Revolutionising Risk: How QIC Champions Innovation in Insurance

By Ramzan Al Naimi | Founder of Innovation Streams 

In today’s fast-paced digital world, Qatar Insurance Company (QIC) has positioned itself as a true innovation leader in the insurance industry. With a forward-thinking approach that blends technology with collaborative problem-solving, QIC is redefining traditional insurance practices and setting new benchmarks for the sector.

 Embracing Innovation Through Hackathons

QIC has made significant strides by hosting regular innovation hackathons, which serve as a platform for creative minds from diverse backgrounds to come together and develop disruptive solutions. These hackathons nurture rapid idea generation and prototype development, enabling QIC to continually explore new ways to optimize processes, enhance customer experiences, and streamline operations. This initiative reflects the company’s commitment to staying ahead in a competitive market by leveraging community-driven innovation.

Strategic Investments in Insurtech Startups and AI

Beyond its internal innovation events, QIC has also taken bold steps in the external innovation landscape. The company is actively investing in emerging insurtech startups and incorporating artificial intelligence into its operations. By doing so, QIC aims to integrate cutting-edge technology into its product suite—improving risk assessment, personalizing insurance products, and streamlining claims management. The strategic focus on both external investments and internal AI development demonstrates a robust ecosystem approach, aligning QIC with the broader digital transformation trends shaping the insurance industry today.

We recently reached out to Group CEO Salem Al Mannai about QIC’s groundbreaking innovation activities. When asked about the company’s forward-thinking approach, he said:

2024 Financial Report: A Testament to Sustainable Growth

The positive impact of QIC’s innovation strategy is clearly reflected in its 2024 financial report, which highlights several key achievements:

• Robust Revenue Growth: QIC’s Gross Written Premiums for the year stood at QAR 9.1 billion for 2024. Over recent years, QIC has strategically focused on increasing the proportion of the Group’s premiums generated in Qatar and the MENA region, momentum for which accelerated in 2024. Domestic and Regional Gross Written Premiums were significantly up by 39% compared to 2023. This growth is largely attributed to the integration of advanced technologies and the successful launch of new insurtech-driven products especially in QIC’s personal lines and health segment of non-volatile business which has expanded significantly.
• Enhanced Profit Margins: With the adoption of AI-powered processes and streamlined claim management systems, operational efficiency improved thereby increasing the profit margins from 4% in 2023 to 7.4% in 2024.
• Significant Investment in Innovation: Significant amounts was allocated to research and development initiatives, including hackathons and strategic partnerships with promising startups. This investment underscores QIC’s commitment to future-proofing its operations.
• Improved Customer-Centric Solutions: QIC’s investments in innovative technology have led to a significant boost in customer satisfaction ratings and an increase in market share, showcasing the success of QIC’s technology-driven, customer-focused strategy! QIC was the first to launch the fastest all-inclusive online portal for insurance in Qatar. This innovative, customer-centric platform allows customers to purchase car, motorcycle, travel, home contents, boat & yacht, and personal accident policies in just 2 minutes, without needing to scan or submit paperwork, or visit a QIC branch. QIC’s pricing methodology leverages Gen AI tools to enhance and optimize the customer journey, achieving a competitive edge. Additionally, QIC has automated its claim processing with AI to improve customer experience and reduce back-office costs.

Setting a New Standard in the Insurance Industry

QIC is the largest market insurance group in the MENA region, boasting total assets of QAR 27 billion. Qatar Insurance Company’s journey is an inspiring example of how a traditional industry can be transformed through a commitment to innovation. Through its dynamic hackathons, strategic investments in insurtech and AI, and an unwavering focus on sustainable growth, QIC has not only revolutionized its internal processes but has also set a new standard for the entire insurance sector. This innovation-first mindset is further supported by the impressive financial performance detailed in the 2024 report.

As the insurance sector continues to evolve amid rapid technological advancements, Qatar Insurance Company’s proactive approach demonstrates that embracing innovation is critical to achieving long-term success. By leading with a vision that combines technology, creativity, and strategic investment, QIC is inspiring industry peers and contributing to the broader digital transformation within Qatar and beyond.

Inside QIC’s Innovation Journey: Must-Read Press Releases & Articles

• QIC Hosts 2024 Innovation Hackathon: Embracing Collaborative Disruption
  Published by: QIC Official Press Release
• Transforming Insurance with AI: How QIC is Leading the Charge
  Published by: TechInsure Magazine (March 2024)· 
•  Innovation at the Forefront: QIC’s Strategy for Sustainable Growth
  Published by: Qatar Business Journal (April 2024)
• Insurtech Investment Trends: A Closer Look at QIC’s Strategic Moves
  Published by: Global Insurtech Insights (February 2024)
• QIC’s Digital Transformation Journey: Enhancing Efficiency Through Innovation
  Published by: Middle East Insurance Review (October 2024)