Bupa Arabia has introduced a new health insurance product for small- and medium-sized enterprises (SMEs) in Saudi Arabia.
The launch of “Bupa Munsha’at” is part of Bupa Arabia’s efforts to support the Kingdom’s SMEs in achieving the goals of Vision 2030, which are represented in the National Entrepreneurship Program.
“Bupa Arabia is proud to introduce a new health insurance program that will indirectly contribute to achieving one of the key pillars of Vision 2030 by increasing the contribution of SMEs to the GDP from the current 20-35 percent, based on the National Transformation Program (NTP) embarked upon by Crown Prince Mohammed bin Salman,” a company statement said.
According to the Saudi Arabian General Investment Authority (SAGIA), SMEs represent around 95 percent of the total number of commercial and investment companies within the Kingdom’s private sector.
Tal Nazer, CEO of Bupa Arabia, said: “Saudi health insurance companies did not take into account the fundamental differences in the nature and requirements of small and medium enterprises and their actual capabilities.”
He underlined the importance of SMEs, describing them as “one of the most important driving engines of economic growth, given that they generate jobs, encourage creativity and innovation, and reinforce the growth of exportation.”
“This is the most significant reason why Bupa Arabia has introduced the new health insurance product,” Nazer added.
According to the chief executive, Bupa Arabia conducted a comprehensive research on the SMEs operating in the Kingdom. Over 1,000 interviews were conducted with companies of different sizes based on the categorization of the General Organization for Social Insurance (GOSI) — large (5 percent), medium (6 percent), small (52 percent), and micro (37 percent).
According to the research, a total of six segments were outlined in the Saudi market, each with its own needs and capabilities. Bupa Munsha’at consists of three different programs — Essential, Classic, and Premium.
The insurance program is specifically designed to suit the needs of all the different segments of SMEs, Nazer said.
“All three programs under Bupa Munsha’at contain a certain number of schemes and benefits with multiple coverage networks in accordance with the Council of Cooperative Health Insurance requirements,” he added.
Bupa Munsha’at offers a wide range of options under each program. The Essential program contains five schemes offered at a competitive price, while the Classic program contains eight different schemes with a variety of network options that suit all needs. The Premium program contains 11 different schemes.