QCB issues regulations for digital insurer activities in Qatar

The QCB has affirmed its commitment to providing “outstanding and valuable” initiatives to help create a favourable environment for the financial technology sector in the country

In order to promote innovation in fintech, the Qatar Central Bank has issued ‘Digital Insurer’ regulations defining the regulatory framework for digital insurer activities in the country.

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 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.

The QCB affirmed its commitment to providing “outstanding and valuable” initiatives that help create a favourable environment for the financial technology sector in the country to grow.

The regulations support Qatar’s financial sector development and enhance transparency and efficiency of 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.

The Qatar National Vision 2030 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.