The General Organization for Social Insurance (GOSI) has entered into a partnership with the Insurance Authority (IA), a regulatory body that oversees insurance sector in Saudi Arabia.
The partnerships aims to enhance insurance products and services, develop related electronic and digital transactions, exchange expertise, and strengthen business development between GOSI and the IA to improve beneficiary satisfaction.
The agreement was signed by Saud Al Juhani, Assistant Governor for Insurance Affairs, representing GOSI, while Naji Al Tamimi, CEO of the Insurance Authority, signed on behalf of IA. The signing ceremony took place on the sidelines of Fintech 24, Saudi Arabia’s flagship fintech event.
The memorandum seeks to formalize partnership between GOSI and the IA by defining roles for exchanging expertise, organizing workshops to share knowledge from successful initiatives and developing mechanisms to improve insurance operations and support joint ventures between the two parties.
Both parties will explore possible opportunities for data exchange and integration to enhance insurance products and services, and carry out official visits. In addition to this, they will work closely to create awareness campaigns, conferences, seminars, workshops, and scientific forums related to insurance, and coordinating on any future relevant initiatives.
The initiative reflects GOSI’s commitment to bolstering cooperation with various governmental and private entities, with an aim to achieve effective integration among its systems, enhance performance levels, and improve services provided to beneficiaries.
This falls in line with Saudi Vision 2030. The vision seeks to diversify insurance products, promote financial inclusion and empower private sector to drive a vibrant insurance landscape.
