The Zurich Insurance Group, represented in the Middle East by both Zurich Commercial Insurance Company and Zurich International Life in many business sectors, revealed its cooperation, along with nine other partners, with the Dubai International Financial Center for Innovation to support the development of the startup ecosystem in the field of insurance and push the wheel of development, through its FinTech Acceleration Programme.
This cooperation dates back to the year 2017, when it began with Zurich Commercial Insurance and then joined by “Zurich Global Life”.
The FinTech Acceleration Programme aligns perfectly with the Zurich Innovation Championship and reflects the company’s commitment to enabling innovation. Since its launch in 2018, the Zurich Innovation Championship has garnered an impressive response, gathering more than 4,500 applications to date.
Zurich cooperated with 30 startup companies, thus achieving exceptional progress in the startup ecosystem. Earlier this year, the tournament received 120 distinguished applications from the UAE, which constitutes additional support for the local startup community.
Regarding this cooperation, Peter Englund, CEO of Zurich Commercial Insurance Company Ltd., highlighted; Mufaddal Kajiji, CEO of Zurich Global Life, highlighted the importance of strategic efforts and way of thinking in positioning the Middle East as a vibrant hub for innovative startups, saying:
“The current FinTech acceleration program allows participants to strategically lead their companies, adopt a growth mindset, and provide Technology-driven solutions, turning ideas that impact society into reality. We anticipate an outstanding response by leveraging the focused support, networking and mentoring provided through the FinTech Acceleration Programme, which is exactly what our clients need in this dynamic region.”
The cooperation with the Dubai International Financial Center for Innovation represents a milestone in our joint efforts to encourage the establishment of new companies in the field of insurance and support innovation in the economic sector. Through the FinTech Acceleration Program, we are committed to fostering an entrepreneurial spirit and providing startups with mentorship opportunities from Zurich experts.
To date, the FinTech Acceleration Program has witnessed the participation of more than 3,000 entrepreneurs, while more than 150 startups in the fields of financial technology, regulatory technology, insurance technology and Islamic finance have graduated from it. These startups have contributed to more than 100 success stories with the leading financial institutions in the Kingdom.
Mohammed Al Balooshi, CEO of the Dubai International Financial Center for Innovation, said: “We at the Dubai International Financial Center for Innovation are pleased to cooperate with Zurich, a leading global company that is committed to entrepreneurial spirit and innovation. Our programme provides an unparalleled platform for ambitious startups, and with the support of Zurich, together, we can shape the future of insurance technology. We realize the importance of this stage in our journey in supporting the startup community and increasing opportunities for creativity and development in it.
The agenda of the ninth session of the Fintech Acceleration Program is scheduled to start with an in-person training course at the Dubai International Financial Innovation Center, which includes valuable workshops presented by experts and pioneers in the financial technology sector.
These workshops delve into local laws and regulations, expected market trends, trends in the world of technology, recruitment strategies, and funding sources. The FinTech Acceleration Program provides an exceptional environment for startups to grow, innovate and succeed.