29th Nov 2017 Press Release

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, marked a new partnership with Abu Dhabi National Insurance Company (ADNIC), a leading UAE multi-line insurance provider and one of the leading providers of risk underwriting solutions across the MENA region, to seek opportunities to collaborate and consult on initiatives to promote the growth and development of the insurance-related FinTech ecosystem in Abu Dhabi and the UAE.

The Memorandum of Understanding (MoU) was signed by Mr. Ahmad Idris, Chief Executive Officerat ADNIC, and Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM.

The agreement enables ADGM and ADNIC to collaborate closely on a cross a range of technology-related initiatives that serve to support entrepreneurs, start-ups and technology firms who are active in the insurance and related industry. The ADNIC and ADGM teams will specifically explore and participate in joint innovation projects on the development and application of technologies related to insurance and insurance management.

Mr. Ahmad Idris, Chief Executive Officer at ADNIC said, “Digital technology is transforming our lives and ADNIC is actively exploring how technology can be better used to serve our customers in line with their changing needs and expectations. By engaging with entrepreneurs and start-ups, we are tapping into an innovative technological ecosystem and nurturing our entrepreneurial culture. ADNIC is proud of its partnership with ADGM, which will support ADNIC as well as the whole Insurance industry in the country in creating a competitive advantage for its offering and help it to understand and reach a wider audience.”

Mr Richard Teng, CEO, and FSRA, of ADGM, added: “Recent reports have estimated technology spend in the insurance industry to be in excess of $200 billion globally by 2019.  The insurance industry is starting to undergo its own revolution, and just like many other sectors, it is driven by technology.  We are pleased to partner ADNIC in exploring, developing and deploying technology and innovative solutions in the insurance space.  We look forward to leveraging the industry know-how and extensive market experience that ADNIC can provide, to identify and create initiatives that serve the needs of Abu Dhabi and the UAE.”

As an IFC and Financial Services Regulator, ADGM will continue to work with relevant industry leaders and additional stakeholders to foster and promote a leading InsurTech environment and ecosystem to cater to the evolving needs of the industry locally and in the region.