Riyadh, Business News: Rasan, the technology company powering Tameeni – the first InsurTech platform in Saudi Arabia – closes an investment of 90 million SAR led by venture capitalist firm Impact46, signalling rising confidence in the diversification of Saudi’s economy. This financing round marks the first growth stage for Kingdom’s InsurTech sector.
Rasan, as a tech company, simplifies user experiences and drives operational digitalisation, value-chain transformation and collaboration across the Saudi and regional markets. The company provides technical solutions to insurance brokerage and financial services sector, under which comes the recent teaming up with major Saudi banks whereby Rasan’s Treza platform will support bank’s lease-to-own team for vehicles.
Tameeni offers an instant policy by enabling retail customers to compare insurance prices and coverage, then select and pay for their policy of choice all in one place. The three-step online journey takes just two minutes to complete and is warranted by full backend integration with insurers and related service providers. The result is substantial time-saving for users as well as significant process simplification and operational cost reduction for insurers.
Tameeni provides comprehensive, third party and other types of vehicle coverage though its system integration layer with over 20 insurance partners. Through a similar setup with health insurers, Tameeni also offers health coverage to employees of small and medium-sized enterprises. Overall, Tameeni has approx. eight million users and serves close to 25,000 leads daily.
Impact46 is a leading Saudi-based firm focused on the Kingdom’s most exciting investment opportunities and cutting-edge start-up companies. This investment will advance the development and rollout of new technology products, increase the differentiation of Rasan’s InsurTech portfolio, including Tameeni and Treza, and unlock the value of whitespaces across the insurance sector as a whole.
Moayad Alfallaj, Chief Executive Officer of Rasan, said: “Saudi’s Vision 2030 heralds an unprecedented period of economic transformation and prosperity. Rasan is poised to support that by advancing the digitalisation of the insurance and financial sectors. This investment from Impact46 is a major milestone on our growth journey, signalling confidence in our research and innovation, and further strengthening our capabilities to build and scale multi-sided platforms as well as improving the customer experience and expanding into new geographical regions.”
Abdulaziz Alomran, Managing Partner at Impact46, said: “Rasan is firmly strengthening its leading position in the digital technology field. It focuses on InsurTech to enable the sector acquire international stature in experience excellence across both segments, namely companies and end-users. We see a tidal wave of opportunities building up in that space, and Rasan is best-equipped to ride the new trend across our region.”
