Saudi Gazette report

RIYADH — The Chairman of the Board of Directors of the Insurance Authority, Abdulaziz Al-Bouq, announced the launch of the Authority’s legislative experimental environment platform for the insurance sector, during the “Fintech 24” conference in Riyadh.

Al-Bouq emphasized the importance of establishing a framework to govern new technologies and innovative business models in the rapidly evolving digital landscape.

He highlighted the need to support these innovations within a favorable environment that fosters growth and empowerment.

“We are committed to accelerating the digital transformation of the insurance sector,” Al-Bouq said.

“Our goal is to integrate the sector’s services, enhance accessibility for beneficiaries, and contribute to the broader objectives of Saudi Arabia’s Vision 2030. The insurance sector is a key component of the financial services landscape, playing a crucial role in enhancing financial stability and promoting sustainable growth.”

The newly launched legislative sandbox platform aims to create a safe, regulated, and risk-limited environment for entrepreneurs and companies to test new solutions and innovations related to insurance activities. This environment allows businesses to trial their products, services, and business models within a set period until they are ready for market graduation.

Eng. Naji Al-Tamimi, CEO of the Insurance Authority, noted that the platform’s launch is part of the Authority’s broader efforts to enable innovation and advance digital transformation within Saudi Arabia’s insurance sector. The platform is designed to enhance the business environment by making it more adaptable, responsive to customer needs, and efficient in launching new and innovative products.

“Our approach aims to streamline operations and elevate the insurance sector's capability to meet evolving market demands,” Al-Tamimi said.