AI use rises in Saudi insurance sector amid 80m transactions in 2023

Saudi Arabia’s insurance sector utilized artificial intelligence in over 50 percent of customer service dealings in 2023 as it recorded more than 80 million transactions.

Data from the General Organization for Social Insurance revealed that the Kingdom’s total insurance benefits expenses surpassed SR132 billion ($35.19 billion) last year, showcasing efforts to enhance the sector.

Additionally, the data showed that approximately 96 percent of transactions and services were conducted electronically without human intervention.

As a result, there was a 73 percent decrease in the percentage of visits to the institution’s branches.

Embracing electronic participation, GOSI said it actively implements participatory practices through various digital channels.

The organization also revealed that it served over 14 million customers throughout the year, encompassing subscribers, retirees, employers, and family members.

These initiatives align with the Saudi insurance sector’s goal to improve efficiency and stability, consistent with the objectives of Vision 2030, stated the authority.

Furthermore, the report noted that the virtual visit service benefitted over 350,000 customers.

In 2023, the organization introduced several innovative products leveraging modern technologies and AI, including the digital human product known as Amin, aimed at enhancing customer service.

Amin represented a qualitative shift in customer service, serving as a virtual administrator predicting and seamlessly handling customers’ needs around the clock.

The digital product successfully addressed 98.5 percent of customer inquiries last year.

The organization directs its efforts in leveraging advanced AI technologies toward innovation and improving service offerings, which aligns with GOSI’s strategy to foster a technologically advanced and efficient social insurance system in Saudi Arabia.

The organization was founded to implement the Social Insurance Law, ensuring compulsory insurance coverage, collecting employer contributions, and disbursing benefits to eligible contributors or their family members.

GOSI is committed to customizing its insurance products and services to better serve customers, in line with its strategic goal of customer-centric development.