| The Saudi Central Bank and Najm Jointly Launch the Updated NCD Service Offering up to 60% off | | 120 | The Saudi Central Bank and Najm Jointly Launch the Updated NCD Service Offering up to 60% off | Najm for Insurance Services, together with the insurance supervision department of the Saudi Central Bank (SAMA), announced the launch of the updated No-Claim Discount (NCD) service, aspiring to bolster the pivotal role of the insurance sector and boost the motor insurance penetration, thus promoting community awareness about importance of establishing a safe driving culture to spur the financial sector growth as outlined by Saudi Vision 2030 ‘s goals. The updated NCD service aims to further motivate policyholders of all segments to renew their policies before the expiration date and avoid being involved in a car accident to maintain a claim-free record, which would entitle them to the NCD to get a stunning 60% off on the insurance policy price. This new NCD service is a key route for individuals to maintain continuous coverage on all their vehicles, avoid a car insurance lapse, and ensure that no claim has been made under their policy, taking into account that the NCD rate on the insurance policies increases depending on the number of claim-free years and the coverage continuity. The updated NCD service offers a framework for eligibility conditions that take into consideration the car insurance lapse and the claim-free record as follows 1. The NCD rating will be affected depending on the number of days without insurance according to the following cases a. If the lapse in insurance coverage is less than 30 days after the expiration of the policy, the policyholder’s right to discount will be reserved when purchasing a policy. b. If the NCD lapse is between 30-180 days after the expiration of the policy, the policyholder will temporarily lose the discount for one year for uninsured vehicles (0%), but NCD will be retained once the vehicle is reinsured the next year. c. If the NCD lapse reaches 180 days after the expiry of the insurance policy, the policyholder loses the NCD (0%) for all vehicles. 2. If a claim has been made under the policy, the NCD eligibility on all vehicles will be affected and the right to discount will be reduced by two years. 3. If a policyholder is eligible for the NCD, this eligibility can be transferred to the newly purchased vehicle. As per the Saudi Central Bank terms and regulations, Najm undertakes the task of determining the NCD rate via its website or Najm App. Demonstrating its strategic role in leveraging the Saudi insurance sector and addressing challenges to further boost insurance penetration rates, Najm has recently held “Exploring the Updated NCD Guideline” workshop, in accordance with the Saudi Central Bank directives. Launched in 2018, the NCD service is one of the initiatives of the Saudi Central Bank (SAMA) that requires insurance companies to apply discount rates on the prices of third-party mandatory insurance policies and comprehensive motor insurance. Remarkably, this initiative has reaped a positive impact and expanded the scope of motor insurance penetration, thereby raising the financial efficiency of insurance portfolios | 02/26/2023 8:00:00 AM | | | |
| Najm accepts resignation of CEO, appoints Mohammed Al-Shehri as Acting CEO | | 119 | Najm accepts resignation of CEO, appoints Mohammed Al-Shehri as Acting CEO | The Board of Directors of Najm for Insurance Services announced that it has accepted the resignation of Dr. Mohammad AlSuliman from his position as the Company’s CEO. The Board has also appointed Senior Vice President, Commercial Business Mr. Mohammed Yahya Al Shehri, as Acting CEO upon receiving the “no-objection” statement from the Saudi Central Bank (SAMA). Mr. Al Shehri will take on these duties as of January 1, 2023. Mr. Mohammad Al-Shehri has over than 19 years of experience in the fields of insurance, traffic safety, commercial business and corporate strategies. Al-Shehri also holds a Bachelor's degree in International Business Administration and several professional and specialized certificates. The Chairman and members of Najm’s board thanked Dr. AlSuliman for his contributions to the Company and wished Mr. Al-Shehri success with his new duties | 01/01/2023 8:00:00 AM | | | |
| Najm ‘Strategic Sponsor’ of 6th Saudi Insurance Symposium | | 118 | Najm ‘Strategic Sponsor’ of 6th Saudi Insurance Symposium | Najm for Insurance Services has joined the 6th edition of the Saudi Insurance Symposium (SIS) as a strategic sponsor. Under the theme “Growth and Evolution”, the forum was held at the Four Seasons Hotel in Riyadh on September 28-29, bringing together more than 1000 local and global insurance specialists and executives. Hosted by the Insurance Committee under the auspices of the Governor of the Saudi Central Bank, H.E. Dr. Fahad AlMubarak, and the Minister of Finance, H.E. Mr. Mohammed Al Jadaan, in addition to Chairman of the Capital Markets Authority among other officials, the forum discussed the role of the insurance sector within Saudi Arabia's economic development. Speaking during a panel discussion titled “The Role of Service Providers Companies in Insurance Industry Evolution”, Najm for Insurance Services CEO, Dr. Mohammad AlSuliman stated “Najm is effectively contributing to boosting the efficiency of the Saudi insurance sector through our innovative B2B services that have deepened the digital insurance journey, achieving higher operational and financial efficiencies for the sector.” AlSuliman addressed the Red Box Initiative which detects traffic accident hotspots. The initiative is part of Najm’s social responsibility efforts, supporting the Ministerial Committee for Traffic Safety and relevant authorities to efficiently reduce the occurrence of traffic accidents in the Kingdom. SIS is one of the largest forums for insurance companies across the Middle East. Hosted since 2011, the symposium sheds a light on the insurance sector's role in developing the national economy and provides solutions to the most important challenges facing this sector in Saudi Arabia | 11/08/2022 8:00:00 AM | | | |
| Najm rolls out Body Cams for on-site accident surveillance | | 114 | Najm rolls out Body Cams for on-site accident surveillance | Najm for Insurance Services has announced the launch of the Body Cams service in line with its plan to improve the customer experience as outlined in its transformative strategy BASE. The latest rollout confirms Najm’s commitment to scale up its offerings and enhance the reliability of its field operations. Najm is the first insurance services provider to offer this service in Saudi Arabia and the region. The body cam technology is an ideal solution for documenting traffic accidents that enables Liability Determination (LD) specialists to videotape and record the accident investigation process. The service guarantees the validity of the recording as it does not allow for any tampering with the footage, which ultimately enhances the accuracy of the LD process and ensures that the rights of all parties involved are protected. Najm’s VP of Operations, Muhannad Al-Shubaily, said, "Najm is wholly committed to promoting service quality and accuracy, in line with our strategy, BASE, with the ultimate goal of enhancing the role of the insurance sector in protecting the rights of policyholders and insurance companies, and effectively contributing to nationwide digital transformation in line with Saudi Vision 2030. To achieve these goals, Najm deepens the insurance experience and raises insurance awareness while accelerating service automation.” Al-Shubaily explained the mechanism Najm has set for utilizing the body cams devices. “We have allocated a special section for the body cams at Najm centers. A streamlined process has been put in place to ensure that our LD specialists can receive and deliver the camera within a record time to maintain the seamless and uninterrupted functioning of the service.” Najm continues to enhance the efficiency and quality of its services by pursuing digital innovation in its operations and improving service accessibility and inclusion. The service enhancements also focus on achieving the highest level of compatibility and integration amongst relevant authorities, all while ensuring transparency in all Najm operations. | 10/06/2022 7:00:00 AM | | | |