B Care launches financial leasing insurance system for leased vehicles
ShareCopy to clipboard
B Care Insurance Brokerage Co. announced the launch of a financial leasing insurance system to implement new regulations by the Saudi Arabian Monetary Authority (SAMA), which will come into effect from Nov. 1, 2020, for vehicles leased out for retail.
SAMA has established comprehensive insurance controls for vehicles leased out for retail, aiming to regulate the relationship between the funding agencies and their retail agents regarding insurance on the leased vehicles.
B Care said 23 insurance companies in the vehicle insurance product are technically linked to the B-Care insurance system.
The firm added that it launched its new system, "B-Care 360" -- in line with the new SAMA regulations -- which automates all insurance operations and customer services, leading to a new experience for leased vehicles’ customers.
-Care 360 system for retail vehicles covers a group of multiple insurance services that are fully automated: New insurance, claims, cancellation of insurance policies, agent insurance statement, annual depreciation of the vehicle, renewal of insurance policies, SAMA requirements, and other free additional services.
These services are provided by B Care’ strategic partner, Morni, the largest service provider in the Middle East for roadside assistance services.