British insurance powerhouse, Lloyd’s, is aligning its strategic interests with the Department of Economy and Tourism in Dubai. Lloyd’s, an eminent entity in the insurance world, boasts centuries of experience, innovation, and a trusted name in the industry.
On the other hand, Dubai’s Department of Economy and Tourism, functions as the primary regulatory body for Dubai’s economy, responsible for the development and management of the tourism sector, among others.
The collaboration is set to revolutionise Dubai’s insurance sector, enabling start-ups to tap into technological advancements. The ultimate goal is the creation of a “Dubai InsurTech Enablement Platform,” bringing innovative, technology-oriented insurance solutions and products into multiple sectors, including autonomous vehicles and the net-zero transition.
Lloyd’s is a prominent global insurance and reinsurance market, renowned for its speciality risks coverage. It fosters a diverse and dynamic environment, offering clients a unique combination of a specialist underwriting expertise, a trusted name and a wealth of experience. Dubai’s Department of Economy and Tourism, meanwhile, focuses on advancing Dubai’s economy and tourism landscape, implementing strategies and regulations that foster growth, attract tourists and drive innovation.
The partnership will leverage the proven capabilities of the Lloyd’s Lab, a technological accelerator that aids in nurturing growth and innovation within the InsurTech realm. It promises to benefit members of Lloyd’s Lab programme with business facilitation support, fostering expansion across Dubai. It will also encourage Dubai-based InsurTechs to apply to Lloyd’s Lab programme, with successful candidates gaining access to mentoring, networking, commercial product testing, and potential investment opportunities through direct exposure to the London market.
In a statement, Dawn Miller, Lloyd’s commercial director, noted Lloyd’s ongoing commitment to innovation to meet customer needs. She stated, “Our work with Dubai is part of our ambition to increase the pool of innovation talent that can work both with the Lloyd’s and global insurances markets, while enabling more effective, sustainable process to address risks that are emerging across the globe.”
In response, Hadi Badri, chief executive of Dubai Economic Development Corporation at Dubai’s Department of Economy and Tourism, emphasised the significance of this collaboration. He said, “By joining forces with the world’s largest insurance and reinsurance marketplace, we are creating new channels of collaboration that will strengthen Dubai’s value proposition as a regional hub for innovation driven insurance and reinsurance companies.”
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