The Company for Cooperative Insurance (Tawuniya) has signed an agreement with Vitality Group, a global provider of health and wellness solutions, to develop a unique health program in Saudi Arabia. Part of Discovery Group, Vitality operates its shared-value insurance model in 19 countries. Through this agreement, Tawuniya will be the first in the Middle East and North Africa to develop its own shared-value insurance product.
The signing ceremony took place during the Financial Sector Conference in Riyadh April 24-25 and was attended by Tawuniya CEO Abdul Aziz Hassan Al-Boug, Vitality Group International CEO Barry Swartzberg and Tawuniya Chairman Soliman S. Al-Humayyd.
Al-Boug said that Tawuniya realized early that the business model currently applied in the medical insurance industry needs to be developed in accordance with the demands of society and technological development. Therefore, it has partnered with Vitality Group to develop and launch its health and wellness program in Saudi Arabia.
Swartzberg said: “Vitality’s core purpose is to make people healthier and enhance and protect their lives. We welcome the opportunity to work with the leading insurer in Saudi Arabia, Tawuniya, to improve the health and wellness of their people. With millions of members worldwide, Vitality is committed to expanding its shared-value insurance model into new markets.”
