Tawuniya wins Most Innovative Insurance Product 2019

Press release
Published October 24th, 2019 - 10:02 GMT
Most Innovative Insurance Product 2019
Most Innovative Insurance Product 2019
The Company for Cooperative Insurance (Tawuniya) has been awarded ‘Most Innovative Insurance Product 2019’

The Company for Cooperative Insurance (Tawuniya) has been awarded ‘Most Innovative Insurance Product 2019’ by World Finance Magazine in recognition of its success in creating innovative insurance products that meet the customers’ needs and aspirations.

Tawuniya had launched a range of innovative insurance products, including cyber risk insurance, the international travel insurance (for GCC Countries), aquaculture insurance, professional indemnity insurance and Takaful life insurance. In the past year, Tawuniya had also launched 360° integrated insurance Program for Small and Medium Enterprises (SMEs), and Sanad plus, which is the first insurance program that combines benefits of third-party liability and comprehensive insurance.

On this occasion, Majed Al Bahiti, Tawuniya’s vice president of marketing and communication, emphasized the importance of this award that reflects the company’s strategy and vision in providing innovative insurance products and being client centric. This approach will also enhance Tawuniya’s pioneering position in the Kingdom’s insurance market.

“Tawuniya developed many programs and initiatives in 2019, including “Tawuniya Vitality”, which is the first program of its kind in the Middle East and the North Africa region that works on improving the health of its members through adopting a healthy and active lifestyle. Tawuniya also launched “Ithraa” program, which is the first loyalty program in the Saudi insurance market. This program allows Tawuniya’s clients to benefit from special offers and discounts, of up to 60%, offered by our partners,” Al Bahiti added.

He said, “Tawuniya has a leading role in enhancing the smart insurance concept in the Kingdom. The company had launched the first insurance e-store in Saudi Arabia back in 2016. This step reflects Tawuniya’s abilities in understanding the latest developments in the local market and introducing modern technologies to create insurance solutions that protect various customer segments, taking into account Tawuniya’s technical and financial capabilities as well as its human capital, which helped Tawuniya to be the leading insurance company in the Saudi market.''

Al Bahiti further noted, “Tawuniya invested heavily in developing its IT infrastructure and digital transformation as a new approach to develop innovative insurance products and to improve e-services via its website and smart phone applications. The company also introduced several insurance services, including Dawae, instant medical approvals, medical expenses recovery, and immediate issuance of quotations, e-services for SMEs, insurance policy management, claim and compensation services and update personal data.”

Background Information

The Company for Cooperative Insurance (Tawuniya)

The Company for Cooperative Insurance (Tawuniya) was founded in 1986 in Riyadh as a Saudi joint stock company and the first licensed national insurance companyin Saudi Arabia offering various insurance products commensurate with the needs of the community of individuals and companies in accordance with the cooperative concept that is islamically accepted.

During the years Tawuniya has established work high value goals that primarily target customers, where it is based on the knowledge of customer insurance requirements and work to meet them by group competent experts in the same field.

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