Insurtech competition in Palestine brings innovative solutions for insurance sector literacy and Inclusion

Insurtech competition in Palestine brings innovative solutions for insurance sector literacy and Inclusion

Dubai, UAE: The Palestine Capital Market Authority (PCMA) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) in partnership with the Palestinian Insurance Federation (PIF) today announced the completion of the first ever PCMA Insurtech Wizard Hackathon and Challenge.

The Hackathon and Challenge both aimed to provide a platform for innovation and drive market development for inclusive insurance products in Palestine, with a goal to improve access to and understanding of insurance products for MSMEs and low-income customers in the country, which currently face low levels of insurance literacy, mistrust and a lack of inclusive products.

PCMA – the regulator for non-banking financial sectors in Palestine – also partnered with the open innovation firm Fintech Galaxy to power the PCMA Insurtech Wizard Hackathon and Insurtech Wizard Challenge, which was hosted on the PCMA Ebtaker platform.

The Insurtech Wizard Challenge was open to mature regional or global enterprise-ready Insurtech or Tech Firms with solutions aimed at enhancing access to insurance products and services. The winners of the challenge, Aura Technologies from UAE and KASKO from UK , each received $5,000 and the opportunity to cooperate with one of the insurance players in Palestine on a proof of concept of their solution.

The Insurtech Wizard Hackathon had two