The Benefits
- The project is characterized by ease of implementation and is more transparent to all parties.
- Manafith allows companies to manage insurance liabilities based on their own capabilities and in line with their risk management strategies.
- The cost is expected to be lower for insurance companies,The expected improvement in performance is initially estimated at no less than 30%.
- Najm will continue to centralize production and claims information in this model, and will provide a number of services that will be included in its fees, such as stats, performance, frequency, severity, etc. It will also provide the sector with regular price recommendations.
- The participating companies will issue Manafith documents consecutively, obtain the relevant installments in normal settlement cases (for example monthly), and settle the resulting claims.
- Najm will provide many services such as periodic performance analyzes, price reviews and other business recommendations.
- The project is simpler to manage from a Najm perspective.
- The project introduces the expected uniform distribution of risk among insurance companies.