Tawuniya Insurance Company has launched a virtual business accelerator program aimed at supporting digital insurance (InsurTech) and financial technology (FinTech) solutions for startups in the Middle East and North Africa region.
The program seeks to attract specialized companies in these sectors, particularly within the Saudi market.
The initiative is supported by major companies, including Google and Plug and Play, alongside governmental entities such as Monsha’at and Code Reflex.
This reflects Tawuniya’s commitment to fostering innovation and entrepreneurship in the insurance sector.
Abdullah Al-Sharqi, Chief Technology Officer at Tawuniya, described the program as a platform for empowering startups and driving digital transformation in the region through advanced technological solutions.
Al-Sharqi emphasized that the initiative aligns with Saudi Arabia’s Vision 2030, highlighting the remarkable growth of the startup ecosystem, which secured investments exceeding $3.9 billion in 2022.
In the long term, the program aims to improve access to insurance services, serving over 9 million customers and generating annual premiums exceeding $2 billion.
As part of its efforts to advance customer-centric solutions, Tawuniya led a venture capital funding round in September, supporting startups such as Darent and Resal to enhance service offerings.
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