Riyadh: Najm for Insurance Services has signed an agreement with iot squared, a leading company in providing Internet of Things (iot) solutions for smart logistics and cities, to advance insurance services in the Kingdom. The agreement was signed by the Acting CEO of Najm, Mohammad Al-Shehri, and the CEO of iot Squared, Osman Al-Dahsh.

The agreement aims to enhance ways of cooperation between the two parties and provide the latest electronic services through an integrated platform that enables insurance companies to keep pace with technological developments and benefit from them. This agreement will also develop and improve insurance services, as well as positively impact the interests of all stakeholders and partners within the insurance sector. This step aligns closely with and acts as an enabler of the Kingdom’s Vision 2030, the Quality-of-Life Program.

Through this agreement, Najm seeks to keep up with the latest technologies and innovations and provide modern solutions that meet the insurance sector’s needs and contribute effectively towards increasing the demand for the sector’s services.

iot Squared is a joint entity between the Public Investment Fund (PIF) and STC Group. It provides leading iot solutions in the logistics service field, offering real-time insights in the Kingdom, with an aim of enhancing the adoption of iot technologies in the region.

Najm for Insurance Services is a closed, unlisted joint stock company established in 2007 as a result of a cooperation between the Insurance companies, Saudi Central Bank (SAMA) and the General Department of Traffic. It aims to promote the vehicle insurance sector and achieve road traffic safety in the Kingdom of Saudi Arabia.

Najm offers a diverse range of solutions and services for citizens, residents, and visitors in the Kingdom, and serves 40 Saudi cities through a skilled Saudi workforce specialized in reviewing accidents and providing relevant insurance-related services. Headquartered in Riyadh, Najm operates according to the regulations set by the law of Saudi Arabia, and the Saudi Central Bank (SAMA).