InsurByte 2019 Calls for Innovation Drive in InsurTech

Under the patronage of the Central Bank of Bahrain (CBB), the InsurByte Conference 2019 was attended by over 300 delegates from various industries.

Organised by the Bahrain FinTech Bay (BFB), in partnership with the Bahrain Institute of Banking and Finance (BIBF), the Bahrain Insurance Association (BIA), and FinTech Consortium, the conference served as a knowledge-sharing platform to foster innovative InsurTech practices in a collaborative, open, and transparent manner.

With more than 45 local, regional and global speakers in the fields of technology and insurance, the event was hosted for the first time in the Kingdom and had brought together a number of leading insurance providers from around the world to exchange knowledge and discuss innovative solutions that could transform the industry and help it attain new heights.

In accordance with the theme of this year’s conference, ‘Reimagining Insurance’, InsurByte 2019 addressed important topics, strategies, and case studies on key opportunities and challenges facing the insurance industry, such as Blockchain Technology, Big Data & Process Automation, Impact & Role of Regulation, Cloud Computing, Artificial Intelligence (AI), and many more.

InsurByte 2019 was inaugurated by CEO of Bahrain FinTech Bay, Mr. Khalid Saad, who welcomed delegates with an opening speech on the first day. He noted, “As InsurTech solutions emerges, it will dramatically transform the insurance industry. Such transformation will impact the value chain, enhance efficiencies and the customer experience, create new products, and redefine business models. With the rise of millennials and ever greater levels of technological advancement, adoption of and collaboration with InsurTechs will further support the industry to shift from a product-centric world to a customer-centric world.” He also announced the launch of the Insurance Digitalization Report 2019, which provides an overview of the local insurance market in Bahrain and identifies emerging digitialisation trends shaping the industry.

Commenting on the success of event, the BIBF Director, Dr. Ahmed Al-Shaikh, said, “We are proud to be the Knowledge Partner for InsurByte 2019, connecting hundreds of experienced entrepreneurs, researchers and policymakers from around the world to the Kingdom’s ever-growing InsurTech sector. We have received very positive feedback from the attendees outlining the benefit from this insightful event and we hope this conference becomes a launchpad for more successes to propel InsurTech skills and contribute to enhancing the ecosystem and further evolving the insurance industry.”

On his part, BIA General Manager, Mr. Abdulhameed Al Ammadi, said on the sidelines of the event, “In the Insurance sector, the milestone achieved in technology has certainly played a big role and changed the way the business is conducted. Without a shed of a doubt, the recent Fintech and Blockchain advancement will play an even bigger role in the future of the industry.”

Among the keynote speakers, were the BIBF’s Head of Insurance Centre Ms. Manal Mashkoor who discussed “The Regulatory Challenges of InsurTech”, and HR & Digital Leadership Consultant, Dr. Vijaya Moovala, who shed light on BIBF’s Insurance Degrees and certification and the new copyrighted Digital Leadership Competency Framework and its relevance to the industry.