[color=#42a6c6][size=3]InsurTech Competition[/size][/color] [ltr][left][color=#42a6c6][size=2]Brief[/size][/color][/left] [center][ltr][left][color=#000000][size=2]THE PLATFORM ARE LOOKING FOR INNOVATIVE, DISRUPTIVE INSURTECH STARTUPS TO JOIN US IN OUR QUEST TO CREATE THE NEXT WAVE OF GROUNDBREAKING PRODUCTS AND SERVICES[/size][/color][/left] [/ltr] [/center] [/ltr] [ltr][center][left][color=#42a6c6][size=2]HOW DO YOU PLAN TO[/size][size=2] JOIN  ?[/size][size=2] [/size][/color][/left] [/center] [/ltr] [ltr][left][color=#42a6c6][size=2]1. Regional Onsite Competitions[/size][/color][/left] [/ltr] [ltr][left][color=#000000][size=2]The regional stages will be held in 5 different countries: Egypt, Saudi Arabia, UAE, OMAN, and QATAR. Each country will have its own panel of judges who will select the finalists from their respective countries. The finalists will then be invited to pitch their solutions on the InsurTech MENA Summit stage in Doha. [/size][/color][/left] [/ltr] [ltr][left][color=#42a6c6][size=2]or[/size][size=2] [/size][/color][/left] [left][color=#42a6c6][size=2]2.  Virtual Pitching Competitions, consists of two rounds:[/size][/color][/left] [left][color=#000000][size=2]ROUND 1:[/size][/color][/left] [/ltr] [center][left][color=#000000][size=2]Startups will be asked to provide a 1-pager describing their business models and the problems they are aiming to solve (a template will be provided).[/size][/color][/left] [ltr][left][color=#000000][size=2]We will select 20 startups to move on to the second round. [/size][/color][/left] [left][color=#000000][size=2]ROUND 2:[/size][/color][/left] [left][color=#000000][size=2]The 20 selected startups will be invited to present their solutions virtually and 5 finalists will be chosen to pitch their solutions at the MENA InsurTech Summit stage. [/size][/color][/left] [left][color=#000000][size=2]The judging criteria will include: the impact of the solution, the scalability of the business model, the innovation of the solution, the team’s capabilities, and the potential for success. [/size][/color][/left] [/ltr] [/center] [center][left][color=#000000][size=2] [/size][/color][/left] [left][color=#42a6c6][size=2]Industries[/size][/color][/left] [/center] [left][ul] [li][color=#000000][size=2]Fintech: [/size][/color][color=#000000][size=2]Insurance fintech is the application of technology to the insurance industry. It uses data-driven insights to improve the customer experience, streamline processes, and create more efficient and cost-effective solutions. Insurance fintech can be used to create more efficient processes for underwriting, claims processing, policy management, and customer service. Insurance fintech solutions can also be used to develop personalized insurance products, provide access to innovative products, and enable customers to access new services.[/size][/color][/li] [li][color=#000000][size=2]Embedded insurance: [/size][/color][color=#000000][size=2]Embedded insurance is insurance that is bundled with a product, service, or platform. The insurance may be sold directly by the company or platform, or it may be offered through an insurer or other third-party provider. Examples of embedded insurance include travel insurance, mobile device insurance, and cyber insurance.[/size][/color][/li] [li][color=#000000][size=2]Cyber: [/size][/color][color=#000000][size=2]Solutions that help protect businesses from the risks associated with operating online. It can provide financial protection from data breaches, cyber-attacks, and other incidents that could result in financial losses or reputational damage. Cyber insurance typically covers costs associated with recovering from an attack, including credit monitoring services, legal fees, data recovery and so on.[/size][/color][/li] [li][color=#000000][size=2]Travel: [/size][/color][color=#000000][size=2]Providing coverage to individuals or groups travelling outside of their home country. Typically, a travel insurance plan will provide coverage for medical expenses, trip cancellations, lost or delayed baggage, and other unexpected expenses that may arise. Depending on the type of plan purchased, customers can also be covered for emergency medical evacuation[/size][/color][/li] [li][color=#000000][size=2]Mobility:[/size][/color][color=#000000][size=2]Providing customers with coverage for various types of transportation risks, including auto, motorcycle, boat, and RV. Customers pay a premium to the insurance company in exchange for coverage, which may include liability, physical damage, and medical payments. The insurance company then pays out benefits to the customer in the event of an accident or other covered.[/size][/color][/li] [li][color=#000000][size=2]HealthTech: [/size][/color][color=#000000][size=2]Leveraging data and technology to provide innovative health insurance products to customers. using data to assess risk, identify cost-effective solutions, and provide personalized service. Insurers can use data analytics to offer more accurate and affordable health insurance plans to customers by understanding their needs and preferences. Additionally, insurers can use predictive analytics.[/size][/color][/li] [li][color=#000000][size=2]Lifestyle: [/size][/color][color=#000000][size=2]Creating additional products and services that are complementary to life insurance, such as financial planning and wealth management services, retirement planning and investment advice, and estate planning services. By leveraging the existing customer.