QIC Insurance Group, the leading insurer in Qatar and the MENA region, announced as part of its digital strategy, the creation of Digital Venture Partners (QIC DVP) – a business unit bound to become the ecosystem orchestrator for insurance and insurtech in the MENA region.
QIC DVP aims to reshape the digital insurance landscape by building new digital ventures, leveraging existing assets, partnering with Big Tech and corporates, and strategically investing in high potential early-stage startups.
“The launch of QIC Digital Venture Partners is a significant milestone for our digital future. Grounded by our strong regional and international performance, QIC DVP will reshape the digital insurance ecosystem and become the go-to digital insurance partner in the MENA region.” said Salem Al Mannai, Group CEO of QIC Group.
“We are providing insurance companies, tech players and government entities both, regionally and globally, the platform and the opportunity to expand their digital businesses into new markets.” Al Mannai added.
QIC DVP will act as a hub to connect regional and international ventures with strategic growth opportunities through the Group’s regional footprint and global reach. QIC DVP will form partnerships and collaborate with Big Tech players and corporates to co-create new digital ventures. Additionally, QIC DVP will be setting up a corporate venture capital function to invest into early-stage and growth-stage startups that have strategic alignment with QIC DVP’s focus areas.
It is worth mentioning that in 2022 QIC, listed by Forbes among the top 30 most valuable companies in the MENA region, ranked ‘Top Investment House’ by The Asset magazine for the fourth year in a row.
Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA region. QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A(Excellent) from A.M. Best. In terms of profitability and market capitalization, QIC is also the largest insurance company in the MENA region. It is listed on the Qatar Exchange and has a market capitalization of over $ 4bn.