The General Organization for Social Insurance (GOSI) and the Insurance Authority (IA) signed a Memorandum of Understanding (MoU) during the Fintech 24 conference to enhance insurance services, improve electronic transactions, and foster business development.
The MoU outlines collaboration in sharing expertise, organizing workshops, and developing new mechanisms for insurance operations, while also exploring data exchange and digital solutions.
This partnership supports GOSI’s broader initiative to integrate systems, improve performance, and better serve beneficiaries, in alignment with Saudi Vision 2030.
Riyadh, September 5, 2024 — In a significant development for the insurance sector, the General Organization for Social Insurance (GOSI) has formalized a collaboration with the Insurance Authority (IA) through the signing of a comprehensive Memorandum of Understanding (MoU). This strategic agreement, which was signed on the sidelines of the Fintech 24 conference—a prestigious international event dedicated to advancements in financial technology—marks a key milestone in enhancing the insurance landscape in Saudi Arabia.
The MoU was endorsed by Saud Al Juhani, Assistant Governor for Insurance Affairs at GOSI, and Dr. Osama bin Abdulrahman Al Jamili, Executive Director of Data and Strategic Transformation at the IA. The document sets forth a framework for cooperation aimed at refining and expanding the range of insurance products and services available to beneficiaries. It emphasizes the development of electronic and digital transaction systems, the exchange of expertise, and the promotion of business growth between GOSI and the IA.
The agreement outlines several critical areas of collaboration. It provides for the establishment of roles and responsibilities related to the sharing of knowledge and best practices, including the organization of workshops designed to capitalize on successful projects and innovative experiences. Additionally, the MoU addresses the development of new mechanisms to streamline insurance operations and support collaborative ventures between the two entities.
Both organizations are committed to exploring opportunities for data exchange and integration, which are essential for advancing the efficiency and effectiveness of insurance services. This collaboration will extend to the development of digital solutions and electronic services, as well as participation in awareness campaigns, conferences, seminars, and scientific forums focused on insurance.
Furthermore, the MoU reflects GOSI’s broader initiative to forge robust partnerships with both governmental and private sector entities. This effort aligns with the Kingdom's strategic objectives under Saudi Vision 2030, which seeks to enhance operational integration, elevate performance standards, and improve the quality of services provided to beneficiaries.
By formalizing this partnership, GOSI and the IA are poised to drive significant advancements in the insurance sector, leveraging their combined expertise to deliver superior services and innovations that meet the evolving needs of the Saudi population.
