Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, today signed a Memorandum of Understanding (MoU) with National Health Insurance Company – Daman (Daman), the UAE’s leading health insurer, to seek opportunities to collaborate and consult on initiatives to promote the growth and development of the insurance-related FinTech ecosystem (InsurTech) in Abu Dhabi and the UAE.
The MoU, which marked a new partnership between both organisations, was signed by Dr Michael Bitzer Chief Executive Officer at Daman, and Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM.
The agreement enables ADGM and Daman to collaborate closely on a range of technology-related initiatives that serve to support entrepreneurs, start-ups and technology firms who are active in the InsurTech environment. The Daman 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.
Commenting on today’s signing, Dr Michael Bitzer, CEO, Daman said: “We are proud to support ADGM in creating a global FinTech hub here in Abu Dhabi.We believe that this partnership will support the programmes outlined in the Abu Dhabi Plan concerning the development of a financial services sector that support economic diversification and the promotion of entrepreneurship among SMEs. With Daman’s unique experience and capabilities; and ADGM’s robust regulatory framework, there will be a lot we can do encourage and nurture new types of insurance solutions fit for the 21st century.”
Mr Richard Teng, CEO, FSRA of ADGM, added: “Based on an industry report, the technology spent in the global insurance industry is expected to reach $205 billion by 2019. Yet the state of InsurTech is still at a stage of infancy. We are pleased that to partner with the leading home-grown insurance company – Daman – to look at how we can both actively contribute towards the development and deployment of technology and innovative solutions in the insurance space. We look forward to tapping on Daman’s wealth of experience and extensive market to identify and create initiatives that serve the needs of Abu Dhabi and the UAE. At the same time, ADGM will engage the relevant stakeholders and industry leaders to foster a conducive InsurTech environment and ecosystem.”
ADGM will continue to establish collaborations with like-minded local and global partners to address the needs of Abu Dhabi and the greater MENA region. As part of its ongoing commitment as a FinTech Hub, ADGM is hosting a global FinTech Abu Dhabi Summit, under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, from 22 to 23 October 2017on 22 to 23 October 2017. The FinTech Abu Dhabi event is designed to support the Abu Dhabi Government’s overall growth strategy and its initiatives to advance its core sectors including financial services, innovations, entrepreneurship and local human talents.