Interview: Jassim Al Moftah, CEO, Doha Insurance Group (DIG), on helping companies increase their resilience to economic shocks
To what extent will the integration of artificial intelligence (AI) and big data analytics influence risk assessment and underwriting practices?
JASSIM AL MOFTAH: AI and big data analytics are poised to have a significant impact on the Qatari insurance market. We have already seen how AI can shorten processes such as claims handling and policy issuance down to hours instead of days. For example, AI is transforming how we assess risk by consolidating and analysing vast amounts of data, from know-your-customer requirements to broader risk analytics, enhancing the accuracy and efficiency of underwriting.
The growing use of online platforms and digital interactions also suggests that we will see more digital touchpoints with customers, reducing the need for physical office visits. With more data becoming available from connected devices, AI can help insurers better understand behaviours, predict risks and personalise products, improving decision-making processes.
How can insurers support the development of Qatar’s small and medium-sized enterprises (SMEs)?
AL MOFTAH: Insurers play an essential part in assisting Qatar’s SMEs, offering products that are tailored to their needs. Traditionally, the SME segment in the MENA region has not seen significant insurance penetration, often because such policies are not mandatory. However, businesses are more likely to take out insurance policies to mitigate risk in times of economic uncertainty. As more SMEs in Qatar understand the importance of risk management, insurers can step in to provide customised solutions that help safeguard their growth trajectories and operations.
The industry is working to raise awareness among SMEs about the benefits of insurance. However, more work is needed to ensure these businesses fully recognise the value of coverage as part of their due diligence. Bespoke insurance solutions for SMEs can help them become more resilient and sustainable in the long run.
In what ways can the insurance industry in Qatar enhance its resilience to economic disruptions?
AL MOFTAH: The Qatari insurance industry is inherently linked to global reinsurance markets, meaning it cannot be entirely isolated from external economic fluctuations, particularly those related to energy. However, Qatari insurers have the expertise and reinsurance capacity to handle complex risks, from energy and construction projects to infrastructure developments. This capacity – backed by strong reinsurance structures – ensures that the local market can continue to offer stability and support even during economic downturns.
Having local, established companies integrated into the broader reinsurance ecosystem also ensures that clients benefit from immediate, on-the-ground service. The ability to adapt swiftly to fluctuating market conditions by leveraging domestic expertise and international reinsurance capacity helps bolster resilience in the face of global challenges.
Which trends are steering the future of the takaful (Islamic insurance) segment in Qatar?
AL MOFTAH: The demand for Islamic finance solutions is shaping Qatar’s takaful segment. Takaful offers a different risk-sharing model, appealing to Muslims and non-Muslims alike. This aligns well with the principles of Islamic finance and provides potential customers with an alternative to conventional insurance models.
The key trend driving the growth in takaful is the desire for ethical and sharia-compliant financial products. Insurers can capitalise on this by ensuring that their takaful offerings are competitive, flexible and cater to a broad customer base. The opportunity lies in tapping into religious motivations and the appeal of takaful as a community-based risk-sharing model. With a growing awareness of the benefits of Islamic finance, insurers that can effectively communicate the value of takaful to a diverse audience are set to capture market share in the country’s evolving insurance landscape.
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