Helping the worldβs largest insurers dealing with regulatory changes, operational pressures and demands to digitize, prepare for the future.
The insurance sector is fundamentally rooted in risk management. The insurance industry is at a critical juncture, facing unprecedented challenges and opportunities. To thrive in this evolving landscape, insurers must move quickly, boldly, and strategically. By refocusing and reimagining key processes, rethinking their value proposition and operating models, harnessing the power of data, and driving their transformation agenda forward, insurers can position themselves for sustainable growth and resilience in the face of change. In Sowaidan, we have managers able to analyze all policies written with various risks considered, and actuarial analysis is performed to understand the statistical likelihood of certain outcomes better. Based on variances between statistical data and projections, policyholder premiums are adjusted, or benefits are reevaluated. Generally, premium amounts paid within the insurance sector are a function of the risk associated with the related individual, property, or item being insured. The insurance landscape is undergoing rapid changes, necessitating a strategic shift in how insurers operate. Evolving regulatory requirements and accounting standards are driving the need for insurers to reassess their risk management, accounting, and finance processes. Additionally, advancements in technology are reshaping customer expectations and creating opportunities for insurers to innovate. In Sowaidan, we are making you able to refocus and reimagine key processes quickly and strategically to adapt to changing regulatory and market demands. Through a holistic approach to rethinking key processes such as risk management, accounting, and finance, and by leveraging new capabilities and technologies, your business will be able to enhance efficiency, mitigate risks, and improve decision-making. Our legacy in the insurance industry will become undeniable. We have not only built a successful company but also played a significant role in shaping the future of insurance, leaving behind a lasting impact that would be felt for generations to come.