QIC to expand its best-in-class IT platform to emerging market insurers
Qatar Insurance Company (QIC or the Group), the leading insurer in Qatar and the Middle East North Africa (MENA) region, announce plans today to offer their own internally developed, best-in-class insurance administration platform to emerging market insurance carriers. QIC will collaborate with Swiss Re, a leading global reinsurance company, to integrate specialised offerings into the platform to help insurers oversee and manage their underwriting strategy and monitor exposure to natural catastrophes. QIC is in the process of establishing an IT services subsidiary in the QFC called Anoud Technologies LLC (Anoud Tech) . Anoud Tech will provide marketing, implementation and maintenance services in respect of the Group’s internally developed insurance IT system to third party clientele.
The integrated system, called Anoud+, provides insurers an efficient, comprehensive way to manage all aspects of their insurance programs. It requires little or no additional IT investment thanks to the use of advanced, internet-based technology, and the platform also offers access to cutting edge reinsurance tools and risk modelling capabilities.
For many emerging market insurers, the costs and know-how needed to keep pace with digitization can be a drag on the operational efficiencies and cost requirements of their business.
Now, with QIC’s integrated insurance platform, insurers will have immediate access to a proven, market-leading end-to-end insurance platform, including modules for Client Relationship Management, Underwriting, Technical Accounting, Finance, Policy and Claims Management, Workflow and Document Management, Business Intelligence/Reporting, Data Analytics and Reinsurance Administration.
QIC’s IT growth is in line with Qatar National Vision 2030, which emphasizes the development of a digital economy as a means of empowering the private sector and reducing the nation’s dependence on hydrocarbon industries.
Mr. Khalifa Abdulla Turki Al-Subaey, the Group President of QIC, remarked: “Our collaboration with Swiss Re – an iconic player in the global insurance and reinsurance industry – is testament to our exceptional capabilities in developing cutting-edge insurance IT offerings. Anoud+ has the potential to revolutionize insurance administration across emerging markets by offering a world-class IT platform to our partners. At the same time, this work demonstrates QIC’s important role in making Qatar a leader in the development and application of advance digital technologies.”
He continued: “Digital transformation is the future of the insurance industry. However, reaping the benefits of the tech revolution takes investment and time. The expansion of Anoud+ offering insurers across Africa, and other emerging markets the chance to access a world-best tech platform for insurance administration and accelerate their own digital transformation.”
Mr. Lukas Mueller, Swiss Re’s Head of Middle East, noted: “With QIC’s Anoud+, we’re able to help QIC bring a best-in-class insurance platform to the African market. This platform can support insurers to strengthen their operational resilience and gain access to digital technology. We’re excited to work with QIC on this important step forward for insurers.”