Walaa Insurance, the leading insurance company in the Kingdom of Saudi Arabia has entered into a strategic technology partnership with Software AG (Frankfurt MDAX: SOW) to transform its technology landscape. Software AG’s hybrid digital integration platform will allow Walaa to launch new products, services, and channels in the Saudi market with an enhanced customer focus. With its leadership position in the Saudi insurance market, the technology partnership will allow Walaa’s existing and new customers to experience innovative products & digital services from Walaa across multiple channels.
This cooperation announcement was made last week in Riyadh during a handshake ceremony between Abdullah Albar, head of IT, Walaa Insurance, and Philippe La Fornara, president EMEA, Software AG. The event was attended by key executives of both companies.
Mr. Abdullah Hamed Albar, Head of IT at Walaa Insurance said, “Technology is a critical enabler in fueling our business priorities. Embracing innovation driven by Software AG technologies will act as Walaa’s central nervous system and will enable us to connect both external and internal APIs through a unified integration platform, powering our ecosystem and elevating our business competitiveness through enhanced delivery capabilities and customer experiences. In line with the leadership’s Vision 2030, this is our contribution towards a growing digital economy for our customers in Saudi Arabia and the broader region.“
Mr. Mamdouh Alolayan, country manager, Saudi Arabia, Software AG, said: “The fast-paced technological change in Saudi Arabia is advancing and reshaping all sectors including the insurance sector. We are pleased to support Walaa’s aspirations to upgrade its digital framework with an emphasis on the interconnectedness and interoperability of services aimed to grow and revolutionize end-user experiences. Our API management platform and webMethods will open doors for a modern and global platform with newer business opportunities for this insurance giant in the years to come.”
The new transformative technologies will enable Walaa Insurance to fully harness the power of data in an age of fast-changing customer expectations and the evolution of the insurance sector. Walaa will drive increased value for the segment continuing to stand out in today’s innovative and new business model dynamics.
About Walaa Cooperative Insurance Co.
Our name stands for Loyalty & commitment. Since our founding in 2007, working with our business partners, communities, and customers, we strive to become the preferred choice and destination for insurance and that requires a forward-thinking approach to everything we do. Headquartered in Al-Khobar - Eastern province, the oil hub of the Kingdom, we serve our clients all over the Kingdom through three regional offices and more than 70 retail offices.