Qatar Insurance Bets Big on Insurtech: Inside the Bold Push into Global Markets

Jaguar Transit, MIC Global, and Digital Petroleum secure strategic backing as QIC targets rapid expansion across GCC, Asia, and Africa

Photo by Benjamin Child on Unsplash

Overview

Qatar Insurance Group (QIC), a leading insurer in the MENA region, entered into strategic investment agreements with three insurtech startups—Jaguar Transit, MIC Global, and Digital Petroleum—as part of its push to expand innovative insurance solutions across key markets.

The agreements, formalized at QIC’s headquarters in Doha, were signed by Salem Al Mannai, Group CEO of QIC, alongside Jobi Kenan, Founder and CEO of Jaguar Transit; Mike Eksteen, Senior Vice President of Global Partnerships & Innovation at MIC Global; and Fakhruddin Murabet, Chief Technology Officer of Digital Petroleum.

The investments aim to strengthen QIC’s footprint in the Gulf Cooperation Council (GCC) region, encompassing Qatar, Saudi Arabia, and the UAE, while also targeting expansion into high-growth markets in Asia, such as Singapore and India, and emerging African markets. Each startup brings a unique proposition to the partnership: Jaguar Transit focuses on transit-related insurance solutions, MIC Global provides microinsurance offerings tailored to underserved populations, and Digital Petroleum leverages artificial intelligence to digitize and decarbonize industrial sectors, including oil and gas.

QIC’s strategy centers on enhancing its technological capabilities to address shifting customer needs while improving long-term profitability. The investments also reflect the company’s broader commitment to fostering innovation through its Insurtech Accelerator MENA program, which facilitates partnerships with startups emerging from its annual MENA Insurtech Summit.

Counterpart #1: Qatar Insurance Group (QIC)

• Name: Qatar Insurance Group

• Profile: QIC is a leading insurer in the MENA region, committed to embracing technology to deliver innovative insurance solutions.

• Location: Headquartered in Doha, Qatar

• Industry: Insurance

• Sub-industry: Insurtech

• Executives Involved:

  • Salem Al Mannai, Group CEO

• Role in Transaction: Investor

Counterpart #2: Jaguar Transit

• Name: Jaguar Transit

• Website: https://www.jaguartransit.com

• Profile: Jaguar Transit offers innovative insurance solutions, focusing on transit-related services.

• Industry: Insurance

• Sub-industry: Insurtech

• Executives Involved:

  • Jobi Kenan, Founder and CEO

• Role in Transaction: Investment Recipient

Counterpart #3: MIC Global

• Name: MIC Global

• Profile: MIC Global specializes in providing microinsurance solutions, aiming to offer accessible insurance products to underserved markets.

• Industry: Insurance

• Sub-industry: Insurtech

• Executives Involved:

  • Mike Eksteen, SVP Global Partnerships & Innovation

• Role in Transaction: Investment Recipient

Counterpart #4: Digital Petroleum

• Name: Digital Petroleum

• Website: https://www.digitalpetroleum.com

• Profile: Digital Petroleum is an AIoT company leveraging artificial intelligence to digitize and decarbonize industrial processes in sectors such as oil & gas, water utilities, and manufacturing.

• Location: Headquartered in Al Khobar, Saudi Arabia, with operations in Tunisia, Libya, and Qatar

• Industry: Technology

• Sub-industry: AIoT and Industrial Digitalization

• Executives Involved:

  • Fakhruddin Murabet, Chief Technology Officer

• Role in Transaction: Investment Recipient

Deal Details

• Deal Type: Strategic Investment

• Industry: Insurance and Technology

• Business Focus: Insurtech and Industrial Digitalization

• Assets Involved: Equity stakes in Jaguar Transit, MIC Global, and Digital Petroleum

• Geographical Focus of Assets/Operations: GCC countries (Qatar, Saudi Arabia, UAE), Asia (Singapore, India), and Africa

• Strategic Rationale: To embrace technology and deliver smarter, easier, and more innovative insurance solutions, meeting changing customer needs and enhancing long-term profitability.