[/size][/color][/li] [li][color=#000000][size=2]Commercial Insurance: [/size][/color][color=#000000][size=2]Commercial insurance is insurance designed to protect businesses from losses due to risks such as theft, fire, and other perils. It covers a variety of operations, such as manufacturers, retailers, wholesalers, contractors, and service providers. Commercial insurance policies can include liability insurance, property insurance, business interruption insurance, crime insurance, and more.[/size][/color][/li] [/ul] [color=#42a6c6][size=2]Competition Phases:[/size][/color][/left] [center][left][ul] [li][color=#000000][size=2]Application[/size][/color][/li] [/ul] [/left] [ltr][left][color=#000000][size=2]Register and Fill the Form[/size][/color][/left] [/ltr] [/center] [center][left][ul] [li][color=#000000][size=2]Shortlisting #1  [/size][/color][/li] [/ul] [/left] [left][color=#000000][size=2]Regional Onsite Pitching[/size][/color][/left] [left][color=#000000][size=2]The  TOP 25  Startups from UAE-KSA-Egypt-Qatar & Oman will be shortlisted for [/size][/color][color=#000000][size=2]Onsite Pitching Competition in their countries[/size][/color][/left] [/center] [center][left][ul] [li][color=#000000][size=2]Shortlisting #2  [/size][/color][/li] [/ul] [/left] [left][color=#000000][size=2]Virtual Pitching Competition    15 April 2023[/size][/color][/left] [ltr][left][color=#000000][size=2]The  TOP 20  Startups will be invited for Virtual Pitching Competition[/size][/color][/left] [/ltr] [/center] [center][left][ul] [li][color=#000000][size=2]Semi-Final[/size][/color][/li] [/ul] [/left] [ltr][color=#000000][size=2]20 April 2023 [/size][/color][/ltr] [ltr][left][color=#000000][size=2]The [/size][/color][color=#000000][size=2] TOP 15 [/size][/color][color=#000000][size=2] finalist Startups will be invited to pitch at The MENA InsurTech Summit.[/size][/color][/left] [/ltr] [/center] [center][left][ul] [li][color=#000000][size=2]Finale[/size][/color][/li] [/ul] [/left] [left][color=#000000][size=2]21-22-23 May 2023 [/size][/color][/left] [left][color=#000000][size=2]TOP 4  winners will be announced at [/size][/color][color=#000000][size=2]The MENA InsurTech Summit[/size][/color][/left] [ltr][left][color=#000000][size=2] [/size][/color][/left] [/ltr] [/center] [color=#42a6c6][size=2]AWARDS  & BENEFITS [/size][/color] [ltr][color=#000000][size=2]Early Stage StartUps [/size][/color] [ul] [li][color=#000000][size=2]Access to network of VCs both regional and international[/size][/color][/li] [li][color=#000000][size=2]Delegate pass to the InsurTech Summitrces[/size][/color][/li] [li][color=#000000][size=2]Membership at InsurTech Association[/size][/color][/li] [li][color=#000000][size=2]Up to 250k USD investment against equity at a fair market valuation[/size][/color][/li] [li][color=#000000][size=2]Potential business deal with DVP ventures/ QIC group[/size][/color][/li] [/ul] [/ltr] [ltr][color=#000000][size=2] Growth Stage StartUps [/size][/color] [ul] [li][color=#000000][size=2]Potential business deal with DVP ventures or Antares Re[/size][/color][/li] [li][color=#000000][size=2]Access to network of VCs both regional and international[/size][/color][/li] [li][color=#000000][size=2]Delegate pass to the InsurTech Summit[/size][/color][/li] [li][color=#000000][size=2]Membership at InsurTech Association[/size][/color][/li] [/ul] [color=#000000][size=2] [/size][/color][/ltr] [color=#42a6c6][size=2]General Rules[/size][/color] [color=#000000][size=2]1 - Eligibility: All participants must be 18 years of age or older.[/size][/color] [ul] [li][color=#000000][size=2]Entrants must have a legitimate business idea that meets the criteria of the competition.[/size][/color][/li] [li][color=#000000][size=2]All entries must be submitted before the deadline.[/size][/color][/li] [li][color=#000000][size=2]By submitting an application, entrants agree to abide by the rules and regulations of the competition.[/size][/color][/li] [/ul] [color=#000000][size=2]2 - Registration: All participants must register to the platform prior to submitting their application. [/size][/color] [ul] [li][color=#000000][size=2]All participants should fill the form and submit it[/size][/color][/li] [/ul] [color=#000000][size=2]3 - Judging: Entries will be judged on their potential to create value, their innovation and creativity, and the strength of their business model.[/size][/color] [ul] [li][color=#000000][size=2]All applications will be reviewed and evaluated by a panel of judges, who will determine the winner based on criteria including feasibility, potential for growth, and innovation.[/size][/color][/li] [li][color=#000000][size=2]The founders of the business must have a stake in the business and/or be actively involved in the business operations. [/size][/color][/li] [/ul] [color=#000000][size=2]4 - Awards: Awards will be given to the top Four startups and will be announced at MENA InsurTech Summit. [/size][/color] [color=#000000][size=2]5 - Intellectual Property: All intellectual property submitted as part of the competition must be owned by the entrant.[/size][/color] [ul] [li][color=#000000][size=2]All applicants must agree to participate in all promotional activities associated with the competition, such as press interviews and public appearances.[/size][/color][/li] [/ul] [color=#000000][size=2]6 - Disqualification: Entrants may be disqualified at any time for any violation of the rules or regulations of the competition.[/size][/color] [color=#000000][size=2]7 - Disclosure: All entrants must agree to disclose their full business plan and any confidential information to the judges and other entrants at the competition.[/size][/color] [color=#000000][size=2]8 - Notification: All entrants will be notified of the competition results within two weeks of the competition's conclusion.[/size][/color]