“Global Association of Insurtech Professionals (GAIP) NPIO, launched in Mumbai, India.”
• GAIP is headquartered in Dubai with chapters all over the world.
• The current global Insurtech market is valued at approximately $16 billion to $20 billion.
• Projections estimate it will reach $60 billion to $80 billion by 2030.
• GAIP aims to foster collaboration, innovation, and knowledge exchange in the Insurtech industry globally:
Dr. AFTAB Hasan – Founder & Chairman of GAIP.
• GAIP Soft Launch was in Dubai on 27th April 2024, Anticipates Mega Official Launch Soon.
• GAIP Conducts Soft Launch in India with Prominent Industry Leaders, Prepares for Grand Unveiling with International Insurtech Personalities.
GAIP a Non-Profit International Association has established its Headquarter in DIFC, Dubai with Global Chapters, Aims to Drive Innovation and Collaboration in the Insurtech Sector.
Dubai, UAE – Thursday, August 22, 2024 – The landscape of the Insurtech industry received a significant boost with the inauguration of the Global Association of Insurtech Professionals (GAIP) in Dubai, UAE.
This year itself it was successfully conducted a soft launch of the Saudi Arabia Chapter during InsureTek Middle East – Saudi Arabia. This was a landmark event of India Chapter
soft launch which took place on 9TH August 2024 during the 9th Global Economic Summit on Fintech at the World Trade Centre, Mumbai, India marking a pivotal moment in the evolution of the insurance technology sector.
The Global Association of Insurtech Professionals (GAIP) commenced its journey with a soft launch in Dubai, setting the stage for an imminent grand unveiling that promises to be a landmark event in the industry’s history. While the soft launch saw the participation of esteemed industry luminaries, the official launch, slated to take place shortly, is poised to be an unparalleled extravaganza, with the presence of international Insurtech personalities, innovators, technology providers, investors, senior dignitaries, government authorities, insurance industry regulators, and other key stakeholders.
The soft launch of GAIP, which took place during the 9th Global Economic Summit on Fintech, provided a glimpse into the association’s vision and objectives, laying the groundwork for a robust framework aimed at driving innovation, collaboration, and
excellence within the Insurtech ecosystem. Dr. Aftab Hasan, Founder & Chairman of GAIP, articulated the organization’s mission to emerge as the premier international body for Insurtech professionals, setting new standards for excellence and fostering a culture of innovation on a global scale.
As the foremost professional association for Insurtech experts worldwide, GAIP is poised to catalyze collaboration, innovation,and knowledge exchange within the industry on a global scale. With its headquarters situated in Dubai, UAE, GAIP is simultaneously working to establish chapters across key regions worldwide, facilitating local engagement and initiatives while ensuring a cohesive global approach to advancing the field.
The launch of GAIP coincides with a period of remarkable growth in the Insurtech market, particularly in the North America and Europe are the largest markets, but Asia-Pacific is rapidly catching up, particularly in markets like China and India where digital
adoption is high. As of 2023, the global Insurtech market was valued at approximately $16 billion to $20 billion. The Insurtech market is expected to continue its strong growth trajectory, with projections estimating it will reach $60 billion to $80 billion by
2030. This represents a compound annual growth rate (CAGR) of approximately 25% to 30% over the next several years. The market has seen significant growth over the past few years, driven by increased investment, technological advancements, and the rising demand for digital insurance solutions.
Dr. AFTAB Hasan, Founder & Chairman of GAIP, in his opening speech expressed his vision for the association, stating, “Today, we embark on a new chapter in the evolution of the financial technology sector. This vibrant city, renowned for its dynamism and
innovation, is the perfect backdrop for the soft launch of the Global Association for Insurtech Professionals (GAIP). GAIP is not just an organization; it is a vision, a collective dream of a future where Insurtech professionals across the globe are connected,
empowered, and equipped to drive unprecedented change in the insurance industry.”
Dr. AFTAB Hasan further emphasized that “the journey of GAIP began with a simple yet profound realization: the power of community. We recognized that to navigate the complexities and seize the opportunities in the ever-evolving landscape of Insurtech, a robust and sustainable network is indispensable. This network, GAIP, aims to bring together the brightest minds, the most innovative thinkers, and the most dedicated professionals in the Insurtech space. Our mission is clear. We seek to foster collaboration, encourage knowledge sharing, and drive innovation. Through a series of initiatives, including thought leadership forums, professional development programs, and industry-specific research, GAIP will serve as a catalyst for growth and a beacon of excellence in the Insurtech community.”
This event also marked the soft launch of the GAIP – India Chapter with the announcement of interim board under the leadership of the interim board Chairman, Dr. Vijay Kalantri, a prominent Indian Industrialist, President, All India Association of Industries
(AIAI), Chairman, MVIRDC World Trade Center, Mumbai.
In his inaugural speech Dr. Vijay Kalantri stated: “We believe that true progress is achieved when everyone has a seat at the table,and every voice is heard. This ethos will guide us as GAIP will build a global network that is as diverse as it is dynamic, as inclusive
as it is innovative. Today’s launch is just the beginning. Over the coming months and years, GAIP will work tirelessly to create value for its members and the broader Insurtech ecosystem. We will champion the causes that matter most to our community, advocate
for policies that foster innovation, and strive to create a future where technology and insurance seamlessly converge to deliver unparalleled value to consumers. I would like to take this opportunity to express my gratitude to the Board of GAIP for this
responsibility to lead the interim board until the permanent board is formed.”
