Dubai: The future of insurance lies in embracing digital transformation fully, Fareed Lutfi, Secretary General of the Global Association of InsureTech Professionals (GAIP), said while opening GAIP InsureTek Dubai 2026 on November 3.
Addressing delegates at the conference, held under the banner “Reimagining Insurance. Together” as part of Dubai Finance Week, Lutfi said customer expectations have shifted towards seamless digital experiences in every part of life, including dealings with insurers.
Data at the core
Data and technology adaptation are now essential for insurers and reinsurers alike, he said. Data plays a critical role in strategy, enterprise risk management, product innovation, portfolio management, underwriting, claims and pricing.
In the Middle East, data quality is particularly relevant for solvency calculations based on economic capital, as recognised by regulators and rating agencies, he added.
Lutfi noted that the global insurtech market is projected to reach around $80 billion by 2030. He said it is reshaping customer experience, underwriting, claims management, parametric risk solutions, AI-driven analytics and digital distribution models.
GAIP expands across continents
Lutfi said GAIP is emerging as a unified platform for global insurtech professionals and has “captured global attention”. Soon after its establishment, it began expanding across continents. GAIP now has chapters launched or under approval in Australia, Brazil, China, France, Germany, Hong Kong, India, Japan, Kenya, Mozambique, Saudi Arabia, Singapore, South Africa, Switzerland, Turkey, the UAE, the UK and the US.
He described these as some of the world’s most innovative insurance ecosystems, supported by regulatory sandboxes, venture capital accelerators and tech-driven insurers reinventing risk models.
“My view is that businesses make money when they innovate to solve real problems”, Fareed Lutfi, Secretary General, GAIP.
He said businesses that invest in solving real problems will have better prospects than those that do not. He added that collaboration between traditional insurers and technology providers is rising, with a significant share of insurers keen to partner with insurtech firms.
GCC: opportunity amid consolidation
On the GCC, Lutfi said greater use of digital applications in both conventional and Takaful insurance is driving long-term growth. Technological advances are also reshaping the wider financial system, including Islamic finance. Insurers are focusing increasingly on automation to improve efficiency, reduce costs, detect fraud and raise customer satisfaction.
He described the region as an early adopter of global digital transformation initiatives, giving insurers a chance to build digital ecosystems that improve customer experience and significantly cut customer acquisition costs. This comes as regulatory changes, rising operating expenses and competitive pressure push companies towards consolidation as a route to growth.
How insurtechs are closing the gap
Lutfi outlined four ways insurtechs are narrowing the protection gap:
- Access: digital-first platforms with clear product information and transparent pricing, plus AI-driven recommendation engines that match customers to suitable policies.
- Inclusion: microinsurance products and flexible payment options for low-income segments, which have helped expand penetration in underserved markets.
- Efficiency: automated claims processing and data-driven underwriting, which improve turnaround times and cut operating costs. Traditional models, he said, remain slowed by manual processes and administrative bottlenecks.
- Specialised products: new distribution through mobile apps, online platforms and embedded insurance, along with covers for emerging risks such as cyber threats and climate change.
By improving accessibility, streamlining processes and responding to changing market needs, insurtechs are “not only closing the protection gap but also redefining the future of the UAE insurance industry”, he said.
Looking ahead
By leveraging data, technology and innovative solutions, insurers can improve operational efficiency and customer experience and position themselves for long-term success in an increasingly competitive market, Lutfi said. He added that GAIP is, or could be, an accelerator of the trends expected to redefine the insurance landscape.
Welcoming delegates, he said the two-day conference would offer unbeatable networking opportunities with what is new and next in insurtech.
GAIP InsureTek Dubai 2026 was held on November 3–4 at Majlis Al Salam, Madinat Jumeirah, with Tata Consultancy Services as main sponsor.
About GAIP
The Global Association of InsurTech Professionals (GAIP) is an international professional association dedicated to advancing innovation, technology adoption, professional development and cross-border collaboration across the global insurance ecosystem.
