Doha: Qatar Central Bank has issued “Digital Insurer” regulations defining the regulatory framework for Digital Insurer activities in the country.
The regulations are in line with the Third Financial Sector Strategy, the Fintech Strategy, and Qatar Central Bank’s ongoing endeavor to regulate and develop the financial sector, in accordance with the Qatar Central Bank Law and the Regulation of Financial Institutions No. (13) of 2012 and in order to stimulate innovation in the Fintech field, Digital Insurers leverage technology to provide the best insurance services while enhancing customer experiences through effective services and smart digital solutions to enable the insurance sector to become a leader in the region. This sector is characterized by the variety of its insurance products and services that help meet internal needs and support the expansion of the sector in domestic and external markets to achieve growth and increase profitability through insurance technology solutions and products based on insu
rance laws and regulations that meet the latest international standards.
Digital Insurers offer many benefits including cost efficiency, faster claims processing, improved risk assessment, and enhanced competitiveness in the sector, in order to deliver the best services at a lower cost.
Qatar Central Bank affirms its ongoing endeavor to provide outstanding and valuable initiatives that help create a favorable environment for the financial technology sector in the country to grow as these regulations support the financial sector development and enhance the transparency and efficiency of the transactions in the insurance sector. Moreover, these regulations enable insurance companies to meet their customers’ needs in a modern and fast manner with rapid access to different categories of customers that traditional channels may not cater to holistically.
These regulations are also in line with Qatar’s Third National Development Strategy, deemed to be the final stage towards achieving Qatar National Vision 2030,
which aims to build a digital economy, while stimulating the widespread adoption of technology and accelerating and encouraging technological innovations in various areas, including the financial sector.
Source: Qatar News Agency