The Insurance Authority has launched the first phase of the Innovation Lab, one of the initiatives under the National Insurance Sector Strategy.
The goal is to enable startups and innovators to test their insurance products and services in a flexible and secure regulatory environment under the direct supervision of the Insurance Authority, while supporting the sector’s growth and development as well as raising insurance awareness among the public, the regulator said in a statement.
The launch of the Innovation Lab is aligned with the Insurance Authority’s role as the regulator and supervisor of the sector and its commitment to creating a competitive environment that encourages innovation and enables promising ideas to grow and be applied in the insurance market.
The first phase includes launching the Innovation Lab and submitting the applications through the Regulatory Sandbox, one of the Lab’s programmes, which the Authority had previously activated as an enabling platform.
The Innovation Lab will provide advisory services and comprehensive training programs for startups and innovators, helping accelerate the adoption of modern technology solutions and strengthen the sector’s ability to keep pace with fast-moving developments in the local and global insurance industry.
The Insurance Authority reaffirms its commitment to advancing the insurance sector in line with the objectives of Saudi Vision 2030 and supporting its transformation to be more innovative, efficient, and sustainable.
The Authority invites InsurTech innovators, entrepreneurs, and startups to leverage the support opportunities offered through the Innovation Lab platform. Register through the following link: https://il.ia.gov.sa/