Riyadh is the site of the first phase of an innovation platform launched by the Insurance Authority as part of the National Insurance Sector Strategy.
According to SPA, the platform allows innovators and startups to test insurance services and products within a secure and flexible regulatory environment under the direct supervision of the authority.
The initial phase includes the opening of applications for the Regulatory Sandbox program. Additionally, the platform offers comprehensive training programs and advisory services to startups and innovators to accelerate the adoption of modern technological solutions and keep pace with global and local insurance industry developments.
The authority stated the initiative supports the transformation into a sustainable, efficient, and innovative insurance sector in line with Saudi Vision 2030 objectives.
What is the purpose of the Insurance Authority’s new innovation platform? The platform is an initiative of the National Insurance Sector Strategy designed to enable innovators and startups to test their insurance products and services. This testing occurs within a secure and flexible regulatory environment that remains under the direct supervision of the Insurance Authority.
What specific programs and services are available during the first phase? The first phase features the launch of the innovation platform and the opening of applications for the Regulatory Sandbox. To support participants, the platform provides a range of comprehensive training programs and advisory services for startups and innovators.
How does the platform aim to impact the insurance industry? The platform seeks to enhance the sector’s ability to keep pace with rapid developments in the insurance industry at local and global levels. It achieves this by providing services that accelerate the adoption of modern technological solutions to create a more sustainable and efficient sector.