Tadawul-listed Rasan Information Technology Co has announced that its subsidiary, Tameeni Electronic Insurance Broker, has obtained a no-objection letter from the Saudi Insurance Authority to sell comprehensive motor insurance for leased vehicles.
The move enables Tameeni to deal directly with leasing financing clients through its platforms, Rasan said in a statement lodged with the Saudi stock exchange, Tadawul. The approval will contribute to increasing operational efficiency and expanding the segment of customers wishing to obtain insurance coverage in addition to providing additional services to existing clients. The new operations started on 29 August 2024.
Rasan previously offered motor insurance through other brokers. In this regard, Tameeni carried out the required procedures to transfer the related services from the insurance brokers contracted with, to provide these services directly through Tameeni Platforms.
Mr Nicola Garelli, chief strategy & product officer at Rasan, told CNBC Arabia that revenues are expected to grow by 40% in 2024 as a result of the direct launch of the comprehensive insurance product for rented vehicles. The product is designed for vehicle finance entities.
Mr Garelli said that regulations were introduced that have allowed Rasan to provide vehicle insurance in 2020, including for rental vehicles.
Medical insurance
For now, Tameeni will focus the comprehensive insurance product on the Saudi market with the possibility of expanding to other markets in the future. The company has plans too to develop medical insurance further.
Mr Garelli said, “We deal with small and medium-sized companies to provide them with medical insurance. We see that medical insurance is very important, and we will invest more in it in the near future.”
Founded in 2016, Rasan made its trading debut on Tadawul on 13 June 2024. The company's main activities are focused on the FinTech sector. Rasan operates Tameeni Motor, an online motor insurance platform, and Tameeni Health, an online health insurance platform that provides SMEs with a one-stop shop for health insurance products for their employees and dependents.