Having expanded into the Middle East and North Africa (MENA) region in Q3’24, Relm, the insurance solutions provider, shares the opportunities that the region holds as it attended the Dubai FinTech Summit 2025.
The global insurance industry has been plagued with stagnation as energy and resources are committed to dealing with traditional risks in a manner that is tried and tested (albeit outdated). However, Dubai and the MENA region are on a mission to be outliers in this regard.
Sharing how Relm is playing its part in digitising innovative solutions in the insurance industry, Richie Santosdiaz, executive economic development advisor (emerging markets), The Fintech Times, sat down with Joseph Ziolkowski, CEO and founder of Relm, at the Dubai Fintech Summit.
“There is huge amounts of innovation taking place here in the UAE, across a variety of sectors including blockchain, digital assets, fintech, AI and more. Companies in these sectors are pushing the boundaries of innovation and we want to do the same in insurance,” said Ziolkowski.
The insurance industry is worth $6trillion but it is struggling to take steps forward due to the risks that arise from traditional operations and traditional companies. In order to set itself apart from the competition, Relm has established a clear vision and mission.
“Our vision is to make innovations, and our mission is to contribute to creating solutions for complex risks and innovative markets – this can be achieved in the UAE. It is not only for our benefit but for the benefit of the ecosystem that we can be physically present, deeply engaged and stand shoulder to shoulder with innovative companies that are making change happen.”
Identifying insurance trends globally and regionally
Insurtech innovations are gradually changing the insurance industry across the globe, but looking specifically at the MENA region, historically it has had low penetration from insurance. As other technologies like AI and blockchain impact the sector, Ziolkowski identifies how regulation is playing a major role in the development of insurance adoption.
“Companies want to build innovative products and solutions and bring them to market as quickly as possible to make revenue, but in almost every case, a regulator is going to require that the firm has minimum limits of insurance before allowing a firm to become an authorised, regulated entity.
“In the global business world of today, the contracts that organisations are entering into to generate revenue must contain minimum limits of insurance in order to engage in business with trading partners.
“Technologies like AI and deeptech are becoming the intersection of traditional industries and as they become adopted and embedded into these industries, organisations are going to be forced to approach risk management and risk transfer in a much more sophisticated way.”
Looking to the future
No matter where you are in the world, Ziolkowski explains that we’re heading towards a digital financial future. While this will happen everywhere, when it happens will differ – the most innovative organisations will identify regions that are forward-thinking and the UAE is one of them.
“Dubai’s Innovation Hub is just one example of how the region is enabling a digital financial future to happen quickly. In other regions across the globe, there is always some sort of vacuum. For example, it may have a lot of startup activity but not enough regulatory framework, or perhaps a lot of startup activity and a regulatory framework, but no investment.
“Here in Dubai and the UAE, there is regulatory clarity, a concentration of companies pushing boundaries, and a solid flow of investor capital.
“Insurance is the unsung hero of sustainable development for any core industry sector, and for us to be a part of that innovation locally in Dubai is a huge opportunity.”
Is Dubai the limit for Relm?
“We are going to go beyond UAE in time. Our local entity is called Relm Insurance MENA and when you look at the scope of opportunity that this huge region entails, there’s a need for coverage.
“There is, of course, a huge concentration here in Dubai and the UAE, but looking beyond to other GCC counties and financial free zones, we really feel as if we can make a difference.”
In line with Dubai Fintech Summit’s theme of fintech is for all, Ziolkowski concluded: “We have an office in the DIFC and we’re regulated by the DFSA; we’re partners with the Dubai FinTech Summit and a part of the Innovation Hub. All of this is just one step in ensuring that we’re maximising the accessibility of our products and solutions for companies looking to push the boundaries of innovation across the region as a whole.”
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