Insurance Authority launches innovation platform, opens regulatory sandbox registration

The Insurance Authority announced in Riyadh on Tuesday the launch of the first phase of its 'Innovation Platform,' part of the National Insurance Sector Strategy initiatives. The move aims to enable startups and innovators to test their insurance products and services within a flexible and secure regulatory environment, under the direct supervision of the authority.

The authority explained that this step aligns with its role as the sector’s regulator and supervisor, and reflects its commitment to fostering a competitive environment that encourages innovation and gives promising ideas the opportunity to grow and be implemented in the insurance market.

Programs and services for the sector

The first phase of the innovation platform includes opening applications for the regulatory sandbox, one of the platform’s programs, which the authority previously launched as an enabling framework for innovative initiatives.

The platform will offer a range of advisory services and training programs tailored for startups and innovators, helping accelerate the adoption of modern technological solutions and enhancing the sector’s ability to keep pace with changes in the insurance industry both locally and globally.

Supporting Saudi Vision 2030

The authority also reaffirmed its ongoing efforts to develop the sector in line with the goals of Saudi Vision 2030, supporting the transformation toward a more innovative, efficient, and sustainable insurance industry.

The authority invited all those interested in innovation, insurance technologies, entrepreneurs, and startups to take advantage of the available support opportunities through the Innovation Platform and to register via the following link: https://il.ia.gov.sa.