The product, service, software, or business model (innovation) shall meet the following criteria:
To be related to insurance products and / or services that fall under the jurisdiction and supervision of the Insurance Authority;
To be innovative in terms of the technology used.
To prove its benefit to insurance proposers (such as; promoting growth, efficiency, risk management, providing wider options, etc.)
To have a need to be tested in the experimental environment.
Applicants must demonstrate the following:
Having adequate financial resources or support from an accredited entity to compensate any damages to which customers may be exposed during the experimental environment.
Readiness and willingness to test the innovation in the real market environment with real customers.
Willingness to launch the innovation to all customer base after completing the pilot period.
Having relevant professional, technical and commercial knowledge and experience.
Holding a bank account in the United Arab Emirates (if required by the Insurance Authority and in accordance with the nature of the product, service or software being tested).
Meeting the criteria of efficiency and fitness in terms of integrity, financial capacity and honesty.