Rasan GWP at SAR 3.5B; 4 new products launched; strategic partnerships with SNB, Musaned platform: CEO

Moayad Alfallaj, Co-founder and CEO of Rasan Information Technology Co.

Moayad Alfallaj, Co-founder and CEO of Rasan Information Technology Co., said the company’s gross written premium (GWP) across its products grew by 28% in the first half of 2025 compared to the same period last year, surpassing SAR 3.5 billion.

Alfallaj told Argaam that, as part of its strategic plan, the company launched four new products during the first half of this year to address real market gaps. It also signed key strategic partnerships with Saudi National Bank (SNB) to manage leasing vehicle insurance, and with the "Musaned" platform under a major national initiative aimed at regulating contractual relationships and safeguarding rights.

He added that Rasan’s digital platforms are not only focused on expansion, but on scaling with efficiency and enhancing customer experience, whether by developing existing products or creating new ones. This stems from investment in technology and product diversification across the supply chain and the sector, ranging from motor insurance to health insurance and other newly introduced products.

Further, Alfallaj pointed out that the company’s strong growth in the motor segment, along with the accelerating momentum in health insurance, are clear indicators of Rasan’s strengthening position in the market.

Here are details of the interview:

Q: Rasan's profits saw a remarkable increase in the second quarter of 2025. As the company's leader, what, in your view, are the factors behind this growth?

A: I see these results as the fruit of efforts exerted by an exceptional team, driven by a clear vision and precise execution. The growth we've achieved was not a coincidence but was in accordance with a clear strategy and a direct result of the company's focus on several key pillars.

First, we succeeded in significantly expanding our customer base because we are simply focused on offering them a better and easier experience in FinTech and InsurTech, with our ongoing commitment to enhancing the customer experience, ensuring their protection, and enabling them to access the best options. These efforts led to expansion in various areas and were directly reflected in our revenues, which grew by 88%.

Second is our focus on deliberate and highly efficient growth and expansion. Our gross profit margin jumped to 72%, compared to 59% in the same period last year. This proves that our digital platforms are not just based on expansion alone, but on expansion combined with increased efficiency and improved customer experience, whether by continuously developing existing products or creating new ones. This was the result of our investment in technology and diversifying our products to serve the supply chain and the sector, starting with motor insurance—the foundation of our success—and extending to the health insurance sector and other new products that were recently launched and have already begun to compete with each other. The field is still wide open, and the sector requires more innovative services. There is no doubt that the digital model is the future for this sector.

Third, our success in developing value-added services that meet our customers' desires and execute our cross-selling and up-selling strategies has significantly contributed to revenue growth.

Q: How was this performance reflected on your main platforms, Tameeni and Treza?

A: Tameeni and Treza were the central pillar of our business in the past period, and their momentum in the first half of the year was fantastic. The numbers tell part of the story; gross written premiums across our products increased by 28% in the first half of this year compared to the same period of 2024, surpassing the SAR 3.5 billion mark. This is a massive figure that reflects the scale of trust that both individuals and businesses place in us.

But what goes beyond the numbers is the impact we see. Tameeni is no longer just a platform for comparing and buying; it has become the trusted choice for millions of users in the Kingdom when making their insurance decisions. As for Treza, it has brought about a paradigm shift in how lease-to-own vehicle insurance is managed, as we provided banks and financing companies with an integrated operating model. Seeing this momentum and the growth in the number of policies day after day is what drives us to continue innovating in a business environment characterized by competitiveness and advanced technological requirements.

Q: Does this strong growth mean you have managed to increase your market share in the key insurance sectors?

A: For us at Rasan, the true measure of success is not just increasing our market share percentage, but the value we create and the impact we make. Are we making our customers' lives easier? Are we helping our partners grow more efficiently? This is our primary focus, along with our pursuit to improve the customer experience, protect them, and continuously search for the best options that meet their needs.

Furthermore, the significant growth we are achieving in the motor sector and the rising momentum in the health insurance sector for businesses are all strong indicators that we are strengthening our position as a preferred choice in the market. Motor insurance was our first product, and it was followed by several products that have become no less influential and impactful within our platforms. We are optimistic that our new products will join this list in the near future.

Q: You recently announced significant strategic partnerships. Tell us more about them and their expected impact.

A: Yes, we are very excited about these high-caliber partnerships, which represent major milestones in our journey.

We consider our partnership with Saudi National Bank (SNB) a strategic alliance between one of the largest banks in the Kingdom and a leader in InsurTech. Through this three-year partnership, we will provide integrated digital solutions to manage lease-to-own vehicle insurance for the bank's clients. This step will significantly enhance their customer experience and simplify their operations—which is the goal of this partnership—and we expect the positive financial impact to begin appearing in our results starting from the third quarter of this year.

As for the announcement of winning the "Musaned" platform tender, we are proud that Tameeni was chosen for this project, as it places us at the heart of a major national initiative aimed at regulating the contractual relationship and protecting the rights of all its parties.

Regarding the expected impact of these two agreements, as everyone knows, regulations require the announcement of any agreement or contract whose expected income is more than 5% of the company's revenue. We expect that each of these two agreements will directly have an impact greater than that based on last year's data, in addition to the indirect impact from potential additional services.

Q: You previously mentioned your intention to launch new products. What new developments can your customers expect from Rasan?

A: We always ensure that innovation plays a vital role at Rasan; we do not wait to see what the market needs, but rather try to anticipate those needs. Our goal is to have one or more "game-changer" products every year, and in the following year, to see it competing with our previous products. Praise be to God, and according to our strategic plan, we launched four new products during the first half of this year that address real gaps in the market, and we will continue.

We launched motor insurance for SMEs to support this vital sector, and introduced individual health insurance, home insurance, and Protection and Savings insurance. For the latter, we are proud to be the first tech platform in the Kingdom to automate this product, making it easier and more efficient for our customers. We expect its positive impact to begin reflecting on our results in the coming years.

Our innovation journey is ongoing, and our customers will always remain at the heart of every new product we create and develop, drawing strength from the support of our leadership for innovation and excellence.