The Company for Cooperative Insurance (Tawuniya) has launched a new motor insurance solution that gives clients the flexibility to select their own bespoke motor protection from a range of options, while taking control of their costs.
The Motor Flex package, a first of its kind product in the Saudi insurance market, reflects Tawuniya’s commitment to innovation and its focus on providing clients with insurance products that cover their needs and suit their pockets. It follows the successful launch of Tawuniya’s Vitality Program in 2020, which was a major new initiative in the area of health insurance.
The Motor Flex option provides mandatory third-party liability insurance with a maximum limit of up to SR10 million ($2.6 million). It offers a choice of up to seven additional covers including fire, theft, intentional accident, flood, roadside assistance, glass replacement and towing, which can be selected as required. Clients can add all or some by paying SR100 per cover.
Tawuniya’s senior vice president of marketing and sales Adel Abdullah Al-Hamoudi said: “This new flexible product will enhance different touch points along the customer journey; it will improve the customer experience by giving them the flexibility to select their own motor protection at competitive rates, from a range of options tailored to their specific needs. It is the latest in a series of new insurance products we have launched covering the health and motor insurance sectors.”
Mansour Falah Abuthnein Tawuniya’s vice president of vehicle insurance, said that motor insurance in Saudi Arabia is a diversified and growing market. “We recently discovered that there is a large number of uninsured vehicles in the Kingdom and many vehicles only have third-party liability insurance and this is as an opportunity for Tawuniya to grow and introduce products that satisfy client needs for flexibility and offer value for money, which are the foundations of our business strategy,” he said.
“Tawuniya is committed to remaining a leader in the sector by staying abreast of the latest developments and continually developing innovative products. Our new flexible approach to motor insurance is the latest ‘first’ for the company. We have previously introduced a roadside assistance service, an online claims system, our Al-Shamel program which provides insurance for leased vehicles, the issuance of electronic insurance cards and a risk management service for non-individual customers,” Abuthnein added.
Tawuniya offers four motor insurance products – Al-Shamel, Sanad Plus, Sanad (third-party liability insurance) and the new Motor Flex Program.
The company was named the best Saudi provider of innovative corporate insurance solutions in 2019 by the British Global Finance Magazine. It also topped the Saudi insurance market in the property insurance sector with a written premium of SR1.6 billion in 2019.
Tawuniya is the oldest professional insurance company in Saudi Arabia, founded more than 35 years ago. It offers a comprehensive list of diversified insurance programs including more than 60 classes of medical, motor and property insurance, as well as insurance for a wide range of economic sectors including marine, engineering, energy and aviation. It has a highly skilled workforce with Saudis accounting for more than 84 percent of its employees.