Saudi Arabia - Najm for Insurance Services has announced that it will be managing the “Manafeth” portfolio, which specializes in selling “TP (third party) Insurance for Non-Saudi Vehicles” to vehicles entering and transiting through the Kingdom’s land and sea ports.
The move is in line with the guidelines of the Saudi Central Bank (SAMA) for improving the quality and efficiency of insurance services and enhancing the sector’s economic contribution in accordance with Saudi Vision 2030.
“Najm’s management of Manafeth is a fundamental achievement emanating from Najm’s strategy, launched during 2020, which aims to support the insurance sector in achieving a set of economic and social goals, particularly through developing the sector’s digital growth for the purpose of attaining a higher operational output and capacity,” Najm said in a statement.
Najm’s CEO Dr. Mohammad Al-Suliman said 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 SAMA, and in cooperation with the Insurance Executive Committee (IEC) and companies in the motor insurance field.
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. Al-Suliman said that “Manafeth” will add value to vehicle insurance through leveraging sophisticated digital solutions in the field, and ultimately upgrading the customer’s experience.
Through “Manafeth,” Najm will act as a mediator for marketing and selling the “TP Insurance for Non-Saudi Vehicles” to foreign vehicles on behalf of insurance companies enrolled in the portfolio through its sequential electronic distribution solution. Additionally, Najm will also be offering foreign vehicles coverage against traffic accidents within Saudi Arabia.
Najm will leverage its own digital growth strategy and utilize its digital network to integrate automation into the portfolio, thus offering an upgraded customer experience. Najm reiterated its commitment to improving its digitization capacity, which currently stands at 95 percent of its services, by expanding its digital infrastructure in line with the latest technologies.
The Kingdom enforced “TP Insurance for Non-Saudi Vehicles” across all border crossings in 2002, in compliance with the Royal Order 222 dated Oct. 29, 2001. Najm assumed the portfolio’s management as of Jan. 1, 2021.
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