Zurich Insurance Group and DIFC Innovation Hub joined forces to support the insurance start-up ecosystem. Credit: Rajesh Vijayakumar / Shutterstock.com.

Zurich Insurance Group has formed a strategic partnership with DIFC Innovation Hub to boost the insurance start-up ecosystem and foster innovation.

In the Middle East, Zurich Insurance Group is represented by Zurich Commercial Insurance and Zurich International Life (Zurich) through various business lines.

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Zurich Insurance will assist insurtech start-ups through the ninth edition of the DIFC Innovation Hub’s FinTech Accelerator Programme.

The programme is set to commence with a physical boot camp at the DIFC Innovation Hub. It will be filled with workshops delivered by thought leaders and industry specialists.

The courses will include information on neighbourhood rules and ordinances, impending market trends, technological changes, hiring practices, and funding options.

The partnership commenced in 2017 with Zurich Commercial Insurance and is now joined by Zurich International Life.

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Zurich Commercial Insurance senior executive officer Peter Englund and Zurich International Life CEO Mufazzal Kajiji said: “Through this accelerator programme, we want to be at the forefront of empowering entrepreneurs to realise their vision, where participants can strategically drive their businesses, cultivate a growth mindset, pitch technology-driven solutions, and bring society-impacting ideas to life. 

“By leveraging the focused support, connections, and mentoring provided by this accelerator programme, we anticipate an even more remarkable response, as it aligns with the evolving needs of our customers in this dynamic region.”

Together, more than 3,000 entrepreneurs have applied to The FinTech Accelerator Programme.

More than 150 start-ups in the fields of financial, regulatory, and insurance technologies, as well as Islamic finance have so far completed the curriculum.

It is being claimed that they have offered more than 100 proofs-of-concept (POCs) to several major financial institutions in the region.

DIFC Innovation Hub CEO Mohammad Alblooshi said: “At DIFC Innovation Hub, we are delighted to partner with Zurich, a global leader with a strong commitment to entrepreneurship and innovation.

“Our FinTech Accelerator Programme offers an unparalleled platform for ambitious start-ups, and with the support of Zurich, we can collectively shape the future of the InsurTech industry. We see this as a pivotal moment on our path to foster an environment that drives creativity, advancement, and agility for the start-up community.”