Rasan Subsidiary Tameeni Signs Insurance Broker Agreement with Saudi National Bank

03/08/2025 10:40 AST

Rasan Information Technology Company announced that its subsidiary, Tameeni Electronic Insurance Broker Company, has entered into a three-year insurance broker services agreement with the Saudi National Bank (SNB).

The agreement, signed on July 31, 2025 (1447/02/06H), will see Tameeni provide insurance brokerage services through its digital platforms, offering comprehensive insurance coverage for vehicles leased under SNB's financing program. The deal is expected to have a significant impact, exceeding 5 percent of Rasan's total revenues, based on the company's latest audited financial statements.

Under the terms, Tameeni will be responsible for issuing and renewing comprehensive insurance policies for SNB customers, reinforcing the company's role as a leading digital insurance broker in the Kingdom. The financial impact of the agreement is projected to begin in the third quarter of 2025 and continue through the third quarter of 2028.

This announcement follows Rasan's earlier disclosure in August 2024, when Tameeni received approval from the Insurance Authority to sell comprehensive insurance products for vehicles leased through financing to individual customers.

The company emphasized that no related parties are involved in the agreement, which aligns with Rasan's broader strategy of expanding its digital insurance services and strengthening partnerships with major financial institutions.

By leveraging technology and regulatory approvals, Rasan and its subsidiary Tameeni aim to enhance customer experience in the automotive financing sector, while contributing to the growth of Saudi Arabia's digital insurance ecosystem.

Borsatalkhaleej