Ep. 117: A Look at the $10 Billion Middle East Insurance Market
Adnan Pathan is a Mentor and Advisor at Global Insurance Accelerator. Global Insurance Accelerator is a business accelerator that utilizes a mentor-driven system to boost the growth of innovative insurtech startups. Adnan specializes in commercial casualty underwriting in the US and the Middle East markets. He earned his MBA in Entrepreneurship from Babson College and his CPCU in Insurance Underwriting from the Insurance Institute of America.
This episode is brought to you by:
Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.
Today, Adnan joins us to discuss the difference in markets between the US and the Middle East as well as their similarities. He shares how he gained experience as an underwriter in the Middle Eastern markets and discusses his career trajectory. He explains what Global Insurance Accelerator is all about and his role in that company. Adnan also shares advice on how to become successful in the Middle Eastern insurance industry as well as the stigmas around insurance and how insurance agents sell it.
“Learn the industry better. Get an idea of where it is and where it’s going. Look for that future trend.”Adnan Pathan
What you’ll learn:
- Adnan Pathan’s plans growing up, his dreams and aspirations, and what he became.
- The insurance market in the Middle East and how it differs from the US.
- The experience he accumulated while working as an underwriter in the Middle East.
- How Middle Eastern insurance companies provide coverage for large risks.
- Cultural differences in how they conduct business in the Middle East.
- Dubai’s car culture and why the brand of the car makes a difference.
- The role of the Global Insurance Accelerator and what he does.
- What it takes to become successful in the insurance industry.
- The stigma around insurance and how agents sell them.
- When working in the Middle East, you are approached by various people from countries like India, Saudi Arabia, Pakistan, and other nearby regions.
- Worker’s compensation practically doesn’t exist in the Middle East area.
- Dubai has a strong underwriting center and its capacity is large for the region.