Saudi Arabia: Tawuniya to develop its first shared-value insurance product
Source: Middle East Insurance Review | Jun 2019
The Company for Cooperative Insurance (Tawuniya) has signed an agreement with Vitality Group, a global provider of health and wellness solutions, to launch a unique health programme in Saudi Arabia.
Part of the Discovery Group, Vitality operates its shared-value insurance model in 19 countries. Through this agreement, Tawuniya will lead the way in MENA by developing its first shared-value insurance product. It will allow Tawuniya customers to enjoy the benefits and services of Vitality’s health and wellness programme and join millions of members worldwide.
The signing ceremony of this agreement, which took place during the Financial Sector Conference in Riyadh, was attended by the CEO of Tawuniya Abdulaziz Al Boug, the CEO of Vitality Group International Barry Swartzberg and the chairman of Tawuniya HE Soliman S Al-Humayyd.
Mr Al Boug said, as the leading insurer in the market, Tawuniya realised early on that the business model currently applied in the medical insurance operations needs to be developed to commensurate with the change in the demands of the whole society, coupled with technological development. Therefore, it has partnered with Vitality Group to develop and launch its health and wellness programme in Saudi Arabia. He added that the shift from the traditional concepts of health insurance to a shared-value insurance model aims at improving the behaviour of individuals. This adds value to the community and thus contributes to reducing the cost of insurance for Tawuniya customers as well as controls medical claims for the insurance sector.
Mr Swartzberg said of the partnership, “Vitality’s core purpose is to make people healthier, and enhance and protect their lives. We welcome the opportunity to work with the leading insurer in Saudi Arabia, Tawuniya, to improve the health and wellness of their people. With millions of members worldwide, Vitality is committed to expanding its shared-value insurance model into new markets.” M