News

13October 2024

The Insurance Authority Affirms the Robustness of Its Systems and the Insurance Sector in Saudi Arabia

The Insurance Authority Affirms the Robustness of Its Systems and the Insurance Sector in Saudi Arabia
The Insurance Authority has affirmed the resilience and security of its systems and those of the insurance sector in the Kingdom against any technical malfunctions. They remained unaffected by the global technical outage that impacted numerous entities worldwide today. This robustness is attributed to the strong digital infrastructure and advanced protection systems in place in the Kingdom of Saudi Arabia.The Insurance Authority emphasized that the Saudi insurance sector adheres to the highest technical and operational standards, following the best practices both locally and internationally for its systems and those of the Saudi insurance sector. This includes the technical systems integrated with other entities.This initiative reflects the Insurance Authority’s commitment to the continuous development and enhancement of technical systems, integrating the latest technologies, and bolstering their protection and cybersecurity measures. Furthermore, it aims to utilize cutting-edge technologies to stay abreast of technological advancements, thereby meeting the needs of beneficiaries and enabling them to conduct their transactions in the most efficient, modern, and secure manner.The hackathon journey and its sessions resulted in the presentation of a package of distinctive creative projects and presentations that were subjected to an evaluation process by the Hackathon Awards jury. In the insurance services automation track, the Romanah team won the first place prize worth 50,000 riyals, the Waei team won the second place prize worth 30,000 riyals, while the Dafa team won the third place prize worth 20,000 riyals. As for the insurance technology companies track, The Smart Transformation team won the first place award, The Decisive won the second place award, while the ByNow team won the third place award.The hackathon jury relied on a set of evaluation criteria to select the winning projects including: creativity and innovation, the degree of the expected influence, the applicable business model, the presentation, the plan to enter the market, target customers, identifying the target market and facing the solution to the challenges or developing services.In his speech during the ceremony, the CEO of the Insurance Authority, Eng. Naji Al-Tamimi, expressed his happiness and pride in the great interaction he witnessed from the specialists and innovators from the various groups participating in the hackathon and the creative ideas and distinctive projects they presented that contributed to reaching the hackathon’s goals, which is the first of its kind within the promising insurance sector in the Kingdom. Al-Tamimi considered that the Insurance Authority’s adoption of the idea of the “hackathon” and the platform it provides for creativity, innovation, and positive competition comes within the framework of a series of efforts undertaken by the Authority to develop the insurance sector in the Kingdom, improve its tools and industry standards, and enrich its content with innovative products and solutions, in accordance with the aspirations of the 2030 vision and its ambitious goals in developing the financial sector in the Kingdom, of which the insurance sector represents one of its main drivers and pillars.In his speech, Al-Tamimi congratulated the owners of the winning projects, and extended his thanks and appreciation to all the participants and the organizers for the success of the Insurance Hackathon in its first edition, which will pave the way to launch similar versions during the next phase in the light of the distinguished outcomes it produced.

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