In order to understand and assess the impact of new technologies in the KSA’s insurance market, as well as to help transforming the Saudi market into a smart insurance centre, Insurance Authority has designed a Regulatory Sandbox which welcomes local as well as international firms wishing to test new digital solutions in a ‘live’ environment with a view to deploy them in the KSA in the future.
Strategic Objectives
IA's Sandbox directly connects with 'KSA's 2030 Vision' which endeavours to reinforce economic growth and investment activities. The 'KSA's 2030 Vision' has been further developed into 12 Executive Programs, which includes the 'Financial Sector Development Program' (FSDP). The FSDP program seeks to develop the financial industry as a diversified and effective financial services sector to support the development of the national economy by stimulating savings, finance and investment by, inter alia, enabling financial institutions to support private sector growth.
To this end, the Insurance Authority's Regulatory Sandboxes aims to attract local and International businesses that are looking to leverage existing or new technology in an innovative way to deliver new insurance products or services to KSA markets, or improve business processes. The target audience includes, but is not limited to, KSA and international start-ups, InsurTechs, established insurance firms and professional services companies partnering with or providing support to such businesses.
