In a significant move to bolster the Kingdom’s insurtech landscape, Najm for Insurance Services has signed a strategic cooperation agreement with leading digital solutions provider Elm Company. The partnership, announced during the Money20/20 Middle East conference, establishes a formal framework for data exchange and technological collaboration between the two entities.
A Framework For Data And Digital Systems
The agreement is designed to create a secure and efficient foundation for data processing, sharing, transfer, and exchange within the insurance sector. Under the new arrangement, Najm and Elm will collaborate on the development and protection of digital systems, aiming to enhance the quality and accessibility of services for all beneficiaries. The partnership also includes provisions for regular consultations to identify opportunities for improvement, establish effective procedures, and strengthen their collaboration in areas of shared interest.
Aligning With Saudi Vision 2030
This strategic alliance is directly aligned with the goals of Saudi Vision 2030, which emphasizes digital transformation across all sectors. By focusing on creating an advanced and secure digital infrastructure, the partnership aims to drive operational efficiency and ensure robust data protection standards. Abdullah Abdulrahman Al-Khalaf, Acting Chief Executive Officer of Najm, stated that the agreement reinforces Najm’s commitment to implementing innovative digital solutions. He added, “We are confident that this collaboration will deliver added value to customers and support the objectives of Saudi Vision 2030.”
About Najm for Insurance Services
Najm for Insurance Services is a key component of the Saudi Arabian insurance ecosystem, providing a range of services related to traffic accidents and vehicle insurance. It acts as a central link between insurance companies, traffic authorities, and the public to streamline accident reporting, claims processing, and information exchange, enhancing the efficiency and reliability of the auto insurance sector in the Kingdom.
About Elm Company
Elm Company is a leading Saudi digital solutions company, owned by the Public Investment Fund (PIF). It provides a wide array of secure digital services, customized IT solutions, and government support services to both public and private sector organizations. Elm plays a pivotal role in Saudi Arabia’s digital transformation by developing and operating advanced platforms for data processing and e-services.
Source: Fintechnews Middle East
