A global body of InsurTech industry, Global Association of Insurtech Professionals (GAIP), is launched in Dubai, UAE by bringing under one umbrella international Insurtech personalities, innovators, technology providers, investors, senior dignitaries, government authorities, insurance industry regulators, and other key stakeholders.
GAIP, to be Headquartered at Dubai International Financial Centre (DIFC) with chapters worldwide, is a non-profit international organization (NPIO) which aims to foster collaboration, innovation, and knowledge exchange in the Insurtech industry globally.
This landmark event took place during the InsureTek Middle East Conference 2024, marking a pivotal moment in the evolution of the insurance technology sector.
The Conference was told that the insurance sector in the region is ripe for disruption with emerging trends like digitalization holding significant sway. Experts said if insurance penetration in the region is to improve, there is need for innovative solutions that can improve accessibility, increase awareness, and engender efficiencies.
Dr. AFTAB Hasan, Founder & Chairman of GAIP, articulated the organization's mission to emerge as the premier international body for Insurtech professionals, setting new standards for excellence and fostering a culture of innovation on a global scale.
“Today marks the dawn of a new era where technology intersects with innovation in the Insurtech industry. Our mission at GAIP is to emerge as the premier international body for Insurtech professionals, driving excellence and fostering a culture of innovation globally,” said Dr AFTAB Hasan at the launch ceremony which was attended by leading industry professionals from across the world.
“GAIP aspires to be a truly global association with chapters established in key regions including America, Africa, Asia, and the Middle East. The regional chapters will facilitate local engagement, events, and initiatives, catering to specific regional needs, ensuring global representation and collaboration, and facilitating effective collaboration among Insurtech professionals across different geographies.”
GAIP is formed with the objective of laying the groundwork for a robust framework aimed at driving innovation, collaboration, and excellence within the Insurtech ecosystem.
The launch of GAIP coincides with a period of remarkable growth in the Insurtech market, particularly in the Middle East and Africa region. The Middle East InsureTek industry valued at $231.32 million in 2022, the regional market is projected to soar to a valuation of $1.652 billion by 2029, representing a robust compound annual growth rate of 38.78%, according to a report unveiled at the InsureTek Middle East Conference 2024.
Joining Dr. AFTAB Hasan as co-founders on the Interim Board of GAIP are Sir Sohan Roy, Chairman, Aries Group, and Mr Fareed Lutfi, Secretary General, Emirates Insurance Association & Gulf Insurance Federation.
Dr. AFTAB Hasan is the Founder and Chairman of Risk Exchange (DIFC) Limited, Dubai, Founder and Chairman of Risk Exchange International Holdings Pte. Ltd. Singapore, Founder and Chairman of A2R Solutions, Dubai, and CEO of Arya Insurance Brokerage Co. (Bayzat). Since 2013, he has been a vital member as the Secretary General of the Insurance Business Group (IBG) under the auspices of Dubai Chambers.
Dr. Hasan is associated with numerous advisory boards, councils, and associations, both regionally and internationally. He is also a member of the United Nations Office for Disaster Risk Reduction (UNDRR) and Private Sector Alliance for Disaster Resilient Societies (ARISE) UAE Chapter. With a career spanning over 30 years, Dr. Hasan has garnered acclaim for his notable contributions, particularly within the Insurance & InsurTech industry, earning him a multitude of awards and accolades.
Sir Sohan Roy is an Indian entrepreneur, film director, and producer based in UAE. He is the Founder, Chairman, and CEO of Aries Group of Companies, a consortium of 64 companies from 25 countries with its headquarters in the UAE. In his Key-Note speech Sir Sohan Roy stated “Why don’t we think Dubai to make a hub of insurance & reinsurance? If Dubai can transform this level in a couple of decades, why not take the insurance sector in a different era using AI? Today, we will launch the Global Association of InsureTek Professionals (GAIP), so this association will run the InsureTek Event from next year onwards.”
In his inaugural speech Dr. Hasan said, “We aim to become the premier global professional association for Insurtech professionals, with a mission to advance the profession, promote best practices and foster collaboration among industry stakeholders worldwide.”
The two-day conference covered important topics such as Takaful Products and Islamic banking and technology enablement, how technology support future Takaful products in banking segment, Revolutionizing Motor claims in Middle East, Strengthening Body shop, Insurer Connect.
GAIP will develop and offer educational programs, training courses and professional certifications to enhance the knowledge and skills of Insurtech professionals. The programs will cover various aspects of insurance, technology, data analytics, risk management and emerging trends.
The Association will promote research and innovation in Insurtech through collaborations with academic institutions, industry partners and government authorities.
