Saudi Arabia's Insurtech Market Poised for Explosive Growth, Reaching USD 830.9 Million by 2028 | Infinium Global Research

The Kingdom of Saudi Arabia is experiencing a remarkable surge in its Insurtech Market, with a valuation of USD 96.6 million in 2021 and anticipated growth to USD 830.9 million by 2028, at a staggering CAGR of 36.35% over the forecast period. The digitalization wave sweeping across various sectors, notably insurance, is significantly contributing to this remarkable growth. Saudi Arabia's vision for the future, as outlined in Vision 2028, is driving the digital transformation of the insurance landscape.

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Digitalization Paves the Way

Digitalization has become an integral part of the Saudi Arabian insurance landscape, thanks to the nation's forward-thinking initiatives such as Vision 2028. Insurance companies and agencies have embraced digitalization, propelling the industry to new heights. Utilizing data analytics and data science has become commonplace, enabling insurance companies to make data-driven decisions and enhance their services.

Health Insurance Fuels Market Growth

One of the primary drivers of the Saudi Arabia insurtech market is the increasing emphasis on health insurance among Saudi nationals. As people prioritize their health and well-being, the demand for health insurance has surged. This shift in focus has had a profound impact on the market, driving its exponential growth.

Challenges in the Digital Realm

While the insurtech market in Saudi Arabia is on a meteoric rise, it is not without its challenges. Privacy and security threats, particularly in the form of cyberattacks, pose a significant risk to the industry. In 2021, a major healthcare benefits management firm, GlobeMed Saudi, fell victim to a cybersecurity breach, compromising sensitive patient data. The Saudi Arabian Monetary Authority (SAMA) has underscored the importance of proactive cybersecurity measures to safeguard the financial sector.

Lack of Skilled Professionals

Another hurdle in the path of market growth is the scarcity of skilled professionals to manage various business operations reliant on different technology platforms. Saudi Arabia, while investing heavily in education and training, is still grappling with a shortage of local talent in technical sectors. The government's localization program aims to address this issue by providing more opportunities to Saudi youth, but challenges persist.

Technology Adoption Creates Opportunities

Despite these challenges, the adoption of cutting-edge technologies offers promising growth opportunities for the Saudi Arabia insurtech market. The integration of cloud computing, machine learning, artificial intelligence, and blockchain is revolutionizing the industry.

Cloud Computing Gains Momentum

Since the adoption of the Cloud First Policy in Saudi Arabia in 2019, the use of cloud computing has surged. This policy encourages industries and government agencies to transition to cloud services, replacing conventional IT solutions. Cloud computing enables real-time monitoring, loss prediction, and streamlined business operations.

Machine Learning and Artificial Intelligence Transform Pricing

Machine learning and artificial intelligence are revolutionizing pricing strategies for insurance products. By analyzing historical policy data, machine learning models can predict incurred claim amounts while maintaining interpretability. Artificial intelligence optimizes various aspects of the insurance value chain, from marketing to claims management, fraud detection, and underwriting.

Internet of Things Personalizes Insurance

The Internet of Things (IoT) is ushering in personalized insurance products by leveraging historical and real-time data. IoT transforms insurance services from reactive to predictive by better understanding customer needs and behaviors.

Robotic Process Automation Streamlines Operations

Robotic Process Automation (RPA) is streamlining insurance operations by automating repetitive tasks, reducing the need for extensive manpower.

Cybersecurity Challenges Create Market for Insurtech Solutions

Saudi Arabia faces a significant number of cybersecurity threats annually, making it a fertile ground for insurtech companies to offer specialized cybersecurity services and products tailored for the insurance sector.

Blockchain Transforms Insurance

Blockchain technology is making waves in the insurance sector by enabling smart contracts, automating claims, and providing tamper-proof audit trails. It enhances trustworthiness and transparency across the industry.

Saudi Arabia's predominantly local insurance companies, undergoing digitization as part of Saudi Vision 2030, present vast opportunities for insurtech companies to provide innovative solutions and technologies to transform the insurance landscape.

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Table of Content

Chapter 1. Report Overview

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

Chapter 3. Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.2.4. Challenges

3.3. PEST-Analysis

3.4. Porter's Diamond Model for Saudi Arabia Insurtech Market

3.5. IGR-Growth Matrix Analysis

3.6. Competitive Landscape in Saudi Arabia Insurtech Market

Chapter 4. Saudi Arabia Insurtech Market by Type

4.1. Auto

4.2. Business

4.3. Health

4.4. Home

4.5. Specialty

4.6. Travel

4.7. Others

Chapter 5. Saudi Arabia Insurtech Market by Service

5.1. Consulting

5.2. Support & Maintenance

5.3. Managed Services

Chapter 6. Saudi Arabia Insurtech Market by Technology

6.1. Blockchain

6.2. Cloud Computing

6.3. IoT

6.4. Machine Learning

6.5. Robo Advisory

6.6. Others

Chapter 7. Saudi Arabia Insurtech Market by End-use

7.1. Automotive

7.2. BFSI

7.3. Government

7.4. Healthcare

7.5. Retail

7.6. Transportation

7.7. Others

Chapter 8. Company Profiles

8.1 Milliman, Inc.

8.1.1 Overview

8.1.2 Company Snapshot

8.1.3 Product Portfolio

8.1.4 Recent Development

8.2 DXC Technology Co

8.2.1 Overview

8.2.2 Company Snapshot

8.2.3 Product Portfolio

8.3 Wipro Middle East

8.3.1 Overview

8.3.2 Company Snapshot

8.3.3 Product Portfolio

8.4 Rasan

8.4.1 Overview

8.4.2 Company Snapshot

8.4.3 Product Portfolio

8.4.4 Recent Development

8.5 Rasan

8.5.1 Overview

8.5.2 Company Snapshot

8.5.3 Product Portfolio

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of Saudi Arabia Insurtech.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2028.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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