«The Innovation Lab in Insurance Sector» Discusses the development of Insurance Services
The Insurance Authority has established the First Innovation Lab in Insurance Sector, which is the first of its kind to evaluate and develop insurance services provided through companies working in the insurance sector. This was at a recent seminar, which discussed ways to build a culture of innovation based on mutual cooperation, and to develop methods for data analysis and exploring new ideas.
The seminar also included the implementation of interactive applications, activities and trainings to familiarize participants with innovation trends, tools and methods of open innovation. The lab was attended by H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy, Chairman of the Board of Directors of the Insurance Authority, H.E. Ebrahim Obaid Al Zaabi, Director General of the Insurance Authority and the Board members.
The Chairman of the Authority praised such laboratories and workshops for the benefit of developing customer services and listening to ideas and suggestions from all companies, and knowing the extent of benefit from all the ideas and suggestions that contribute to the development of the insurance sector and insurance-related professions.
H.E. Ebrahim Al Zaabi explained that the Innovation Lab is a series of sessions and workshops based on a well-conceived methodology, using innovative ways and means to discover innovative ideas, and find realistic solutions to the challenges encountering the insurance sector.
During the lab, participants received practical exercises on the core processes and tools of Open Innovation. The laboratory highlighted the challenges of innovation in insurance, ways to overcome them through a collaborative approach, mechanism of searching for new opportunities, as well as focusing on business models and standards of Decision-making process in an Open Innovation environment. The event was attended by a delegation from Mohammed Bin Rashid Center for Government Innovation and Dubai Police.