Digital Transformation of Insurance Underwriting in Saudi Arabia: Enhancing Risk Selection, Pricing and Operational Efficiency under Vision 2030 (Global Academic Journal of Economics and Business)
Summary
- Saudi Arabia's gross written premiums expanded from SAR 42.03 billion in 2021 to SAR 53.36 billion in 2022, SAR 65.46 billion in 2023, and SAR 76.14 billion in 2024.p.2
- The study proposes a framework spanning 5 critical capability layers: data foundations, analytical intelligence, workflow orchestration, governance safeguards, and measurable outcomes.p.7
- Implementation is structured into 4 roadmap phases from initial foundational rule mapping to advanced portfolio intelligence.p.9
Key insights
- Digital transformation creates value by establishing a human-in-the-loop decision system where routine cases are automated and complex risks escalate to specialists.p.1
- Data architecture forms a core underwriting asset requiring unified identifiers, lineage, metadata, and pre-scoring validation.p.5
- Pricing models should focus on explainable and risk-adequate premium setting rather than maximum personalization to avoid regulatory, privacy, and proxy discrimination risks.p.6
- Workflow redesign optimizes operational capacity by shifting underwriter time away from manual tasks and toward complex risk assessment.p.6
- Robust cybersecurity and privacy controls protect both data confidentiality and model integrity against manipulated inputs.p.7
- Governance indicators must track model drift, override rates, and data-quality exceptions on a continuous basis.p.9
- Underwriting metrics must balance short-term operational targets like turnaround time with long-term technical results such as loss-ratio stability.p.10
Topics and entities
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