Abu Dhabi: Abu Dhabi Global Market (ADGM) and National Health Insurance Company — Daman (Daman) will collaborate closely on a range of technology-related initiatives to support entrepreneurs, start-ups and technology firms who are active in the InsurTech environment.
The two entities will specifically explore and participate in joint innovation projects on the development and application of technologies related to insurance and insurance management, according to a statement on Monday.
“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 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,” Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM said.
ADGM is the first financial centre in the MENA region to establish a dedicated regulatory framework in November to licence fintech stakeholders and launched a Regulatory Laboratory (Reglab) initiative to offer a controlled environment for fintech innovators to develop and test their products and services.
“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,” said Dr Michael Bitzer, CEO, Daman.