Qatar Insurance Company (QIC), the Middle East and North Africa (MENA) focused insurer, is collaborating with Swiss Re to integrate specialised offerings through its insurance administration platform Anoud+, according to reports from The Peninsula.
Developed internally by QIC, Anoud+ will be offered to insurance carriers in emerging markets, helping them to 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), which will provide marketing, implementation and maintenance services to third party clients.
The company is focusing on IT growth as part of Qatar’s National Vision 2030, a government development plan that emphasizes the development of a digital economy to stimulate the private sector and reduce dependence on hydrocarbon industries.
“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,” said Khalifa Abdulla Turki Al Subaey, the Group President of QIC.
“Anoud+ has the potential to revolutionise insurance administration across emerging markets by offering a world-class IT platform to our partners,” he explained. “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.”
Lukas Mueller, Swiss Re’s Head of Middle East, also commented: “With QIC’s Anoud+, we are 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.”