To strengthen its regional leadership and global expansion, Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, has announced strategic investments in three InsurTech startups.
The three investee companies are Jaguar Transit, MIC Global and Digital Petroleum, said QIC in a statement.
These investments are made with ambitious expansion plans not only in the Middle East but also into new global markets relevant to each company. Through the partnerships, QIC aims to offer innovative insurance solutions in key GCC markets, including Qatar, Saudi Arabia and the UAE, as well as markets in Asia such as Singapore and India, and developing African markets.
MoUs relating to the investments were signed with the three InsurTechs separately at QIC’s headquarters, in the presence of Group CEO Mr M. Salem Al Mannai, alongside Mr Japhire Gopi Kannan, founder and CEO of Jaguar Transit; Mr Mike Eksteen, SVP, Global Partnerships & Innovation, of MIC Global; and Mr Fakhruddin Murabet, chief technology officer of Digital Petroleum.
Mr Al Mannai, said, “The global insurance industry is undergoing rapid transformation and Qatar Insurance Group is already leading this change in the MENA region. Our investments in these companies reflect our commitment to embracing technology to deliver smarter, easier and more innovative insurance solutions. These partnerships will help us take the insurance industry to new heights, meet changing customer needs, and enhance our profitability over the long term.”
These companies are part of the group’s InsurTech Accelerator MENA programme. Two more companies have joined the accelerator scheme in the meantime, namely, StarUP & Otonomi, both from the US.
As part of QIC’s commitment to empowering talent, supporting innovative startups, and creating new investment opportunities, QIC will provide financial support and strategic guidance. This will allow these companies to expand into dynamic markets such as the GCC, North Africa, South Asia, and Europe.
MIC Global
MIC Global is a full-stack microinsurance provider, specialising in embedded parametric insurance solutions designed for emerging risks and underserved communities. Utilising advanced technology and a global distribution network, the company makes insurance more accessible, especially for gig economy workers and platform-based businesses. Their flagship product, MiIncome, offers income protection through a user-friendly platform. Through QIC’s embedded insurance products, MIC Global will introduce Alternative Income Loss Micro Insurance across the MENA region
Jaguar Transit
Jaguar Transit, established by Ja Secure, is the world’s first secure transit InsurTech company, offering innovative solutions for high-value transit and logistics operations. By integrating on-demand insurance with proprietary high-security transit bags, Jaguar Transit provides a secure, cost-effective, and efficient solution for businesses managing valuable goods. Operating across the ASEAN region and Hong Kong. Jaguar Transit will join QIC’s Luxury Goods Insurance product ecosystem through this partnership.
Digital Petroleum
Digital Petroleum specialises in AI-driven solutions for the energy sector. The company offers predictive analytics and digital tools designed to optimise production operations, enhance asset performance, and improve risk management. This partnership will enable ProActive Loss Prevention within the corporate insurance framework of QIC in the MENA region.