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Global Asset Management Review: Issue 4
Welcome to the third issue of Global Asset Management Review.
AI innovation and adoption in insurance in the Middle East
A more extensive view?
Global | Publication | September 2024
Interest in AI in the Middle East has surged in recent years, with several governments announcing national AI strategies and implementing initiatives to drive its adoption. Norton Rose Fulbright listed some as including:
- In 2017, the UAE appointed a minister for AI
- In 2018, the UAE published its national strategy for AI 2031. Following this, the UAE has issued various AI guidance notes
- In 2019, it launched the world’s first AI university.
Similarly, Saudi Arabia formed the Saudi Data & AI Authority in 2019 to serve its goals under Vision 2030 and has plans to invest $20bn in AI by 2030. Initiatives in other countries have also followed, with countries such as Qatar and Egypt also unveiling ambitious AI strategies and e-government programmes.
“The expected financial impact of AI in the Middle East is significant, with the region estimated to accrue $320bn in value added by AI by 2030,” according to Norton Rose Fulbright partner Shabnam Karim.
The integration of AI has become prevalent in over 50% of insurance customer interactions in Saudi Arabia, marking a significant shift towards
efficiency and innovation in the industry.
It was reported that the country recorded more than 80m transactions within the insurance sector through AI.
Head of Information Governance, Privacy and Cybersecurity, EMEA
Email
marcus.evans@nortonrosefulbright.com
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