Najm for Insurance Services has launched the third “Insure and Be Safe” campaign under the supervision of the Insurance Authority and in collaboration with the Executive Committee of Insurance Companies, Vehicle Insurance Sub-committee and other entities operating in the vehicle insurance sector. This campaign is a national initiative to raise insurance awareness, enhance road safety, improve quality of life, and contribute to achieve the objectives of Saudi Vision 2030.

The campaign, which has the slogan “Don’t Wait,” will run throughout October and November this year. It will highlight the importance of insurance as an effective means of protection against the losses caused by traffic accidents and urge vehicle owners not to wait until accidents occur. It also seeks to increase their awareness of the risks of driving without valid insurance coverage. Moreover, the campaign encourages drivers to take advantage of the services and benefits provided by Najm and insurance companies when purchasing or renewing insurance policies. This includes the “No Claim Discount” service, which allows policyholders to benefit from a discount of up to 60 percent off the insurance premium due to having an insurance record free of accidents and claims.

Vehicle insurance ranks second in the Saudi insurance sector after health insurance, accounting for 21.8 percent of the market share, with written premiums totaling SR14.3 billion ($3.8 billion) in 2023, marking a 38.2 percent growth ratio compared to the previous year. The total paid claims in vehicle insurance witnessed a 5 percent increase, reaching SR8.6 billion in 2023, compared to SR8.2 billion in 2022. Insurance companies have paid claims amounting to SR35.6 billion to vehicle insurance policyholders and traffic accident victims over the past five years (2019-2023).

CEO of Najm for Insurance Services Mohammed Y. Al-Shehri, expressed appreciation for the Insurance Authority, the Executive Committee of Insurance Companies, Vehicle Insurance Sub-committee, and vehicle insurance companies for their participation in and support of this campaign. 

He said: “The ‘Insure and Be Safe’ campaign reflects the integral role that the insurance sector plays in enhancing both community and economic safety. It acts as a cornerstone in protecting individuals and institutions from financial risks arising from traffic accidents.”

This campaign not only raises the level of insurance culture but also enhances the community’s understanding of the strategic role that insurance plays in maintaining resource sustainability and reducing the economic impacts of unexpected losses.

Al-Shehri said that the transformation in the vehicle insurance sector due to the adoption of digital innovations, has significantly contributed to improving the services offered to vehicle insurance policyholders. He highlighted the ongoing improvements made by Najm to facilitate accident surveying procedures and shorten the amount of time when it comes to issuing liability reports, referring to the pilot phase of the remote surveying service to protect the lives and property of drivers.

Google launched its flagship Accelerate program in Saudi Arabia with an event, bringing the latest advancements in AI-powered marketing to the Kingdom’s thriving business landscape.

Accelerate Saudi, held at Muvi Theatre in Boulevard Riyadh, unveiled the latest study conducted by BCG and Google, looking at AI-driven marketing maturity. The study indicates that businesses that use AI and generative AI to power data-driven marketing strategies were found to witness 1.9 times  more profitable growth and are 39 percent more productive vs two years ago. In today’s market context characterized by rising prices, market volatility, and disruptive technologies, companies seeking to increase their digital maturity are facing ever-greater challenges.

Exclusive insights from a research on Saudi consumers done by Google and Ipsos were also discussed, providing valuable information into consumer trends in Saudi Arabia and their decision-making processes using behavioral science principles. 

“The future of marketing is here, and it’s powered by AI,” said Charbel Sarkis, country director at Google, Saudi Arabia.

Sarkis believes this presents a significant opportunity for businesses. “Every business, regardless of its current digital maturity level, must strategically assess its capabilities and plan its growth trajectory,” he urged, adding: “Investing in advanced technologies, training integrated teams, and adopting a data-oriented culture are crucial steps for not just surviving but thriving in the digital age.”

“It’s an exciting time to be a marketer using AI, through the latest tools, allowing us to understand and connect with our audience like never before,” said Basel Hijazi, retail and marketing lead at Google, Saudi Arabia. He added: “Consumers now expect companies to anticipate their needs, and businesses must leverage AI to meet these expectations effectively.”

Findings from the research on Saudi consumers revealed that 53 percent of consumers are open to AI-powered personalized recommendations in their shopping journey. Furthermore, approximately 30 percent of Saudi consumers have increased spending on leisure, entertainment, and fashion due to the growing availability of options within the country. With inflation impacting consumer behavior, 92 percent of respondents indicated changes in their spending habits, with 31 percent actively seeking sales and discounts.

Google’s Accelerate program equipped Saudi businesses with the insights and tools necessary to navigate the evolving marketing landscape and harness the power of AI for sustainable growth and success.