SAUDI ARABIA - Finance
CEO and Co-Founder, Rasan & Tameeni
Moayad Alfallaj is the CEO & co founder of Rasan and Tameeni. He brings 13-plus years of transformational leadership experience in launching successful start- ups, creating market leading brands and introducing innovative life touching technology. Apart from KSA’s first digital insurance aggregation platform Tameeni, he has introduced many industry-first initiatives and brands such as Treza, an insurance leasing aggregation platform for the banking and leasing industry; Awalmazad, a digital vehicle auction and marketplace; and many more.
What milestones has the company reached since its inception in 2016?
At that time, we saw an unmet need in the market, prompting us to conduct a study. It was difficult to find insurance online in Saudi Arabia, as customers typically had to visit a physical branch, which is an unpopular option. Furthermore, the physical route took about a day to set up insurance; it was expensive with low benefits. In 2016, based on needs of the market and the gap we had identified, we focused on the digitalization of buying insurance. During the process of developing Tameeni, we uncovered many opportunities. One of the core challenges we faced was that the infrastructure for insurance in the private sector simply did not match that found in the public sphere. While establishing Tameeni, we decided to create Rasan, a company focused on simplifying the processes related to insurance and banking. We developed the first platform for Tameeni in 2017, and by 2018 we had secured a 5% market share. In 2019, we hit 20% in retail. Later that same year, we launched a new product called Awalmazad, which is an online auction platform that allows insurance companies and banks to list and sell all salvaged and repossessed vehicles in a completely transparent process. This was a strategy to go up the value chain and provide a solution that can resolve some of the issues encountered by insurance companies, at the same time creating a competitive advantage for Tameeni. When we launched, we were in a sandbox situation, and by 2020 we were already accelerating. The pandemic further spurred our growth. With the population in lockdown, adoption of online experiences increased. Our focus on innovation and agile way of working ensured we were ready for this growth, and we quickly grabbed this opportunity to penetrate further in the market. Then, we launched a health project for SMEs and collaborated with Monsha’at to launch an SME Health platform to offer a simplified insurance buying experience for the employees of SMEs. Subsequently, we launched the most important product: Treza. This product helps all the leaders in Saudi Arabia, banks, and financial providers with their auto lease insurance. Nine out of 10 leasing cars on the street are insured by Treza.
Alliances and partnerships form two critical components of Rasan’s corporate strategy: how are you cultivating and selecting them?
According to our philosophy, partners are part of our family, and we do not expand partnerships; we grow our family. We asked ourselves what the future of insurtech looked like and how we wanted to position ourselves as an insurtech company. With this in mind, we started reshaping our strategy and carefully selected our family members, maintaining excellent relations with the entire neighborhood. Our know-how, along with our “family members,” allows us to develop a product that will make profound changes in the market. Having said that, our main focus is the customer, so we always put ourselves in the customer’s shoes. When we develop something, we look to our partners on how to integrate them and create a solution that can provide a unique benefit for the end user.
What are the main objectives in your 2022/23 agenda?
As a company we dream big. Also, the Kingdom’s Vision 2030 is the biggest motivation for us because it obliges us to innovate. Earlier in 2022, the authorities announced the fintech strategy focused more on the banking and insurance sector, which has put pressure on us to develop unique products. In the coming year, we are focused on the banking sector, though we are also looking to create a new insurance model, from underwriting right through to distribution. Vision 2030 provides us with a guideline and a boost to innovate for tomorrow. Meanwhile, we also have plans to launch an IPO in the near future as well.
By sponsoring our events you are able to best participate in the discussions that matter to you, as well as gain unique networking opportunities.