Tawuniya, a cooperative insurance company, has signed an agreement with Vitality Group, a wellness benefits with insurance products provider
Through this agreement, Tawuniya will develop its first shared-value insurance product in the Middle East and North Africa.
The agreement was signed during the conference on the financial sector held in Riyadh on April 24-25, 2019. It will enable Tawuniya customers to enjoy the benefits and services of the Vitality health and wellness programme and join millions of members worldwide.
Tawuniya CEO Abdulaziz Al-Boug expressed his pleasure in signing the agreement, explaining that they have partnered with Vitality Group to develop and launch his health and wellness programme in Saudi Arabia. Vitality enables health improvement for more than 10mn clients in different countries through their program engagement and additional rewards that encourage healthy behaviour.
These health improvements result in lower risks of disease and premature death among clients, a healthier society, and long-term insurance savings for the insurer. The behavioural science-based programme and sophisticated digital health technology are independently verified by leading academic institutions around the globe.
Al-Boug pointed out that the shift from traditional health insurance concepts to a shared-value insurance model with the Vitality programme aims at improving individual behaviour. This programme provides a shared value between customers and insurance companies, which generally improves the health level of insured persons.
This adds value to the community and thus contributes to reducing insurance costs for Tawuniya customers and enhances control over the insurance sector’s amounts of medical claims.
In the next stage, Tawuniya will begin to develop suitable plans and programs that will be shared with their health insurance clients and monitor their implementation with high accuracy and measure their performance indicators and reflection on healthy life and its positive impact.
