Our Resident Editor (MENA) Mr. S. G. Afzal Biya Bani interviewed Dr. Mohammad Al-Suliman (NAJM-CEO) in person at SIS, Four Seasons Hotel, Kingdom Tower, Riyadh, Saudi Arabia.
Overview of NAJM
Najm for Insurance Services is a closed, unlisted joint stock company established in 1428 AH corresponding to 2007 as the result of cooperation between the Saudi Central Bank (SAMA) and the General Department of Traffic with the aim of promoting the vehicle insurance sector in the Kingdom of Saudi Arabia.
Najm started its business operations for vehicles insured in Saudi Arabia by providing a collection of services including accident review, damage assessment, and insurance claims, adding the minor accident review in 2009.
Najm offers an integrated system of solutions and services for citizens, residents, and visitors across 40 Saudi cities through a professional staff specialized in reviewing accidents and addressing consequent losses, damages, compensations, claims, and other insurance-related services.
With the emergence of Saudi Vision 2030 and its ambitious targets, Najm reinforced its keenness to keep pace with two of the Vision’s key programs, thereby achieving a comprehensive digital transformation across all its services and improving the quality of life in the Kingdom.
Over the past few years, Najm achieved a long list of accomplishments and received several prestigious international awards. At the beginning of January 2021, Najm announced managing the ‘Manafith’ portfolio, which is specialized in selling third-party liability insurance for non-Saudi vehicles entering and transiting through Saudi Arabia’s land and seaports, thereby cementing NAJM’s position as an exemplary model for insurance services.
S.G. Afzal Biya Bani: How is NAJM for insurance services painting a solid outlook for the Saudi Motor Insurance sector?
Dr. Mohammad : Drawing on its strategic and operational expertise, Najm cements its position as a leading insurance services provider for 24 insurance companies across 23 branches covering over 37 cities across KSA. Supervised by the Saudi Central Bank (SAMA) and empowered by partnerships with other public sector stakeholders, we have been piloting the Saudi motor insurance sector since 2007. Najm has recently bolstered its capabilities to create a pro-insurance culture and drive full end-to-end digital transformation that addresses the customers’ evolving needs. Living up to our mission of raising the standards of the insurance sector and improving the quality of life of the community, we have rolled out a suite of cutting-edge insurance services to drive resilience and build long-term growth.
S.G. Afzal Biya Bani: How did NAJM utilize the potential of digitalization to garner more impact and accelerate the evolution of Saudi Motor Insurance services?
Dr. Mohammad : Embracing modern technology, NAJM has deftly deployed powerful technologies that positioned it as the backbone of the insurance sector. Building on our strategy BASE, we have expanded our portfolio to better engage with stakeholders. Contributing to nationwide digital transformation, we automated over 95% of our services. NAJM has achieved a seamless customer-centric experience by offering hassle-free engagement with its services via NAJM App and NAJM Net website.
NAJM App has optimized communication between customers and insurance companies ensuring access to high-quality, uninterrupted, 24-hour on-demand features. The platform delivers outstanding value to clients allowing them to seamlessly access services including accident reporting, accident, and policy inquiries, claims requests, and insurance records.
We also deliver services such as Comprehensive Auto Insurance Management Solution (CAMS), Electronic Damage Assessment and “Report, Snap, Clear” for minor accidents. Recently adopting the first-of-its-kind body cam project in the region, NAJM has upgraded its portfolio into a game-changer that will drive a future-proof industry.
S.G. Afzal Biya Bani: In times of profound changes, what are the company’s greatest strategic moves to harness the pivotal role of the insurance sector?
Dr. Mohammad : Inspired by Saudi Vision 2030’s goals for economic stability, the motor insurance revenue growth has been more buoyant this year. In the first half of 2022, the Motor Gross Written Premiums increased by 12% compared with H1 2021. We have reinvented the way we operate focusing on several areas: embracing digitalized business models, fostering transparency and anti-fraud practices, and adopting several initiatives to promote service excellence across the sector and increase insurance penetration while reducing road accidents.
S.G. Afzal Biya Bani: Looking forward to the coming years, will NAJM be at Tadawul (Saudi Stock Exchange) one day?
Dr. Mohammad : We are wholly committed to delivering outstanding revenue growth that balances profitability with our CSR role. With our financials growing and becoming more robust, we have the right roadmap in hand to consider becoming a publicly listed company. However, this major step requires aligning with all stakeholders.
