While attempting to purchase motor insurance in KSA in 2016, we found that the process was time-consuming and challenging. Not being able to evaluate options or validate prices made us realize that there was a gap in the market that needed to be filled. Driven by the desire to simplify and disrupt this traditional experience, we developed the concept of Tameeni, the first online insurance aggregator in KSA. While building Tameeni, we realized the insurance industry's infrastructure was not yet prepared for digital automation, which led us to found Rasan, a financial technology company dedicated to simplifying insurance and banking processes.
The launch of Tameeni in 2017 changed the insurance buying process forever. Building on this success, we introduced Awalmazad, an online auction platform that provides a transparent process for insurance companies and banks to sell salvage and repossessed vehicles. This strategic move enabled us to advance our position in the insurance industry's value chain, address industry challenges, enhance our capabilities, deepen our relationships with insurance companies and banks, and gain an exceptional competitive advantage.
We then launched Tameeni Health for SMEs, providing a seamless experience for SMEs to buy insurance for employees and their dependents. In addition, we introduced Treza, a key product that helps lessors such as banks and other financial providers with their auto lease insurance. Nine out of 10 leasing cars on the street are insured through Treza.
Our brands are interconnected in their shared purpose to streamline processes for individuals, businesses, insurers, and financial institutions. From insurance aggregators to auction platforms, our robust ecosystem of digital solutions alleviates costs and fulfills unmet business needs across the insurance value chain.
Accelerate Digital adoption
To simplify customers access to financial services by offering competitive and pioneering digital solution
Rasan was founded in 2016 by a group of fintech and insurtech experts who identified a promising opportunity to transform the industry. The management team, led by the founders themselves, possesses an exceptional record of growth, innovation, and execution, setting the stage for the company's success.