We recently discussed this with @Preeti Mundhra, the CEO of Tree š³, on our podcast. Here are some key insights that can't be ignored. #Insurtech #SaudiArabia #Innovation
Economic Pressures: Rising living costs and inflation in Saudi Arabia are not just macroeconomic indicators; they're shaping customer choices in the insurtech market. Affordability is now a cornerstone in product design and marketing.
Customer Behavior: Mandatory insurance requirements and tight budgets have led to a trend of "down-trading." Customers are opting for basic plans over comprehensive ones. Insurtech companies take note!
Regulatory Environment: The regulatory landscape in Saudi Arabia is still maturing, but there's a willingness to adapt. This makes it a fertile ground for innovation in insurtech. #RegulatorySupport
Innovation Gap: Unlike mature markets like Hong Kong, Saudi Arabia is relatively new to the insurtech scene. This gap is an opportunity for companies investing in localized solutions.
Final Thoughts: To make a mark in Saudi Arabia's insurtech market, a deep understanding of its unique economic pressures, customer behaviors, and regulatory environment is essential.
š For more such insights, don't miss out on listening to the FS Brew podcast episodes.
Checkout the full episode on our website: https://www.fsbrew.co/37-building-a-digital-insurance-company-in-the-kingdom-of-saudi-arabia-preeti-mundhra-ceo-of-tree/
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