The insurtech market in the Middle East and Africa will grow at 40% every year. An overwhelming majority of insurance firms in the UAE have expressed a willingness to integrate tech as the demand for digital insurance in the region has received a boost during the pandemic.

To explore innovation in the insurance sector, Qatar is set to organize the first-ever insurtech hackathon in the Middle East. The online event backed by global players such as Google Cloud and Deloitte will have 50 teams and start-ups. Of these, 15 will be selected for a week-long mentorship program. Six finalists will then participate in a demo at the Doha insurtech summit as part of the hackathon organized by Qatar Insurance Group (QIC).

To be held in June, the competition will be judged based on innovation and the feasibility of solutions. Teams with the top three ideas will collaborate on an insurtech platform with support from Google Cloud, Deloitte, and QIC.

The solutions will be judged by industry experts, tech professionals, entrepreneurs, and executives from firms backing the event. In addition to investment from QIC, the winners will be able to attend a global insurtech conference in Las Vegas, US. Teams from the Middle East, Africa, South East Asia, and Europe can participate in the hackathon in Doha.

The market for tech-backed insurance in the Middle East offers immense growth potential, with Saudi Arabia drafting new insurtech regulations. Trends including seamless data sharing and processing claims through automation have strengthened insurtech in the region.