Joining Dr. AFTAB Hasan in spearheading on the Interim Board of GAIP the other Co-Founders are Sir Sohan Roy, Vice Chairman & Board of Director, and H.E. Mr. Fareed Lutfi, Secretary General & Board of Director. With a distinguished lineup of industry
leaders at the helm, GAIP is poised to set new standards for excellence in the Insurtech sphere.
Dr. AFTAB Hasan, is a seasoned professional and dynamic entrepreneur, stands at the helm of multiple esteemed organizations, leaving an indelible mark on the Energy, Offshore, Marine, Oil and Gas, IT, Insurance, Reinsurance & InsurTech sectors. He is the
Founder and Chairman of Risk Exchange (DIFC) Limited, Dubai, Founder and Chairman of Risk Exchange International Holdings Pte.
Ltd. Singapore, Founder and Chairman of A2R Solutions, Dubai, and CEO of Arya Insurance Brokerage Co. (Bayzat). Since 2013, he has been a vital member as the Secretary General of the Insurance Business Group (IBG) under the auspices of Dubai Chambers.
Dr. Hasan is associated with numerous advisory boards, councils, and associations, both regionally and internationally. Dr. Hasan is also a member of the United Nations Office for Disaster Risk Reduction (UNDRR) and Private Sector Alliance for Disaster Resilient Societies (ARISE) UAE Chapter. With a career spanning over 30 years, Dr. Hasan has garnered acclaim for his notable contributions, particularly within the Insurance & InsurTech industry, earning him a multitude of awards and accolades.
Sir Sohan Roy is an Indian entrepreneur, film director, and producer based in UAE. He is the Founder, Chairman, and CEO of Aries Group of Companies, a consortium of 64 companies from 25 countries with its headquarters in the UAE. Sir Sohan Roy has been
honored by Forbes, Guinness World Records, and Times, for his groundbreaking work across multiple industries. He has also earned numerous other recognitions and accolades that further cement his reputation as an innovator and luminary in his fields.
H.E. Mr. Fareed Lutfi is a well-known insurance personality, currently the Secretary General, Emirates Insurance Association, and Gulf Insurance Federation. He is a Board member of Old Mutual M.E. at DIFC, Dubai, Executive Advisor at Marsh Emirates in the UAE, and Chairman of GlobalRe. Mr. Lutfi is one of the best-known insurance personalities in the GCC, with over 30 years of experience, he continues to work tirelessly as a powerful lobbyist for the cause of insurance and best insurance practice across the UAE, GCC and MENA region.
In addition to promoting collaboration and innovation, GAIP will focus on education and research initiatives aimed at enhancing the knowledge and skills of Insurtech professionals. Through strategic partnerships with academic institutions, industry stakeholders, and government authorities, GAIP will lead pioneering research endeavors and establish industry standards and best
practices.
GAIP’s comprehensive agenda includes the development of educational programs, training courses, and professional certifications covering a spectrum of topics including insurance, technology, data analytics, risk management, and emerging trends. Moreover, the association will organize a series of events, conferences, webinars, and workshops to facilitate networking, knowledge exchange, and thought leadership discussions within the Insurtech community.
9th Global Economic Summit at the World Trade Center Mumbai India, from August 8th to 10th, 2024 brought together global leaders to foster dialogue and stimulate innovation across various sectors, including Fintech, Insurtech, Neobanks, Playtech, Wealthtech, digital lending, open-network e-commerce, and other key areas. The Global Economic Summit was supported by Open Network for Digital Commerce (ONDC), India’s open e-commerce network backed by the Government of India and the Digital
Lenders Association of India (DLAI).
GAIP will develop and offer educational programs, training courses and professional certifications to enhance the knowledge and skills of Insurtech professionals. The programs will cover various aspects of insurance, technology, data analytics, risk management and emerging trends. The Association will promote research and innovation in Insurtech through collaborations with academic institutions, industry partners and government authorities. GAIP’s research initiatives will focus on exploring cutting-edge technologies, industry trends, market disruptions, and regulatory frameworks impacting the insurance sector.
GAIP will establish industry standards and best practices for Insurtech professionals. It will conduct benchmarking studies to evaluate the performance and effectiveness of Insurtech solutions, identifying areas for improvement and innovation. The Association will encourage the adoption of best practices through guidelines, codes of conduct, and industry benchmarks.
Dr. Hasan said, as part of its community engagement, GAIP will organize periodic events, conferences, webinars, and workshops to facilitate knowledge exchange, networking, and collaboration among Insurtech professionals. These events will provide a platform for thought leaders, industry practitioners and policymakers to discuss emerging trends, challenges, and opportunities.
As GAIP prepares for its official launch, anticipation is running high within the industry, with stakeholders eagerly awaiting the mega event that promises to redefine the future of Insurtech. With the participation of renowned international Insurtech personalities, innovators, technology providers, investors, senior dignitaries, government authorities, insurance industry regulators, and other key stakeholders, the official launch of GAIP is poised to be a momentous occasion that will chart the course for the industry’s evolution in the years to come.
About GAIP:
The Global Association of Insurtech Professionals (GAIP) is the premier international professional association for Insurtech professionals, dedicated to fostering collaboration, innovation, and knowledge exchange within the industry. With its headquarters in Dubai and chapters established worldwide, GAIP is committed to advancing the Insurtech sector through education, research, and community engagement.
Stay tuned for further updates and announcements regarding the official launch of GAIP, as the association gears up to unveil a transformative vision that will shape the future of Insurtech worldwide.
