Ali Alali, CEO of BCare Insurance
Ali Alali, CEO of BCare Insurance, said competition in the insurance brokerage sector is extremely fierce, adding that brokers need strong financial resources and high solvency to remain in the market, particularly in the retail segment. 
Speaking to Argaam on the sidelines of the LEAP conference, Alali said the bulk of the company’s business is concentrated in motor insurance, with motor and health insurance accounting for a large share of the insurance market.
He said BCare focuses on digital services, having started its operations with motor insurance before adding other products, such as medical malpractice and travel insurance. The company also has new products under development that it plans to launch soon, in addition to offering various types of insurance products to corporate clients.
Alali noted that customers have become more able to compare insurers, products and prices online, making customer experience a key competitive factor among insurance companies and brokers.
He said the Insurance Authority’s (IA) strategy will significantly support the insurance brokerage sector, particularly amid new regulatory directions. The company has recently seen new projects and market requests emerge, supported by the strategy.
The market is undergoing a major transformation following the launch of the strategy, particularly in insurance brokerage, he said, expecting intense competition to continue given the similarity of products offered by brokers and the significant focus on commissions.
The exec further noted that the key insurance aggregation platforms in the market include Insurance House and BCare, while the company competes as a traditional broker with companies such as Aon, Marsh and Insurance House.
BCare began operations in 2015 as an insurance broker, then started developing the idea of a digital platform in 2017 before launching it in 2018. At the time, the market was not widely receptive to the model, and there were no regulations governing digital platforms in the same way as today, he said.
BCare provides services to individuals, small and medium-sized enterprises (SMEs), and corporate clients, which has helped strengthen its position in the market.
The company has a dedicated customer and user experience department that monitors the market directly and works to develop its services on a regular basis, he said.
The COVID-19 pandemic in 2020 significantly accelerated digital transformation in the insurance sector, prompting companies that did not have digital products to develop such products and strengthen their presence through electronic platforms.
Alali also highlighted the importance of after-sales services, noting that BCare has a strong operations team and uses artificial intelligence (AI) in this area to enhance service quality and improve customer experience.
Regarding a listing on the Saudi market, he said the company is targeting a listing within the next two years and has begun the necessary internal preparations and prerequisites.
Ali Alali, CEO of BCare Insurance
Ali Alali, CEO of BCare Insurance, said competition in the insurance brokerage sector is extremely fierce, adding that brokers need strong financial resources and high solvency to remain in the market, particularly in the retail segment.
Speaking to Argaam on the sidelines of the LEAP conference, Alali said the bulk of the company’s business is concentrated in motor insurance, with motor and health insurance accounting for a large share of the insurance market.
He said BCare focuses on digital services, having started its operations with motor insurance before adding other products, such as medical malpractice and travel insurance. The company also has new products under development that it plans to launch soon, in addition to offering various types of insurance products to corporate clients.
Alali noted that customers have become more able to compare insurers, products and prices online, making customer experience a key competitive factor among insurance companies and brokers.
He said the Insurance Authority’s (IA) strategy will significantly support the insurance brokerage sector, particularly amid new regulatory directions. The company has recently seen new projects and market requests emerge, supported by the strategy.
The market is undergoing a major transformation following the launch of the strategy, particularly in insurance brokerage, he said, expecting intense competition to continue given the similarity of products offered by brokers and the significant focus on commissions.
The exec further noted that the key insurance aggregation platforms in the market include Insurance House and BCare, while the company competes as a traditional broker with companies such as Aon, Marsh and Insurance House.
BCare began operations in 2015 as an insurance broker, then started developing the idea of a digital platform in 2017 before launching it in 2018. At the time, the market was not widely receptive to the model, and there were no regulations governing digital platforms in the same way as today, he said.
BCare provides services to individuals, small and medium-sized enterprises (SMEs), and corporate clients, which has helped strengthen its position in the market.
The company has a dedicated customer and user experience department that monitors the market directly and works to develop its services on a regular basis, he said.
The COVID-19 pandemic in 2020 significantly accelerated digital transformation in the insurance sector, prompting companies that did not have digital products to develop such products and strengthen their presence through electronic platforms.
Alali also highlighted the importance of after-sales services, noting that BCare has a strong operations team and uses artificial intelligence (AI) in this area to enhance service quality and improve customer experience.
Regarding a listing on the Saudi market, he said the company is targeting a listing within the next two years and has begun the necessary internal preparations and prerequisites.
