05 September 2024
The Insurance Authority announced the license for both "Authorized
Policy Insurance Broker Appuls" and" Ace Gallgher Insurance" to
practice electronic insurance brokerage activity as a pilot launch.
The step came in line with the Authority role in supporting and
empowering the insurance sector, as it is the body responsible for regulating
the sector and enhancing its effectiveness, in order to encourage innovation in
the provided insurance services to enable these services to reach all segments
of society.
Because the authority believes in the importance of digital
transformation in driving the development and growth of the insurance sector,
the authority aims to be a pioneer in the field of enabling technology to
improve the quality of the service as one of its stated objectives to develop
this sector according to the directions of the Kingdom's vision 2030.
The Insurance Authority recognized the importance of improving and
developing the systems and transferring to a market works on the basis of
modern technology which ensures the goals' achievement like: process
automation, customer experience improvement, facilitating the process of
comparing quotes and coverage options presented, and speeding up the
documentation procedures. The Insurance Authority's emphasize the importance of
dealing with licensed companies and this can be verified by visiting the
Authority's www.ia.gov.sa