SMEs represent around 95% of businesses within Saudi Arabia's private sector
Bupa Arabia has introduced a ‘first-of-a-kind' health insurance product for small and medium-sized enterprises (SMEs) in Saudi Arabia.
Offering three main programmes - essential, classic and premium - ‘Bupa Munsha'at' has been designed to match the specific requirements of SMEs following research by Bupa Arabia which identified six segments in the market, each with its own needs and capabilities.
The product offers a range of options under each programme. The essential programme contains five schemes offered at a competitive price, while the classic programme contains eight different schemes with a wide variety of network options that suit all needs. Additionally, the premium programme contains 11 different schemes.
According to the Saudi Arabian General Investment Authority (SAGIA), SMEs represent around 95% 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."
"The new health insurance program is specifically designed to suit the needs of all the different segments of SMEs", added Nazer. "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".
According to Nazer, the new product has been launched because SMEs are considered one of the most important driving engines of economic growth. The arrival of ‘Bupa Munsha'at' comes as part of Bupa Arabia's support for the 2030 Vision target set by the National Entrepreneurship Programme for growth in the region.
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