Abu Dhabi Global Market (ADGM) has marked a new partnership with Abu Dhabi National Insurance Company (Adnic) to promote the growth and development of the insurance-related fintech ecosystem in Abu Dhabi and the UAE.

The MoU was signed by Ahmad Idris, chief executive officer at Adnic, and Richard Teng, chief executive officer of the Financial Services Regulatory Authority (FSRA) of ADGM, reported state-run Wam.

The agreement enables ADGM and Adnic to collaborate closely on a cross a range of technology-related initiatives that serve to support entrepreneurs, start-ups and technology firms who are active in the insurance and related industry. The Adnic and ADGM teams will specifically explore and participate in joint innovation projects on the development and application of technologies related to insurance and insurance management.

Ahmad Idris said, "Digital technology is transforming our lives and Adnic is actively exploring how technology can be better used to serve our customers in line with their changing needs and expectations. By engaging with entrepreneurs and start-ups, we are tapping into an innovative technological ecosystem and nurturing our entrepreneurial culture. Adnic is proud of its partnership with ADGM, which will support Adnic as well as the whole Insurance industry in the country in creating a competitive advantage for its offering and help it to understand and reach a wider audience."

Richard Teng said, "Recent reports have estimated technology spend in the insurance industry to be in excess of $200 billion globally by 2019. The insurance industry is starting to undergo its own revolution, and just like many other sectors, it is driven by technology. We are pleased to partner Adnic in exploring, developing and deploying technology and innovative solutions in the insurance space. We look forward to leveraging the industry know-how and extensive market experience that Adnic can provide, to identify and create initiatives that serve the needs of Abu Dhabi and the UAE."