commercially. This trend has moved from communi- cation, to retail and into the finance sector. The banking industry demonstrates how technology can be used to interact with a new audience.
This change in millennial behavior is not only a global but also a Middle Eastern global phenomenon. The extensive use of smart phones regionally is but a key indicator of this.
It is now time for insurance and reinsurance companies to take note. Integrating FinTech into operations and processes is no longer desirable, it is necessary. It is now time to innovate in order to keep up with our counterparts across other financial service sectors.
FinTech currently manifests itself in many forms, including big data analytics, telemat- ics and the Internet of Things (IOT). As it has with banking and retail, FinTech can open up a more direct line of contact between the customer and the customer and the insurer, improving the relationship and the experience.
It can also be used for monitoring and assessing risk, pricing and claims via the IOT, with wearable technology already being used to monitor health and inform some health insurance.
We at the DIFC recognise that innovation within the insurance sector is imperative, and indeed essential in enhancing customer value and experi- ence. We endeavor to remain at the cutting edge of innovation within the MENA market, and invite you to come experience the developments within the DIFC’s insurance sector