- This investment is the first and largest of its kind in the region’s InsurTech sector
- Significant investment by Impact46, a CMA approved asset manager, demonstrates the growth and differentiation potential of the InsurTech sector
- This investment fuels Rasan’s evolution and Tameeni’s growth, simplifying digital innovations and advancing sustainable industry growth
- Since 2017, Tameeni has attracted eight million users and serves nearly 25,000 prospects every day
- Tameeni operates in accordance with Vision 2030 in that it stimulates the development of services and the advancement of the insurance industry
Riyadh, Saudi Arabia: Rasan, the tech company powering Tameeni – the first InsurTech platform in Saudi Arabia – closes a SAR 90 million investment led by venture capital firm Impact46, signaling growing confidence in the diversification of the Saudi economy. This round of funding marks the first stage in the growth of the Kingdom’s InsurTech sector.
Rasan, as a technology company, simplifies user experiences and drives operational digitization, value chain transformation and collaboration in Saudi and regional markets. The company provides technical solutions to the insurance brokerage and financial services industry, under which comes the recent partnership with major Saudi Arabian banks, through which Rasan’s Treza platform will support the capital lease team. vehicles from the bank.
Tameeni provides comprehensive coverage, third party and other types of vehicles through its system integration layer with over 20 insurance partners. As part of a similar scheme with health insurers, Tameeni also offers health coverage to employees of small and medium-sized businesses. Overall, Tameeni has approx. eight million users and serves nearly 25,000 prospects per day.
Impact46 is a leading Saudi company focused on the Kingdom’s most exciting investment opportunities and cutting-edge start-ups. This investment will advance the development and deployment of new technology products, increase the differentiation of Rasan’s InsurTech portfolio, including Tameeni and Treza, and unlock the value of white space across the insurance industry.
Moayad Alfallaj, CEO of Rasan, said: “Saudi Arabia’s Vision 2030 heralds an unprecedented period of economic transformation and prosperity. Rasan is ready to support this by advancing the digitalization of the insurance and financial sectors. This Impact46 investment is a major step. on our growth journey, demonstrating confidence in our research and innovation, and further strengthening our ability to create and evolve multi-sided platforms, as well as to improve the customer experience and develop into new geographic regions. “
Abdulaziz Alomran, Managing Partner at Impact46, said: “Rasan is firmly strengthening its leadership position in digital technology. It focuses on InsurTech to enable the sector to gain an international stature in the excellence of experience in both segments, namely enterprises and end users. We see a tidal wave of opportunity building up in this space, and Rasan is best equipped to ride the new trend in our region. “
Founded in 2016, Rasan is the Saudi Arabia-owned technology company behind the pioneering InsurTech Tameeni platform and other leading FinTech platforms. Rasan has a proven track record of building custom technology solutions and scaling multi-sided platforms by simplifying the user experience and fostering operational digitization, value chain transformation and cross-industry collaboration across Saudi Arabia and the wider region.
Since 2017, Tameeni Motor, Tameeni SME Health and other platforms have attracted approx. eight million users for a daily traffic of close to 25,000 leads. Tameeni offers an instant policy by allowing retail customers to compare insurance prices and coverage, then select and pay for the policy of their choice in one place. The three-step online journey takes just two minutes and is guaranteed by full backend system integration with insurers and associated service providers. The result is a substantial time saving for users as well as a significant simplification of processes and a reduction in operational costs for insurers.
Rasan not only connects people to opportunities, but he also connects businesses to opportunities. Alliances and partnerships are two essential elements of Rasan’s corporate strategy.
Sustainability is at the heart of Rasan’s DNA, starting with the launch of KSA’s first InsurTech infrastructure platform, Tameeni. Rasan is also engaged in climate action. Its 100% dematerialized and 100% online solutions have saved 30,000 to 60,000 trees and 62,000 tonnes of CO2 emissions to date.
Rasan is committed to sustainability and operates in accordance with the Saudi Economic Vision for 2030 and the United Nations Sustainable Development Goals, aligning its operations with international guidelines and best practices set out by leading global authorities in this domain.
Impact46, which manages a diversified asset portfolio worth SAR 1.2 billion, supports tech start-ups at various stages and aims to foster the Saudi ecosystem, navigate the new era of investing and accelerate the reach of start-ups in the MENA region. Impact46 has so far invested in more than 20 technology start-ups at various stages of growth across a range of economic sectors.
Tameeni, the first insurance sales automation platform of its kind, has grown rapidly in Saudi Arabia, attracting approx. 8 million users and serving nearly 25,000 prospects per day through Tameeni Motor and Tameeni SME Health.
© Press release 2021