29 April 2024

The Insurance Authority announced the licensing of two companies to practice electronic insurance brokerage activity and one company to broker electronic reinsurance.

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