Saudi Arabian telco Zain KSA is set to make a play in the insurtech space via its financial investment arm, Al Sayra Holding Company, which has formed a JV with global insurance specialist Prevensure to buy a stake in Saudi-based brokerage firm Green Shield Insurance Brokers Ltd (GSIB).
Under the JV arrangement announced on Tuesday, Al Sayra Holding now owns a 60% stake in GSIB, with the remaining 40% acquired by Prevensure. Both companies plan to transform GSIB into a next-gen insurance brokerage, offering both traditional and digital insurance solutions for individuals and enterprises across Saudi Arabia.
GSIB will leverage Zain KSA’s digital ecosystem with Prevensure’s expertise in insurance and risk management to improve access to insurance services, unlock new business models, and enhance financial inclusion across the country.
Zain KSA CEO Saad bin Abdulrahman Al-Sadhan said its expansion into insurtech is part of the telco’s strategy to invest in telco-adjacent sectors and evolve from a traditional telco to a digital lifestyle enabler, whilst also reinforcing its positioning as a key partner driving digital transformation in Saudi Arabia.
“This JV with Prevensure will scale GSIB into a digitally powered platform offering agile, customer-centric, and future-ready solutions,” he said in a statement. “Insurtech in Saudi Arabia is a promising sector, expected to grow at a CAGR of 31% over the next few years, and our entry into this space reinforces our confidence in its potential.”
Jean-Pierre Assaf, Chairman and Group CEO of Prevensure Group, said the JV is the latest stepping stone for the group as it expands across the Middle East. “Together with Zain KSA, a pioneer in digital transformation, we are committed to bringing innovation, expertise, and confidence to the Saudi insurance market.”
