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Marking the culmination of its highly anticipated 12-week virtual program “InsurAI,” Tawuniya, the largest insurance company in the Middle East and North Africa, successfully concluded its Demo Day on May 26. The event showcased 10 cutting-edge startups, selected from a competitive pool of over 1,000 applicants, which presented their innovative solutions designed to unlock new avenues for growth and transformation in the insurance sector.

Launched in December 2024 by Tawuniya in collaboration with Plug and Play, and supported by government partners including Monsha’at and CODE, the InsurAI program underscores Tawuniya’s steadfast commitment to driving digital transformation in the region’s insurance industry. It also aims to propel economic development and strengthen ������Ƶ’s growing startup ecosystem in alignment with Saudi Vision 2030 goals.

The program provided a unique platform for 10 rising innovators — Papaya Insurtech, WideBot AI, DESAISIV, Najeeb.ai, Intella, Yasmina, AlloBrain, Curacel, CozmoX AI, and Chefaa — who were selected through a rigorous evaluation process. During Demo Day, these startups pitched their next-generation generative AI solutions to a curated audience of investors, technology leaders, and Tawuniya executives.

Abdullah Alshargi, CTO at Tawuniya, said: “The InsurAI is more than just a platform — it’s a statement of intent. We are investing in a future where artificial intelligence is seamlessly integrated into the insurance ecosystem to bring about real, measurable impact. Demo Day spotlighted how visionary startups are already solving some of the industry’s most pressing challenges — from claims automation and fraud detection to hyper-personalized customer experiences.”

“Through strategic partnerships and hands-on mentorship, we have built a launchpad for innovation that aligns with Tawuniya’s mission to lead the digital transformation of the insurance sector. We envision InsurAI as a catalyst for long-term collaboration and a driver of what’s next in insurtech,” he added

Over the course of the program, each team received expert mentorship and support in areas such as product development, regulatory compliance, and go-to-market strategy. Strategic partners played an instrumental role in the program, enhancing the startups’ journey toward scalability and investment-readiness.

The event concluded with the announcement of the top three startups, who shared a prize pool of $225,000 alongside potential partnership opportunities with Tawuniya.

This event marks a significant milestone in Tawuniya’s mission to foster an innovation-driven ecosystem and cement ������Ƶ’s role as a regional hub for AI and insurtech.

Eram Holdings, a private conglomerate headquartered in ������Ƶ, announced its B+ and BB+ Saudi national credit rating, with a stable outlook, from Standard and Poor’s. This rating action reflects external validation of the company’s excellent track record and future growth potential in the Kingdom and beyond, while underscoring its strategic commitment to diversified financing in order to build up its business in a sustainable manner.

Established in the 1990s, Eram Holdings operates across five business verticals globally from its ������Ƶn headquarters. Its subsidiaries have a 95 percent client retention rate and cater to major companies across oil and gas, petrochemicals, utilities, airports, maritime and for high-profile giga-projects in the region. The company has gained an enviable reputation for being a preferred vendor for specialized technical services, a leading travel management company in the region, a rapidly expanding healthcare business, and for launching initiatives in support of the national vision for the development of import substitute products and services in ������Ƶ. The subsidiary company involved in R&D and manufacturing exports Saudi-made power electronics products such as industrial grade UPS, battery chargers, frequency converters, and customized solar solutions for mission-critical applications.

This financial transformation and shift in Eram’s funding will attract strategic partnerships with global companies and financial institutions, providing access to syndicated loan, sukuk and private placement markets, and enabling it to facilitate expansion across key regional markets.

“Our company has been in a steady growth mode and we are now entering a transformative phase to better support our clients and capitalize on expanding regional opportunities. We have set a combined target of achieving 28-35 percent CAGR growth by 2028. 

“As ������Ƶ seeks greater global integration, through its Vision 2030 initiatives, hosting Expo 2030 and World Cup 2034, Eram is uniquely positioned to support these national milestones. 

“This rating is a testament to the diligent efforts of the Eram team and our dedication to our clients,” said Dr. Siddeek Ahamed, chairman and managing director. 

“We are excited about this next phase of our strategic expansion.”

“Lonmile and its affiliates have supported Eram in achieving this milestone credit rating over the last 12 months. We are thrilled to support Eram as it makes transformative steps from a private company to a firm with a public credit rating. Eram’s foothold in ������Ƶ and across the GCC, in multiple industrial sectors, make this a very exciting time for the firm, as it continues to expand its reach and scale at pace,” said Naveen Ayyaril, partner at Lonmile.