The Central Bank of Bahrain (“CBB”) hosted a virtual workshop on Innovation in Insurance in partnership with international technological research and consulting firm Gartner. The purpose of the workshop was to bring together insurance company CEOs/General Managers in the Kingdom, to be informed and educated on four pressing topics: plausible future insurance scenarios, business model and product innovations, role of InsurTechs and technology and leveraging a Digital Business Technology Platform.
Mr. Abdul Rahman Al Baker, Executive Director of Financial Institutions Supervision at CBB, welcomed the participants and commented “The insurance industry in Bahrain has experienced steady growth on the back of current economic development, improved regulatory environment and increased public awareness. In order to further enhance the sector, insurance companies need to embrace financial technology and adopt a responsive digital strategy and fintech solutions to further strengthen their market position and the overall insurance market.”
The workshop was presented by Mr. Sham Gill, VP Analyst at Gartner, and covered the above topics in detail exploring Digital Business Optimization vs Digital Business Transformation, Digital Maturity Levels in the Insurance Industry, Open Banking as a model, and different case studies from global insurance companies.