Leading insurance company in Saudi Arabia, Tawuniya, is keeping an eye on the discussion surrounding the insurance industry on the global stage of the World Economic Forum in Davos.
Tawuniya has been at the forefront of integrating artificial intelligence (AI) into operations, revolutionizing customer experiences, streamlining processes, and optimizing risk management, is reaffirming its commitment to shaping and adapting to the future with a strategy that is in line with emerging trends.
Tawuniya solidified its leadership in the insurance sector by signing the Principles for Sustainable Insurance, aligning with the UN’s Sustainable Development Goals and promoting positive societal and environmental impacts.
Additionally, Tawuniya‘s financial strength rating was upgraded by S&P Global and Fitch, affirming its growing prominence in the Saudi insurance industry. The company’s pioneering strategy includes creating markets for protection and savings products, developing a comprehensive healthcare system, and prioritizing customer-centric solutions and technological innovation.
Sustainability leaders
Saudi insurance company Tawuniya made a significant milestone in 2023 by signing the Principles for Sustainable Insurance (PSI), becoming the first entity in the Kingdom to do so. This move solidified Tawuniya’s leadership and demonstrated its alignment with the UN’s Sustainable Development Goals. By embracing the principles, Tawuniya showcased its commitment to sustainability and collaborated with industry peers to develop innovative and sustainable insurance solutions, reinforcing its position as an industry leader in sustainability.
Upgraded ratings
Tawuniya also received recognition for its financial strength in the Saudi insurance sector, with S&P Global and Fitch upgrading its financial strength rating to ‘A’. This reflects Tawuniya’s effective capital utilization, consistent earnings, successful underwriting, focused investment plans, and ample reserve capacity. The company’s commitment to improving capital efficiency, aligning with industry standards, and leveraging operational performance has helped it maintain a strong competitive position.
Pioneering strategy
In addition to its achievements, Tawuniya has emphasized its efforts to create markets for protection and savings products, develop a comprehensive healthcare system in Saudi Arabia, and contribute to community welfare. Its focus on enhancing the quality of life through health insurance services, while aligning with Saudi Vision 2030 goals, sets it apart from traditional insurance models.
Tawuniya is committed to adopting fintech and expanding in the region. Its achievements in sustainability and financial strength distinguish it as an insurance industry leader. With a focus on life insurance and innovative products, Tawuniya aims to drive growth and enhance GDP impact. It also aims to establish markets for protection and savings, and improve healthcare in Saudi Arabia to boost societal well-being. By combining initiatives and expertise, Tawuniya is shaping the future of insurance with a customer-centric approach.
