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Conference aims to promote insurtech.

MANAMA: Blockchain, cloud computing, digitalisation of underwriting and claim handling and potential applications of artificial intelligence in providing risk protection were key themes tackled during the InsurByte Conference 2019.

Held at the Gulf Hotel Bahrain Convention and Spa, the event concluded yesterday after two days of discussions on challenges, trends and opportunities in the insurance space in Bahrain that involved 45 speakers and more than 300 delegates from various industries.

Organised by the Bahrain FinTech Bay (BFB) in partnership with the Bahrain Institute of Banking and Finance (BIBF) and the Bahrain Insurance Association (BIA), the central theme of the conference was the use of technology innovation to bring in greater savings and efficiency to the insurance industry model.

It was held under the patronage of the Central Bank of Bahrain (CBB).

"The aim of the event was to promote knowledge exchange, foster synergies among market players to find solutions and promote innovative 'insurtech' - a combination of insurance and technology - practices in a collaborative, open and transparent manner," said BFB chief executive Khalid Saad.

"It will have a profound impact on the insurance industry in Bahrain. We have a thriving insurance sector with various players, and the competition is fierce. However the industry understand these changes, and had a clear understanding that the path forward will keep changing as the technology changes. Will look forward to collaborating with regional and international partners to create a positive shift."

In addition, the Insurance Digitisation Report 2019 was launched during the opening session. The report was curated in collaboration with Roland Berger and BIA.

Key speakers were APACInsurTech CEO Peter Haslebacher who shed light on the current view of insurtech.

The company specialises in helping insurtech start-ups as well as mature technology solution providers to enter and expand market activities in Asia Pacific (APAC).

Apisoio's director Andrew Sims and Ian Slater, senior vice-president of enterprise partnerships at Mastercard, talked about the latest trends in automating claim settlement payments in insurance industry.

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Publication:Gulf Daily News (Manama, Bahrain)
Article Type:Conference news
Geographic Code:7BAHR
Date:Jun 14, 2019
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