Bupa Arabia Participated in the 6th Edition of Saudi Insurance Symposium

Press release
Published October 4th, 2022 - 09:17 GMT
Bupa Arabia Participated in the 6th Edition of Saudi Insurance Symposium
Tal Nazer
Highlights
Bupa Arabia for Cooperative Insurance, a leading health insurance company in the Kingdom, participated in the 6th edition of the Saudi Insurance Symposium (SIS)

Bupa Arabia for Cooperative Insurance, a leading health insurance company in the Kingdom, participated in the 6th edition of the Saudi Insurance Symposium (SIS), which was organized by the General Insurance Committee (GIC) on September 28-29 at the Four Seasons Hotel in Riyadh.

The event, which spotlighted the growth and evolution of the insurance sector, was sponsored by His Excellency Dr. Fahd Abdullah Al-Mubarak, governor of the Central Bank of Saudi Arabia.

Continuing with the success story of the previous five editions, the symposium this year was graced by the presence of more than 1,000 regional insurance experts, besides the participation of selected local and international administrators and executives.

With the insurance sector playing an indispensable role in the national economy, the two-day conference provided a timely opportunity for industry leaders to review developments in the sector and provide solutions to its most pressing challenges.

Loay Nazer, Chairman of the Board at Bupa Arabia, participated in a panel discussion on “Economic Growth and Developments in the Insurance Industry” with Dr. Khaled Al-Dhaher - Vice Governor for Supervision & Technology, SAMA, and Abdulmohsen Al-Fares, Chairman of the Board, Alinma Tokio Marine Co (ATMC). Moderated by Mr. Resini Alresini of the Saudi Central Bank, the panel shed light on the developments in the Saudi insurance industry under the ambitious Vision 2030.

During the session, Nazer stressed the importance of building Saudi national cadres in the insurance sector and training them to provide quality services and distinctive insurance products. He also said that the insurance sector has created 17,000 job opportunities in the Kingdom, estimating the Saudization rate in the sector at 77%.

Ali Sheneamer, Chief Business Development officer, Bupa Arabia, moderated a panel discussion, “InsurTech and Value Added”, with several key leaders and CEOs in the industry discussing the significance of the digital transformation currently underway in the insurance sector.  

The concluding day of the SIS symposium had Bupa Arabia CEO Tal Nazer joining in a panel discussion on “The Future of Health Insurance” with the participation of a number of insurance leaders in the sector.

The Saudi insurance industry has made tremendous progress in the field of digital transformation. Bupa Arabia pioneered digitization in insurance as one of the first companies in the sector to establish a department specifically dedicated to digital transformation in 2018. The department has been instrumental in developing a host of digital services and innovative solutions.

Moreover, Bupa Arabia launched its new "Telehealth" platform, which directly connects major healthcare providers with its members. The platform boasts several innovative features that facilitate Bupa Arabia members’ hospital journeys, enabling a seamless customer experience.

Bupa Arabia Chairman Nazer highlighted the importance of the SIS for the insurance industry, where it will spotlight the development of the sector, the future of the industry, and its contribution to the national economy.

Nazer expressed his happiness to participate in the summit, which is considered to be one of the largest insurance conferences in Saudi Arabia and the Middle East.

“Bupa Arabia’s participation at the SIS came as part of our continuous efforts to be active partners in the development and growth of the insurance industry in Saudi Arabia and to support the government’s directions aimed at developing the Saudi insurance sector,” Nazer added.

Background Information

Bupa Arabia for Cooperative Insurance

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