In this episode of the Reinventing Finance Podcast, KASKO CEO & Co-Founder Nikolaus Sühr (Nick) speaks with Lars Gehrmann, Chief Digital Officer at Qatar Insurance Group, about fostering innovation and navigating the unique dynamics of the Middle Eastern insurance market. In the conversation Lars shares with Nick insights about: 📌 His background as a digital entrepreneur, including building ventures in Spain, Zurich, and Qatar, and his current role as Chief Digital Officer at Qatar Insurance Group (QIC). 📌 Lessons learned from building companies and digital products, highlighting the shift from IT-driven processes to product-driven strategies with agile organisational setups. 📌 The transformative potential of AI in insurance, emphasising: - Leveraging cloud-based tools to solve business problems faster and more cost-effectively. - Building AI capabilities internally rather than outsourcing, focusing on business use cases, claims, and process automation. - The need for a company-wide transformation mindset to ensure successful AI implementation. - The importance of product-market fit and distribution over product innovation alone, particularly in insurance, where customer acquisition and adoption are critical. 📌 QIC’s role in fostering innovation through: - Investing in insurtechs and building partnerships via QIC Digital Venture Partners. - Leading ecosystem-building efforts, such as the MENA Insurtech Association and the annual MENA Insurtech Summit. 📌 Key challenges and opportunities in the Middle Eastern insurance market, including: - The dominance of standard products like motor and health insurance, with a gap in specialised products for niche customer segments. - Market fragmentation and diverse regulations across countries in the region, requiring careful navigation and tailored approaches. - Opportunities for MGA or insurtech partnerships with reinsurance support and validated products. Check out the episode to find out more. #insurance #insurtech #insuranceindustry #business #growth #versicherungen