Saudi InsurTech firm closes investment worth 90 million riyals

Rasan, the technology company behind Tameeni, Saudi Arabia’s first InsurTech platform, has closed a 90 million SAR investment headed by venture capital firm Impact46, signaling growing confidence in the Saudi economy’s diversification. This funding round is the initial step in the Kingdom’s InsurTech sector’s development.

Moayad Alfallaj, Chief Executive Officer of Rasan, said: “Saudi’s Vision 2030 heralds an unprecedented period of economic transformation and prosperity. Rasan is poised to support that by advancing the digitalization of the insurance and financial sectors. This investment from Impact46is a major milestone on our growth journey, signaling confidence in our research and innovation, and further strengthening our capabilities to build and scale multi-sided platforms as well as improving the customer experience and expanding into new geographical regions.”

Abdulaziz Alomran, Managing Partner at Impact46, said: ” Rasan is firmly strengthening its leading position in the digital technology field. It focuses on InsurTech to enable the sector to acquire international stature inexperience excellence across both segments, namely companies and end-users. We see a tidal wave of opportunities building up in that space, and Rasan is best-equipped to ride the new trend across our region.”

Rasan simplifies user experiences and advances operational digitalization, value-chain change, and collaboration across Saudi and regional markets as a tech firm. The company offers technical solutions to the insurance brokerage and financial services industries, including a recent partnership with major Saudi banks, under which Rasan’s Treza platform will support the bank’s car lease-to-own team.

Tameeni provides an instant policy by allowing retail customers to compare insurance pricing and coverage, then select and pay for their preferred policy in one convenient location. The three-step online trip takes only two minutes and is backed up by a comprehensive backend connection with insurers and other service providers. As a result, users save a lot of time, and insurers save a lot of money by simplifying their processes and lowering their operational costs.

Tameeni’s system integration layer connects over 20 insurance companies to provide comprehensive, third-party, and other types of automobile coverage. Tameeni also provides health care to employees of small and medium-sized businesses under a similar arrangement with health insurers. Tameeni has over eight million users and serves approximately 25,000 leads per day.

Impact46 is a major Saudi firm that focuses on the most interesting investment prospects and cutting-edge start-up firms in the Kingdom. This investment will help Rasan enhance the development and distribution of new technological products, increase the differentiation of its InsurTech portfolio, which includes Tameeni and Treza, and harness the potential of the value of whitespaces across the insurance sector as a whole.