Shory United Insurance Company, a digital insurance platform affiliated with the UAE's First.tech, has received regulatory approval from the Insurance Authority (IA) of Saudi Arabia to conduct its activities there.
According to a press release, this achievement marks an important milestone in the regional expansion plan Shory has set. Also, this confirms its position as a trusted partner in developing the insurance technology (InsurTech) sector in the Saudi market, which is considered one of the largest and most dynamic insurance markets in the Middle East.
Meanwhile, the approval of the IA will allow Shory to offer innovative AI-based solutions that contribute to enhancing the insurance experience in the market characterised by vitality and rapid growth in line with the kingdom’s Vision 2030.
In mid-2023, the IA introduced a new regulatory framework for InsurTech companies in Saudi Arabia, aiming to support innovation, protect consumers, and safeguard data privacy in the insurance sector.
Shory Group co-founder and CEO Abdulelah Alghofaili said, “Saudi Arabia’s insurance sector is undergoing a remarkable transformation, and we’re proud to be part of that journey. Our mission is to deliver AI-driven insurance solutions that are not only innovative but also tailored to the evolving needs of consumers and businesses in the Kingdom.
“With a platform designed to integrate seamlessly into digital ecosystems, we are enabling fast, compliant and customer-centric insurance experiences. We’re excited to bring our technology and expertise to Saudi Arabia and contribute meaningfully to the Kingdom’s vision for a modern, inclusive financial sector.”
Shory was founded in 2021 by the former founders of Saudi Arabia’s insurance platform Tameeni and offers comprehensive digital solutions that cover various sectors.