Qatar-based major insurance company Qatar Insurance Company (QIC) has introduced Digital Venture Partners (QIC DVP), a new business unit bound to become the ecosystem orchestrator for insurance and ‘insurtech’ in the MENA region.
QIC DVP, which is part of the group’s digital strategy, intends to reshape the digital insurance landscape by building new digital ventures, leveraging existing assets, partnering with the Big Tech and corporates, and strategically investing in high potential early-stage startups.
Founded in 1964, Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint.
“The launch of QIC Digital Venture Partners is a significant milestone for our digital future. Grounded by our strong regional and international performance, QIC DVP will reshape the digital insurance ecosystem and become the go-to digital insurance partner in the MENA region. We are providing insurance companies, tech players, and government entities both, regionally and globally, the platform and the opportunity to expand their digital businesses into new markets.”
QIC DVP will act as a hub to connect regional and international ventures with strategic growth opportunities through the group’s regional footprint and global reach.
“It will form partnerships and collaborate with Big Tech players and corporates to co-create new digital ventures,” according to the statement.
Furthermore, QIC DVP will be setting up a corporate venture capital function to invest in early-stage and growth-stage startups that have strategic alignment with its focus areas.
Earlier this month, QIC partnered with QInvest to create a national champion in the Islamic asset management space. The new company will be a Sharia‘a compliant entity, regulated by Qatar Financial Centre Regulatory Authority (QFCRA).