29 April 2024
The Insurance Authority announced the license for both “Al-Mamoun
Insurance Brokerage” and “Tawafuq Al-Wasi’ for Insurance Brokerage” to practice
electronic insurance brokerage activity as a pilot launch, and the final
license for “RTC Reinsurance Brokerage” to practice reinsurance brokerage
activity in a technical and innovative manner.
This step came in line with the Authority’s role in supporting and
empowering the insurance sector, as it is the body responsible for regulating
the sector and enhancing its effectiveness, and in order to enhance the role of
technology in the field of insurance, encourage innovation in the insurance
services provided, and enable these services to reach all segments of society.
This was based on the Insurance Authority’s belief in the importance of
digital transformation in driving development and growth in the insurance
sector, as the Authority seeks to be a leader in the field of enabling
technology to improve the quality of services within its stated goals of
developing the sector according to the directions of the Kingdom’s Vision 2030.
The Insurance Authority also recognized the importance of developing and
improving systems and transitioning to a market based on modern technologies.
These technologies ensured the achievement of the desired goals,
including: correctly determining the insurance value, diversifying and
developing products and services, assessing risks, automating processes,
improving the customer experience, in addition to facilitating the insurance
claims process and accelerating its procedures. The Insurance Authority
stressed the importance of dealing with companies licensed by the Authority,
and this can be verified by visiting the Authority’s website www.ia.gov.sa