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The role of artificial intelligence (AI) in the insurance industry is constantly on the rise and the time is ripe for all stakeholders to take adequate measures so they can harvest the power of this still-nascent, but increasingly more powerful technology. That was by and large the consensus among participants and attendees as the second and final day of the 2019 InsurByte Conference unfolded at the Gulf Hotel in Manama.

The discussions also revolved around how AI can enhance the capacity and efficiency of InsurTech companies as the demand for online insurance products and services continues to grow.

Overall, the two-day event saw 45 speakers taking the stage. Alongside, there were more than 300 delegates from a diverse range of industries who partook in the event and brainstormed over the trends, challenges, and opportunities waiting for the insurance space in Bahrain.

“This event will have a profound impact on the insurance industry in Bahrain,” said Khalid Saad, CEO, Bahrain FinTech Bay, further adding: “We have a thriving insurance sector with various players, and the competition is fierce. However, the industry understands these changes and had a clear understanding that the path forward will keep changing as the technology changes. Will look forward to collaborating with regional and international partners to create a positive shift.”

InsurByte 2019 was organized by Bahrain FinTech Bay (BFB) under the patronage of the Central Bank of Bahrain (CBB). Among the event’s key strategic partners were Tamkeen (labor fund), the Bahrain Insurance Association (BIA), the Bahrain Institute of Banking and Finance (BIBF), and FinTech Consortium.

As the high-profile event attended by experts, business leaders, entrepreneurs, and government officials from all over the world prepared to wrap things up on a high note, they deliberated on the next step of evolution for the insurance sector. A panel dubbed “InsurTech: The way forward” discussed and debated over the steps that could pave the way for a reliable and sustainable framework for both insurers and InsurTech firms as the insurance industry dynamics continue to change.