Najm plays key role in developing insurance sector technologically



AJM for Insurance Services participated in the 5th Saudi Insurance Symposium (SIS) held under the patronage of Dr. Ahmed AlKholifey, Governor of the Saudi Arabian Monetary Authority (SAMA) and organized by the Insurance General Committee, on March 27-28 at the Crown Plaza RDC hotel in Digital City, Riyadh.

The forum was held under the theme: “Protection and Sustainability” and aimed to shed light on challenges facing the Saudi insurance sector and explore ways to develop its various aspects including legislation. It also addressed the role of foreign insurance companies operating in the local market, and the sector’s role in enhancing a savings culture and promoting vehicle insurance among women.

Dr. Mohammad Al Suliman, CEO of Najm, said “Najm considers SIS a link between all the sector’s stakeholders.” He added the forum yields in productive ideas and solutions to confront the insurance sector’s challenges in order to develop it in line with the Kingdom’s Vision 2030. He noted that Najm’s participation as a platinum sponsor emphasizes its efficient role in developing the sector technologically as it seeks to adapt to the digital revolution and offer the latest hi-tech services to its clients.

Dr. Al Suliman explained Najm’s new identity which focuses on automating its services and making them more accessible to all clients, thus supporting the company’s commitment to transparency throughout its transactions. He added that the new identity reinforces the company’s corporate social responsibility policy which aims to promote traffic safety across Saudi Arabia.

Furthermore, Dr. Al Suliman signified that fraud is a threat to the insurance sector’s financial stability, and lauded SAMA’s efforts in limiting fraudulent activities through its anti-fraud policy. He added that the insurance sector has promising prospects for growth which requires working to develop different aspects, most importantly in terms of raising the community’s awareness on the importance of insurance coverage.

SIS is the largest event gathering international companies operating in the Saudi market, and is one of the major forums for insurance companies across the Middle East. This year, the forum attracted insurance experts and a number of local and international executives and administrators who discussed the role of the insurance sector in light of Vision 2030.

SIS is organized every two years and aims to emphasize the insurance sector’s role in achieving further economic growth, and address the main challenges facing the sector, and provide solutions to address them. — SG