Riyadh, Kingdom of Saudi Arabia: Najm for Insurance Services has announced that it will be managing the ‘Manafeth’ portfolio, which specializes in selling ‘TP Insurance for Non-Saudi Vehicles’ to the vehicles entering and transiting through the Kingdom’s land and sea ports. This achievement comes in line with the guidelines of the Saudi Central Bank (SAMA) for improving the quality and efficiency of insurance services and enhancing the sector’s economic contribution in line with Saudi Vision 2030. Najm’s management of Manafeth is a fundamental achievement emanating from Najm’s strategy, launched during 2020, which aims to support the insurance sector in achieving a set of economic and social goals, particularly through developing the sector’s digital growth for the purpose of attaining a higher operational output and capacity.
Najm’s CEO Dr. Mohammad AlSuliman has emphasized that the company is eager to improve the operational performance of the Saudi motor insurance sector and increase its readiness, backed by the support and guidance of the Saudi Central Bank (SAMA) and in cooperation with the Insurance Executive Committee (IEC) and companies in the motor insurance field. In this context, Najm has developed an innovative digital infrastructure for providing integrated insurance services to secure an efficient, swift, and reliable data bridge between itself and the insurance companies in the ‘Manafeth’ portfolio. AlSuliman indicated that ‘Manafeth’ will add value to vehicle insurance through leveraging sophisticated digital solutions in the field, and ultimately upgrading the customer’s experience.
Through ‘Manafeth’, Najm will act as a mediator for marketing and selling ‘TP Insurance for Non-Saudi Vehicles’ to foreign vehicles on behalf of insurance companies enrolled in the portfolio through Najm’s sequential electronic distribution solution. Additionally, Najm will also be offering foreign vehicles coverage against traffic accidents within Saudi Arabia.
Eager to add to the previous accomplishments of ‘Manafeth’, Najm will leverage its own digital growth strategy and utilize its sophisticated digital network to integrate automation into the portfolio, thus offering an upgraded customer experience. Najm reiterates its commitment to promote its digitalization capacity, which currently stands at 95% of its services, and its keenness to expand its digital infrastructure in line with the latest technologies.
The Kingdom has enforced TP Insurance for Non-Saudi Vehicles across all border crossings since 2002, in compliance with the Royal Order 222 dated 13/8/1422 Hijri (corresponding to October 29, 2001). Najm has assumed the portfolio’s management as of January 1, 2021.