The Company for Cooperative Insurance (Tawuniya), Saudi Arabia's leading insurance firm, has partnered with global health tech company Vitality Group to develop and launch its first Shared-Value Insurance product in the kingdom.
Part of Discovery Group, Vitality operates its Shared-Value Insurance model in 19 countries.
The agreement, signed during the Financial Sector Conference held in Riyadh from April 24-25, will allow Tawuniya customers to enjoy the benefits and services of the Vitality health and wellness program and join millions of members worldwide.
The signing ceremony was attended by the chief executive officer of Tawuniya, Abdulaziz Hassan Al-Boug; CEO of Vitality Group International, Barry Swartzberg; and the chairman of Tawuniya, Soliman S. Al-Humayyd.
Al-Boug expressed his pleasure for signing this agreement. He said: "Tawuniya, as a leading insurance company and an expert in understanding the insurance market and customers’ needs, realised early on that the business model currently applied in the medical insurance operations needs to be developed to commensurate with the change in the demands of the whole society, coupled with technological development."
Vitality enables health improvement for more than 10 million clients in different countries, through their engagement in the programme and the additional rewards that encourage healthy behaviour. These health improvements result in lower risks for illness and premature death among clients, a healthier society and long-term insurance savings for the insurer. The program based on behavioural science and sophisticated digital health technology is independently verified by leading academic institutions around the globe, he noted.
Al-Boug pointed out that shifting from the traditional concepts of health insurance to a shared-value insurance model with the Vitality Programme aims at improving the behaviour of individuals. "This programme provides a shared value between the customers and insurance companies, which improves the health level of the insured persons in general. This adds value to the community and thus contributes to reducing the cost of insurance for Tawuniya customers and enhances the control of the amounts of medical claims for the insurance sector," Al-Boug said.
Vitality Group CEO Swartzberg also expressed his pleasure regarding the strategic partnership, saying: “Vitality’s core purpose is to make people healthier and enhance and protect their lives. We welcome the opportunity to work with Tawuniya to improve the health and wellness of their people."
"With millions of members worldwide, Vitality is committed to expanding its shared-value insurance model into new markets,” said Swartzberg. - TradeArabia News Service
Send us your company’s news today and they could be featured on ABC’s Community News tommorow.
