QCB starts receiving applications for ‘digital insurer’ activities in Qatar

The Qatar Central Bank (QCB) has started receiving applications for ‘digital insurer’ activities in the county.

The applications will be received until October 31, QCB said yesterday.

Applications can be submitted through sandbox and licensing application portal – https://sandbox.qcb.gov.qa/login and inquiries can be emailed to [email protected]

Recently, the QCB issued regulations defining the regulatory framework for digital insurer activities in the country. This is in order to promote innovation in fintech.

This is in line with the Third Financial Sector Strategy, Fintech Strategy, and the QCB’s ongoing endeavour 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.

The QCB earlier said 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 characterised 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 insurance 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 best services at a lower cost.