MEDGULF UAE has recently promoted a campaign on its social media platforms noting that AI and blockchain technologies are transforming the insurance sector by enhancing transparency, efficiency, and consumer protection.

For those who are interested as per their post, they can contact MEDGULF UAE for support.

MEDGULF Saudi in 2024 partnered with iO Health, which develops AI and digital solutions. As per the announcement at the time, iO Health will collaborate with MEDGULF to bring forward transformative, AI-driven innovations that will reshape patient care, optimize insurance services, and enhance overall healthcare experiences.

Together, the two organizations aim to create a next-generation health insurance model, tailored to meet the dynamic needs of today’s healthcare landscape in Saudi Arabia and beyond. By leveraging AI and advanced data analytics, this partnership is designed to empower healthcare providers and insurers to offer timely, effective care, significantly improving the quality of healthcare delivery.

By harnessing iO Health’s expertise in AI and digitization, MEDGULF will be able to deliver personalized, data-driven health insurance solutions, allowing for greater precision in healthcare recommendations and patient engagement. With these capabilities, iO Health and MEDGULF aim to address key healthcare challenges, facilitating preventive care and managing patient risk more proactively.

In addition within the UAE, The DFSA ( Dubai Financial Services Authority) the regulatory arm of Dubai’s International Financial center announced that it would be updating its crypto assets regulatory framework with new amendments that would cover crypto assets, crypto custody DeFi, stablecoins, crypto investment funds money laundering and terrorist financing, as well as blockchain and crypto in insurance.

One of the most interesting topics mentioned by DFSA was utilization of Blockchain and crypto in insurance.

The DFSA noted in their consultation paper that given that crypto tokens are being discussed in the context of insurance including the utilization of DLT (Distributed Ledger Technology), for insurance, as well as crypto tokens for denominating policies, receiving premiums and paying out claims, even underwriting risks in crypto market, has prompted DFSA to seek feedback.

In parallel BCG  published an article on how insurance firms are utilizing metaverse and blockchain in their operations, and how this trend will grow.

According to BCG some firms use blockchain records to process claims and detect fraud, while others deploy the technology to offer customized insurance products. It is noteworthy that UAE’s Ministry of Health has utilized blockchain technology for some time now.

BCG believes there are six strategic opportunities for the insurance industry after BCG evaluated leading insurance companies on 43 relevant dimensions and found that insurance companies were not only willing but it was feasible for them to do so.

Today with this announcement by MEDGULF UAE, it seems insurance companies in the UAE have started to implement Blockchain in their offerings.