Saudi Arabian company Zain KSA ventures into insurtech sector with partnership named PREVENSURE, gaining majority control of General Saudi Insurance Broker (GSIB)
Zain KSA Enters Insurtech Space with Strategic Joint Venture
Zain KSA, a leading telecom and digital services provider in Saudi Arabia, has taken a significant step in its ongoing evolution by entering the Insurtech space. The company has partnered with global insurance specialist PREVENSURE to form a joint venture, transforming Green Shield Insurance Brokers (GSIB) into a next-generation insurance brokerage.
According to the terms of the agreement, Al Sayra Holding, Zain KSA's financial investment arm, has acquired a 60% stake in GSIB, with the remaining 40% owned by PREVENSURE. This partnership marks a significant milestone in Zain KSA's transformation from a telecom operator to an enabler of tech-enhanced lifestyles in a digital economy.
The joint venture aims to scale GSIB into a digitally powered platform, integrating Zain KSA's advanced digital ecosystem with PREVENSURE's global expertise in insurance and risk management. The new insurance brokerage will offer both traditional and digital insurance solutions, with a focus on improving access to insurance services, unlocking new business models, and enhancing financial inclusion across Saudi Arabia.
The Insurtech sector in Saudi Arabia is expected to grow at a Compound Annual Growth Rate (CAGR) of 31% over the next few years. This investment by Zain KSA reinforces its confidence in the potential of the sector and aligns with the company's mission to support Saudi Vision 2030's goals, particularly in digitalizing financial services.
The deal has been approved by Saudi Arabia's Insurance Authority (IA), and the transformation will position Zain KSA as a key partner driving nationwide digital transformation. PREVENSURE, in partnership with Zain KSA, is committed to bringing innovation, expertise, and confidence to the Saudi insurance market.
The goal of the joint venture is to provide agile, customer-centric, and future-ready solutions. This move is expected to contribute to a more inclusive and innovative financial services future for Saudi Arabia, expanding Zain KSA's business into the Insurtech space and furthering PREVENSURE's expansion across the Middle East.
The current managing director of Green Shield Insurance Brokers Ltd, who will lead the next-generation insurance brokerage through this partnership between Zain KSA and PREVENSURE, is not explicitly listed in the available search results. Nonetheless, this strategic move by Zain KSA marks a significant step in its role as a key player in the digital economy of Saudi Arabia.
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