7th November 2021
Tawuniya is the first company in the Kingdom to install vehicle insurance policies -
The insurance industry is emerging as one of the important sectors in Saudi Arabia as the Kingdom diversifies its economy. It has been going through a structural evolution under the Vision 2030 Financial Sector Development Program. In recent years under the supervision of the Saudi Central Bank, the Saudi insurance industry has shown flexibility in dealing with changing market trends and customer requirements.
In line with this, and following the introduction of compulsory vehicle liability insurance in 2002, demand has grown to provide customers with a range of payment options to ensure they are fully compliant.
In response, Tawuniya has introduced a pay-by-installment option that will be available for vehicle insurance customers who account for 22% of the total size of the Saudi insurance market, according to year-end results for 2020 issued by the Saudi Central Bank. The option will make vehicle insurance policies more accessible and increase the percentage of vehicles insured under the mandatory insurance scheme.
Tawuniya General Manager of Retail Sales Yasser Fahd Al-Habdan said Tawuniya had been led by customer experience, “Tawuniya has formalized a partnership with Tamara, 6 installments with 0% hidden fees solution. It will provide the choice of purchasing vehicle insurance (Shamel, Sanad, Sanad Plus, Motor Flex) with a maximum of SAR10,000 per policy, and applicable on both new and renewal policies.
Al-Habdan added: “The pay-by-installment option extends to offering a range of payment solutions including credit card, mada, and STC Pay.”
He stated that Tawuniya is developing innovative products and solutions, “Customer-centricity is a fundamental element of Tawuniya’s s 2025 strategy, extending to 2030. The introduction of pay-by-installment confirms our commitment to keeping pace with developments and providing customers with a range of payment options.”
Earlier this year, Tawuniya launched its innovative MotorFlex insurance product offering vehicle owners the flexibility and ability to design their bespoke insurance packages choosing from a selection of 10 additional covers on top of the basic package. The company also launched another first for the Kingdom by introducing its Tawuniya Drive program, which offers rewards for improved driver behavior.