Saudi-owned Rasan fintech showcased at Gitex Global

Rasan, a Saudi Fintech and Insurtech firm, participated at Gitex Global 2021 to foster innovation and value creation in the insurance and finance industries with its unique solutions.

Gitex Fintech Surge 2021 showcased advances in banking, asset and wealth management, insurance, and regulation under the theme “Shining a light on the nexus between technology and finance.” According to Market Data Forecast, the Middle East and North Africa (MENA) Fintech market is expected to reach US$ 3.4 billion by 2026.

“Our Tameeni Motor, Tameeni Health and Treza platforms are designed and developed in Saudi Arabia and are fully integrated with insurance companies, data providers, as well as electronic payment portals. It enables Rasan customers to get insurance quote in a matter of minutes,” said Moayad Alfallaj, CEO of Rasan.

Moayad, at a Fintech Surge session, highlighted that Saudi Arabia’s Vision 2030 contributed to the development of Saudi financial and insurance technologies and its positive implications for the development of the SME sector, which would contribute effectively to the transition to the digital economy of the Kingdom.

Rasan, the regional Insurtech pioneer, displayed its multiple innovations in health and motor insurance and other solutions and multi-sided platforms through its market-leading Tameeni insurtech platform. The company underlined three key points:

1. Simplicity – Share its success story on making its technology initiative for its broad user base

2. Pioneering – Offering innovative and unprecedented solutions in the insurtech and broader fintech markets in Saudi Arabia and broader MEA region

3. Sustainability – Awareness about its role in promoting sustainable economic growth and improving economic productivity.

Rasan is helping to drive the economy’s digital transformation, which is a key component of Saudi Vision 2030. Through its Tameeni and Treza platforms, the company assisted over 8 million users and provided them with access to insurance products online and from anywhere in the world, completely eliminating the need to print insurance policies and providing a digital experience, resulting in a savings of US$ 32 million (SAR 120 million) in paper printing costs, equating to the saving of 30,000 to 60,000 trees and 62000 tonnes CO2 emissions to date.

By digitising services and guaranteeing that policyholders do not need to travel between several physical sites for insurance purposes, Rasan’s technology solutions helped reduce atmospheric CO2 emissions by about 2000 tonnes.