Bupa Arabia to launch the first of its kind product in the health insurance sector for small and medium-sized enterprises inside the Kingdom
Jeddah, Saudi Arabia: Bupa Arabia has introduced the first of its kind health insurance product for small and medium-sized enterprises in Saudi Arabia. According to the Saudi Arabian General Investment Authority (SAGIA), SMEs represents around 95% of the total number of commercial and investment companies with 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."
Additionally, Nazer stressed on the importance of small and medium-sized enterprises since they are considered as one of the most important driving engines of economic growth given that they are generating jobs and encouraging creativity, innovation and reinforce the growth of exportation. This has served as the most significant reason why Bupa Arabia introduced the new health insurance product.
Furthermore, the CEO stated that Bupa Arabia has developed 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 GOSI. The companies classification ranged between large (5%), medium (6%), small (52%), and micro (37%).
According to Bupa Arabia’s research, a total of 6 Segments were outlined in the Saudi Market, each with its own needs and capabilities. Bupa Arabia has designed ‘Bupa Munsha'at,' which is composed of three different programs – “Essential, Classic, and Premium.” They are offered with prices that match the needs of SMEs.
The August launch of 'Bupa Munsha'at' comes as part of Bupa Arabia's efforts to support SMEs in the Kingdom of Saudi Arabia for them to achieve the target of the 2030 Vision, which is represented in the National Entrepreneurship Program. According to Bupa Arabia, the three programs under 'Bupa Munsha'at' health insurance will help SMEs enterprises to spur their development and growth.
Bupa Arabia is proud to introduce new health insurance 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% based on the National Transformation Program (NTP) embarked by Crown Prince Mohammad Bin Salman.
"The new health insurance program is specifically designed to suit the needs of all the different segments of SMEs", Nazer, CEO of Bupa Arabia, added, "All 3 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".
It is worth noting that 'Bupa Munsha'at' offers a wide range of options under each program. The Essential program contains 5 schemes offered at a competitive price, while the Classic program contains 8 different schemes with a wide variety of network options that suits all needs. Finally, the Premium program contains 11 different schemes with exceptional benefits to fit SMEs expectations.