Mubasher: Shory United Insurance Company, a digital insurance platform affiliated to the UAE’s First.tech, has obtained the regulatory approval from the Insurance Authority (IA) to conduct its activities in Saudi Arabia, according to a press release.
This achievement marks an important milestone in the regional expansion plan Shory has set while confirming its position as a trusted partner in developing the insurance technology (insurtech) sector in the Saudi market, which is considered one of the largest and most dynamic insurance markets in the Middle East.
Meanwhile, the approval of the Saudi authority will allow Shory to offer innovative AI-based solutions that contribute to enhancing the insurance experience in the market characterized by vitality and rapid growth.
In mid-2023, the IA introduced a new regulatory framework for insurtech companies in Saudi Arabia, aiming to support innovation, protect consumers, and safeguard data privacy in the insurance sector.
It is worth noting that Short was founded in 2021 by the former founders of Saudi Arabia’s insurance platform Tameeni, and within a short period, Shory established itself as one of the fastest-growing insurtech companies in the region, offering comprehensive digital solutions that cover various sectors.
