Saudi Arabia records $2.8bn insurance expenditure in October

Saudi Arabia records $2.8bn insurance expenditure in October
Saudi Arabia records $2.8bn insurance expenditure in October

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia has increased the disbursement of funds for various insurance benefits for the third consecutive month, with the spending surpassing SR10.7 billion ($2.8 billion) in October, according to recent data from the General Organization for Social Insurance. 

In October, GOSI allocated over SR87.2 million to the Saned unemployment insurance scheme, marking an increase from SR85.9 million in September. Additionally, more than SR16.3 million was earmarked for occupational hazard pensions, showing a slight drop from SR16.8 million the previous month. 

As part of its digital transformation strategy, GOSI emphasized a complete shift toward reliance on digital platforms for transaction processing. 

During the reported month, the organization recorded over 1.8 million transactions, representing a decrease from 2.2 million in September. Despite this decline, its website and online services garnered over 2.1 million visits. 

This digital approach extended to the issuance of more than 209,000 electronically issued pension identifications and facilitated over 332,000 downloads of the agency’s mobile application. 

The report highlighted the proactive engagement of GOSI’s electronic communication channels, showcasing services like the virtual visit feature and the digital assistant, each serving over 33,000 clients. 

Furthermore, the insurance WhatsApp service addressed the needs of more than 23,000 clients, and the customer care service on the X platform managed over 57,000 inquiries. 

GOSI also aims to ensure regulatory compliance by conducting over 14,000 insurance compliance visits and 3,400 preventive visits to employers in October alone. This commitment is further strengthened by numerous educational workshops focused on reinforcing the principles of insurance compliance and occupational health and safety standards. 

The organization’s efforts in utilizing advanced artificial intelligence technologies are directed toward innovation and enhancing service offerings, ultimately improving customer satisfaction for all stakeholders, including subscribers, retirees, and employers. 

This initiative is part of GOSI’s strategy to foster a technologically forward and efficient social insurance system in Saudi Arabia.  

The organization is dedicated to tailoring its insurance products and services to better serve its customers, aligning with its strategic objective of customer-centric development, according to a statement in October.  

Embracing the concept of electronic participation, GOSI actively implements participatory practices through various digital channels.   

These platforms enable contributors, pensioners, employers, partners, and governmental entities to submit their insights and proposals directly to GOSI’s sectors and leadership. 

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