Saudi-owned ‘Rasan’ Rolls Out Value Proposition-based Fintech, Insurtech Solutions

Rasan, a Saudi-owned Fintech and Insurtech company, participated in the Gitex Global 2021to drive innovation and create value in the insurance and finance industry through its innovative solutions.

Under the theme, “Shining a light on the intersection between technology and finance,” Gitex Fintech Surge 2021 featured innovations across banking, asset and wealth management, insurance, regulation space. The Middle East and North Africa (MENA) Fintech market is slated to reach US$ 3.4 billion by 2026, according to a study conducted by Market Data Forecast.

Rasan, the pioneer in regional Insurtech through its market leading Tameeni insurtech platform, showcased its various innovations in the health and motor insurance as well as other solutions and multi-sided platforms. The company highlighted three core 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.

“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 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 is contributing to the digital transformation of the economy, which is a part of Saudi Vision 2030. Company helped more than 8 million users through its Tameeni and Treza platforms and gave its users  the access insurance products online and anywhere in the world, which completely eliminated the need to print insurance policies as well as a digital experience, resulting in saving US$ 32 million (SAR 120 million) for paper printing costs which equals to saving 30,000 to 60,000 trees and 62000 tons CO2 emissions to date

Rasan’s  technology solutions contributed to reducing atmospheric CO2 emissions by approx. 2000 tons through digitizing services and ensuring that policyholders do not need to travel between different physical locations for insurance needs.

Rasan Vital Stats

Since 2017, eight million users have used Rasan’s platforms, including Tameeni Motor and Tameeni SME Health, at an increasing daily traffic of 40,000 to 100,000 transactions. Instant policy, insurance comparisons and 100% digitalized transactions makeup Tameeni’s market leading value proposition.