Najm for Insurance Services, the award-winning enterprise tasked with developing the Saudi insurance ecosystem, has announced that it is managing the ‘Manafeth’ portfolio, which specializes in selling ‘TP Insurance for Non-Saudi Vehicles’ to the vehicles entering and transiting through the Kingdom’s land and sea ports. This achievement comes in line with the guidelines of the Saudi Central Bank (SAMA) for improving the quality and efficiency of insurance services across the Kingdom of Saudi Arabia and enhancing the sector’s economic contribution in line with Saudi Vision 2030.
Established through partnerships among relevant authorities, under direct supervision from SAMA, Najm for Insurance Services is the neutral and fair backbone of the Saudi insurance ecosystem and the prime gateway to the insurance/accident value chain.
Najm’s CEO Dr. Mohammad AlSuliman has emphasized that the company is eager to improve the operational performance of the Saudi motor insurance sector and increase its readiness, backed by the support and guidance of the Saudi Central Bank (SAMA) and in cooperation with the Insurance Executive Committee (IEC) and companies in the motor insurance field.
In this context, Najm has developed an innovative digital infrastructure for providing integrated insurance services to secure an efficient, swift, and reliable data bridge between itself and the insurance companies in the ‘Manafeth’ portfolio. AlSuliman indicated that ‘Manafeth’ will add value to vehicle insurance through leveraging sophisticated digital solutions in the field, and ultimately upgrading the customer’s experience.
Managing Manafeth portfolio is a fundamental step that would contribute to Najm’s new strategy, where Najm will act as a mediator for marketing and selling ‘TP Insurance for Non-Saudi Vehicles’ to foreign vehicles on behalf of insurance companies in the portfolio using its innovative sequential electronic distribution solution. Additionally, Najm will also be offering foreign vehicles coverage against traffic accidents within Saudi Arabia.
Najm had launched its new strategy in 2020, aiming to support Saudi motor insurance in achieving a set of economic and social goals, particularly through enhancing its digital growth capacities in favor of a higher operational output. As such, the company has committed to expanding its digitalization capacity, which currently stands at 95% of its services, in line with the latest technologies.
Building on the existing ‘Manafeth’ system, Najm will capitalize on its sophisticated digital network to integrate automation into the portfolio, thus offering an upgraded customer experience. It is worth noting that the Kingdom has enforced TP Insurance for Non-Saudi Vehicles across all border crossings since 2002, in compliance with the Royal Order 222 dated 13/8/1422 Hijri (corresponding to October 29, 2001). Najm has assumed the portfolio’s management as of January 1, 2021.