"INNOVATE SAUDI ARABIA"

An integral part of Harvard Business Review , September October 2024

INTERVIEW TOPICS
Othman AlKassabi
CEO Tawuniya

Saudi Arabia's economy is thriving, with unemployment reaching record lows, the output gap fully bridged,
inflation under control, and both fiscal and external reserves restored. The persistent efforts in implementing
Vision 2030 reforms have significantly propelled the nation's economic diversification, notably through
diminishing its dependency on oil. What are the primary obstacles and prospects that Saudi Arabia faces in
fulfilling the objectives of Vision 2030?

Since it was founded in 1986 Tawuniya has been instrumental in the development of the insurance sector in
Saudi Arabia and the region. Standard & Poor's Global Rating Agency has assigned Tawuniya Insurance
Company an "A-" Could you discuss the fundamental values that have been pivotal in sustaining Tawuniya's
achievements throughout this period?

As we emerge from the pandemic, insurance companies have been forced to bring digitization on top of the
agenda for decision-makers as they seek new ways to do business and accelerate the pace of adopting new
technology trends. Customers increasingly prefer to have contactless interaction with their insurers. hence
digitally-advanced insurers will have greater advantage. TAWUNIYA´s approach to innovation

Market Expansion and Competition: The insurance landscape in Saudi Arabia is becoming increasingly
competitive with the entry of international players and the growth of local firms. What strategies is Tawuniya
implementing to maintain and grow its market share in this evolving environment? Are there any specific
markets or sectors within the region that Tawuniya is targeting for expansion?

Regulatory Environment: Regulatory frameworks in the insurance sector are crucial for ensuring the
stability and integrity of the market. How does Tawuniya navigate the regulatory environment in Saudi Arabia
and the Gulf Cooperation Council (GCC) region? Are there any anticipated regulatory changes that you believe
will significantly impact the insurance industry?

Sustainability and Social Responsibility: Sustainability and corporate social responsibility are becoming
increasingly important to consumers and stakeholders. Can you discuss Tawuniya's initiatives in these areas?
How does the company plan to incorporate sustainable practices into its business model and operations?

On human capital: The fully digital business needs to add new skills to its workforce, lose some traditional
skill sets, and forge a dynamic team out of old workers and new. This is arguably the toughest leadership
challenge as traditional firms transform themselves for the digital age. What sort of corporate culture is most
likely to succeed?
?

Future of the Insurance Sector in Saudi Arabia and the Region: The Saudi Arabian and broader
regional insurance sectors are undergoing rapid transformation. How do you envision the future of the
insurance sector in Saudi Arabia and the region? What trends do you believe will shape the industry, and how is
Tawuniya positioning itself to lead in this future landscape?

Final message to the readers of HBR