Verisk’s Tim Rayner spoke to GR on challenges of navigating technological changes in a complex marketplace, and opportunities in the UAE and Saudi Arabia.

The re/insurance industry is undergoing a significant digital transformation, with markets around the world looking for new ways to enhance efficiency and connectivity. Tim Rayner, CEO and president of specialty business solutions at Verisk, is at the forefront of this evolution, particularly in regions such as the Middle East, where the adoption of digital trading platforms is gaining rapid momentum.

Tim Rayner

Rayner (pictured) has been involved in expanding Verisk’s presence across global specialty re/insurance hubs.

He highlights the opportunity presented by the region’s evolving insurance landscape. “Our vision is to create a global marketplace where any intermediary can trade with any insurer or reinsurer anywhere,” he explains. “Dubai and the Dubai International Financial Centre are essential in that strategy, as they serve as key hubs connecting international markets.”

The Middle East, particularly Dubai, has positioned itself as a bridge between insurers and reinsurers operating across multiple jurisdictions. According to Rayner, one of the key challenges in these markets is modernising traditional processes that still rely heavily on manual interactions.

“Typically, today, insurance contract negotiation takes place over email,” he says. “If you’re a broker looking to get quotes from five insurers, you might send out an email and then get multiple responses—sometimes from as many as 20 markets. Digital platforms eliminate that inefficiency by creating a structured data contract, providing a single version of the truth to speed up negotiations.”

Change, please

Rayner acknowledges that while London has long been regarded as the centre of re/insurance innovation, other hubs are rapidly catching up.

“There’s been a lot of talk in the London market about digital transformation, but when you look at places like Dubai and the DIFC, they present an entirely different opportunity,” he says. “There is still a reliance on email as the primary method of placement. That makes it a wide-open market for digital trading solutions.”

The digital push is also being shaped by regulatory engagement. In late 2024, Rayner and his team met with the Central Bank of the UAE in Abu Dhabi to discuss the benefits of digital trading.

“What we were looking for was regulatory awareness and approval to move away from email-based trading. If a broker or insurer is audited, we want regulators to understand the benefits of a structured digital contract that provides full transparency,” Rayner says.

Beyond Dubai, Saudi Arabia is another emerging focus for the industry, driven by economic initiatives such as Saudi Vision 2030. “Saudi is on our radar,” Rayner confirms.

“We’re working with partners to understand how digital platforms can support both domestic and international placements. One of the advantages of a fully digital system is that every stage of the placement process is recorded,” he says.

“Regulators, insurers, and brokers can see exactly how risk has been allocated and whether local requirements have been met before going to international markets,” Rayner adds.

The road ahead

Looking to the future, the focus of Rayner’s part of Verisk remains on fostering collaboration across the market.

“The challenge is always about building momentum,” Rayner says. “When we launched in Dubai, we faced the classic ‘school disco scenario’—brokers asking which insurers are on the platform and insurers asking which brokers are involved. But once you get a few key players on board, the rest follow.”

As digital transformation reshapes the global insurance landscape, Rayner sees an opportunity for emerging markets to leapfrog traditional inefficiencies.

“It’s not about replacing what already exists but about enhancing it. Demand for digital trading is there; it’s just about making the right connections and demonstrating the value of a more efficient, transparent and connected marketplace.”